Spanish property in boom phase with mini bubbles forming

Madrid

ACCORDING to a Spanish proverb, it is a bad idea to start building a house from the roof. But that is just what a Spanish firm is doing - and business is booming.

Faced with a lack of available land in big cities such as Madrid and Barcelona, construction firm La Casa por el Tejado is building new apartments on rooftops - a sign that Spanish property is bouncing back eight years after a brutal crash.

Home prices are nearing pre-crisis levels in downtown areas of major cities, rents and mortgages are surging, the prices of hotels and resorts are sky-rocke…