Spanish home sales rose 24 percent in August from a year earlier, the biggest increase in five years as a recovery in the property market gathers pace.

Registered home sales climbed to 29,369 from 23,600, the National Statistics Institute said in an e-mailed statement Tuesday. Transactions increased for the 12th month in a row, said the institute, known as INE.

Interest rates at record lows are helping to fuel an economic recovery that is driving demand for housing as banks compete to grant mortgages. Mortgage lending jumped an annual 48 percent in July, the biggest increase in almost a year, INE said last month.

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