The amount invested in Spanish housing in the first half of 2014 rose by 31% compared to 1H 2013, representing the first rise for three years.

Excluding social housing, buyers invested €22.3bn in housing, compared to €17bn a year earlier, according to new data from the Ministry of Public Works (Fomento).

The value reflected total home sales of 164,368 in the first half of the year, Fomento reports. Resales accounted for €18.6bn, a 35% increase from a year earlier, and new build homes generated €3.7bn, up 14%.

Madrid generated the largest chunk of sales, accounting for €4.3bn in market value, followed by Catalonia (€4bn), Andalusia (€3.9bn) and the Valencian Community (€2.7bn). The Canaries market was worth €1bn and the Balearics €957m.

Meanwhile, Spain is tipped to grow faster than any other country in 2015 in the EU but unemployment will remain stubbornly high, the International Monetary Fund said on 7th of October.

Spain’s economy will expand 1.3% in 2014 and 1.7% in 2015, according to the IMF’s latest World Economic Outlook.

But it’s not all good news for Spain: unemployment is likely to remain at a high 23.5% in 2015, down from the current 24%. That’s second only to Greece where the jobless rate won’t fall below 23.8% next year.