For those looking to invest in luxury Marbella property, it’s encouraging to see that official data has confirmed that Spain’s property market is on a steady upward rise.

This is demonstrated with figures showing that the first quarter of 2016 presented the biggest year-on-year growth in house prices since 2007.

According to data from the European Commission’s statistical office, Eurostat, property costs have risen by an average of 6.3% more in the first quarter of 2016 than during the same period last year.

This means that the past eight consecutive quarters have resulted in year-on-year increases; an incredibly refreshing figure when considering that this increase follows six years of steep declines across the whole of the Spanish property sector during the financial crisis. It is well known, however, that the recovery actually started in Marbella, with the rest of the country following suit.

It also seems that initial concerns over the result of the UK’s referendum have not had a dramatic effect on the market, with no sudden drops in British buyers as yet reported. However, this could of course be subject to change once the terms of the Brexit deal are finalised.

Though Spain’s market is on the up, decreases have been seen within other EU holiday destinations such as Italy and Cyprus who both saw declines of 1.2% within their own property markets, compared to last year’s figures.

While Spain has been showing encouraging signs of sustainable growth for the last couple of years, it does seem that other countries within the Eurozone may be overheating. For example, Hungary saw a 15.2% increase in Quarter One over the same period of 2015, while prices were up by 12.6% in Sweden.

This is of particular interest to the Marbella real estate market, as the Scandinavian market in general is becoming of increasing importance within the resort town. Higher prices in Sweden, Norway (+5%) and Denmark (+5%) could result in greater demand for Marbella property from Scandinavian buyers looking for a high value investment.

These figures from Eurostat are incredibly promising and indicate that the Spanish property market is experiencing a healthy recovery, offering ample opportunities for those looking to invest in Marbella property.