Spanish property prices are starting to rise in some areas of the country, according to from savings bank Caixa Catalunya.

The locations which are seeing a recovery are Cantabria, the Basque region, Asturias and La Rioja, as these are areas in which there isn’t an over abundance of property on the market.

Eduard Mendiluce, head of Caixa Catalunya’s property division Procam, said: ‘House and land prices have touched bottom in some cases. The adjustment is almost over, if not already.’

There are between 660,000-1,040,000 homes on the market in the southern coastal region, the report stated, with many being new-build as well as holiday homes which are not selling. These represent between 2.6% and 4.1% of the country’s housing.

The report estimates that there will be 220,000 homes required between now and 2015, almost half the 300,000 to 450,000 that has been estimated by developers. This means it could take five years for the market to digest the current stock.