By 2017, following several months of prices picking up, homeowners who had been renting during the economic slump had started to put their properties back on the sales market. In this regard, home sales are expected to return in 2017 to pre-crisis (2008) level. In all, the Spanish real estate market was experiencing a new boom, this time in the rental sector. Out of 50 provinces and compared to May 2007, the National Statistics Institute has recorded higher rent levels in 48 provinces, with the 10 most populated accumulating rent inflation between 5% and 15% since 2007. The phenomenon is most visible in big cities such as Barcelona or Madrid, which are seeing new record average prices, partially fueled by short-term rentals to tourists. Data The following table shows the main economic indicators in 1980–2021 (plus IMF estimates for 2022–2027 in italics). Inflation below 5% is in green. Banking system Spanish private commercial banks played a central role in Spain's economic development, benefiting from their role as the state's creditor in the 19th century, from their ability to monetize public debt, and from state-sanctioned oligopolistic arrangements that lasted from the beginning of the 20th century until the late 1980s, when European rules forced a liberalization of the sector. It has been argued that the favorable treatment received by the main Spanish commercial banks and their close relationship to the Bank of Spain (Banco de España) following the end of the Franco regime allowed for a public-private partnership to restructure the large commercial banks into two large banks (Santander and BBVA) with the purpose of preparing the private institutions for international competition and external expansion once the European banking market was integrated in 1992 Alongside this financial mercantilism benefiting the commercial banking sector, Spanish regulators also allowed for the vast expansion of not for profit savings banks sponsored by regional governments who became heavily exposed to the housing mortgage and real estate development sectors during the Spanish economic boom of 1999–2007. Prior to 2010, the Spanish banking system had been credited as one of the most solid of all western banking systems in coping with the ongoing worldwide liquidity crisis, thanks to the country's conservative banking rules and practices. Banks were required to have high capital provisions and to demand various guarantees and securities from intending borrowers. This allowed the banks, particularly the geographically and industrially diversified large banks like BBVA