The adjustment in the Spanish property market ‘is coming to an end’, after a cumulative drop of 43% in prices since the peak, claims the director of the Bank of Spain’s research services, José Luis Malo de Molina.

“We’re currently in a stabilisation phase of the property market,” the bank executive stated, basing his views on data showing a rebound both in prices and number of property sales.

He emphasised the Spanish Statistical Institute (INE) house price index showing that property prices have been rising for two quarters after a price adjustment of -43% from the peak, according to bank data.

Malo de Molina also pointed out that the purchase of Spanish properties by non-residents was growing again. The executive highlighted this group as a leading indicator since “they were the first to leave the Spanish property market as soon as they saw signs of a bubble.

“The adjustment in the property market has been long and intense, but the good news is that this adjustment is coming to an end. We’re now in a stabilisation phase of the property market,” he claimed during his speech at a conference for financial directors organised by APD (Spanish Association for Management Progress).