Optimism surrounding the Spanish property market seems to be increasing of late, and the positive news was further reinforced this week when the Spanish Secretary of State for Economic Affairs, Jose Manuel Campa stated that the Spanish construction sectors increased constribution to the country's GDP figures will represent a significant change in direction towards overall recovery in 2012.

Jose Manuel Campa, who was speaking in an appearance before the Spanish Parliament Economy Committee, went on to say that he believed the growth will be acheived by an overall reduction in the levels of stock housing in Spain. This, along with the decreasing of overpriced housing would be vital in correcting the the most urgent macroeconomic imbalances of the Spanish economy.

Speaking on the issue of Spanish property prices, Campa said "the recovery can be seen in the terms of prices (of property in Spain), since the estimated decrease in the price of existing homes in real terms is now 23% compared to the peak, when most estimates of overpricing markups prior to the housing crisis ranged between 20-23%.