According to new figures from the Development Ministry, a total of 49,238 building applications were filed in Spain for new-build properties just in the first seven months of this year.
The figure is a 24.4% increase compared to the same period in 2016 and shows a healthy property market with significant potential for further growth over the coming years. The majority of the total sum of applications - 37,039 - were for apartment blocks, up by 26% compared to 2016 and 12,174 building applications were for detached homes, an increase of 19.5%.
Applications for refurbishments and extensions also saw an increase of 5.8% between January and July, totalling 17,855.
The figure is expected to reach 84,500 applications by the end of 2017 if it continues on a similar trajectory, the highest level in seven years since 2010 when 91,600 were filed.