The cost of land in the Pyrenees of Aragon, Spain has soared as a result of strong building activity in the region, according to local newspaper El Periódico de Aragón.

The publication reports that developers are currently signing option contracts for rustic land without planning permission at more than €240,000 per hectare. This is 100 times more expensive than rustic land without planning permission. Furthermore, land prices in certain localities are now eight times higher than they were just 20 months ago, when a hectare cost €30,000.