Spain’s property prices are at their highest level ever.

According to the Fotocasa property website, prices for second-hand houses in Spain increased by 14.8% annually in May.

The report states that it’s the largest year-to-year growth in 20 years.

Only between April and may of this year, prices increased by 4%.

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Based on prices per square metre, Fotocasa has calculated that the average price of a flat has sky-rocketed by over €27,000 in just 12 months.

Maria Matos, spokesperson for Fotocasa, said: “Housing faces a historic moment, as prices are at their highest level since the data began. This reveals unprecedented demand pressure fuelled by improved mortgage conditions and an increase in migration flow.”

Matos said that the lack of properties available, combined with the difficulty of the housing industry in building new homes, has led to a rise in prices.

“This is a big jump that has occurred in a very brief period of time. It affects 94% provinces, 86% of municipalities and eight regions are growing by double digits.”

Madrid (17.9%), Canary Islands (17.9%), Asturias 16.6%, Cantabria 15.6% and Valencian Community 28.3% are the biggest regional price increases.

The most expensive average price per square metre in Spain in terms of regions is in the Balearic Islands which for the first time exceeds €5,000.

Alicante, Murcia, Valencia, and the Balearics have seen the largest increases in prices.

Divided into non-city municipalities, two adjacent Mar Menor community in Murcia have recorded some astounding annual rises to the top of national table.

San Pedro del Pinatar is on 87.8% while Los Alcazares is at 83.6%.