According to the data released, Spanish home sales increased in the month of February, but the country’s battered real estate market remained in the doldrums as property costs continued to decline.

Moreover, house sales increased by 18.7%, the National Statistics Institute announced that for the largest monthly growth since the index was created in 2007.

It was also second successive month of increases after an increase of 2.1% in the month of January.

While talking to reporters, Jose Luis Martinez at Citigroup said, “These data show the housing market is recovering, but in no way can we talk about getting back to normal levels after a long period of being paralysed.”

Meanwhile, Governor of Bank of Spain, Miguel Angel Fernandez Ordonez said, “The housing market has also been held back by persistently high unemployment running at close to 20 percent.”

As per news from surveyor Tinsa said, “House prices fell in February by 5.5 percent, equalling the fall seen in the first month of the year.”