Prices of resale homes in Spain are rising faster than those for new-builds for the first time in a decade.

New home prices in Spain rose by 16.19% last year on average, according to the latest figures from the Spanish College of Registered Homeowners, but used or second-hand homes increased by 17.35% while new houses or apartments went up by 14.5%.

Member banks of the Confederación de Española de Cajas de Ahorros (CECA) are forecasting equity growth of 12% for 2005 and 2006.

The CECA banks, who between them hold 68% of all mortgages in Spain, confirmed that second-hand or used homes were the most popular section of the market, adding up to 57% of transactions.