Article written by Bruno Rabassa, CEO of Berkshire Hathaway HomeServices Spain
Golden Visa Spain: In recent days, the news that the government could tighten the regulations allowing foreign citizens to apply for a visa after investing in Spain has aroused public and media opinion. It is common to hear among the arguments of those who advocate this regulatory change that the golden visas are directly responsible for the rise in housing prices and gentrification, among other reflections, and this could not be further from the truth in our opinion.
Firstly, market data show that they have little influence on property values, as the number of these golden visas granted is considerably low: the government estimates that 4,940 were issued between 2013 and 2022, according to various media reports, and only 136 during the whole of 2022, which was a record year for foreigners buying in Spain.
Furthermore, properties eligible for this type of visa are over €500,000, and many are located in areas that traditionally cost more per square metre. This is not due to the granting of residence permits in exchange for an investment, or at least it does not have a substantial impact given the figures mentioned, but rather other economic causes, such as the imbalance between supply and demand, the lack of new-build housing due to the scarcity of land where demand exists, or the high construction costs.
If we consider why our clients with a specific socio-demographic profile and high purchasing power decide to buy in Spain, the visa is secondary to other variables, such as exchange rates or the country's legal security, among others.
Furthermore, most buyers who count on us during the process – we don't just offer luxury homes, we offer lifestyles – are particularly attracted by our unique Mediterranean lifestyle, which Spain can offer at much more attractive prices than other international destinations. This is directly linked to another common misconception, i.e. foreign investors do not benefit the economy. These people spend a lot in our country, pay taxes and contribute wealth to the Spanish economy.
All signs point to the fact that, despite the change being implemented, house prices will keep on rising and gentrification will continue, regardless of curbing foreigners arriving, as it seems that cosmetic electioneering measures are being advocated that do not tackle the root problems of our country's real estate sector, with a lack of supply and a solid and growing international demand.
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