The National Institute of Statistics says that 4,664 purchases were carried out, beating the previous March high of 4,541 from two years ago.

It also surpassed the 4,400-plus figure recorded in March 2007 at the height of the property boom and just before the real estate bubble burst in Spain

The overwhelming majority of transactions- 78%- were second-hand homes while there were 999 new-build sales.

Alicante province was only behind Barcelona and Madrid in sales, surpassing areas like Malaga and Valencia.

Despite the dominance of second-hand sales, experts believe that with supply and demand issues, new homes will increase their percentage share with over 1,600 sales in the first quarter of 2025.

Maria Matos from property portal Fotocasa said: “There is an intensity in new builds due to a high interest in buying brand-new housing, but that means a serious problem of rising prices due to strong demand.”

Matos added that it will be a busy year with lower interest rates leading to cuts in mortgage rates leading to a rise in sales.

“Demand will rise with even more pressure on supply, so house prices will continue to rise along with sales.”