It was the Cinderella of European real estate, but Spain is now poised to have a ball. The Iberian country’s economy is back in full swing and the investors that once shunned it for its toxic mix of high unemployment, troubled banking sector and free-falling real estate values are now staging a return.
According to the Instituto Nacional de Estadistica, Spain’s GDP rose at a rate 0.9% in the first quarter of 2015—the seventh quarterly increase in a row. Consumer confidence is following suit and unemployment, though still high, is decreasing. This has lead the Bank of Spain to revise its 2015 growth rate forecast upward to 2.8%—a figure that would make Spain one of Europe’s best performing economies.