Last December, the Congress of Deputies approved legislation to end the so-called golden visa – a scheme that grants Spanish residency to international investors who purchase property worth €500,000 or more.
From April this year, this incentive will no longer be available, with the government, led by Pedro Sánchez, citing the need to curb real estate speculation and improve access to housing for Spanish residents.
One sector that could be significantly impacted by this change is the luxury real estate market. However, Rafael Santana, director of K&N Elite Madrid, argues that they have not observed an “acceleration” in luxury home purchases ahead of the programme’s termination, nor do they anticipate a slowdown after April.
Santana acknowledges that “there will undoubtedly be clients with budgets close to €500,000 seeking a residence in our country who may be affected, but it’s undeniable that purchasing a luxury property in Spain – particularly in Madrid, the the Valencian Community, the Balearic Islands and locations like Marbella – is driven by the fact that we are an attractive country for investment.”
The company’s director also emphasises that many buyers “operate through companies and residency is not their primary concern.”
Future of the luxury real estate sector
The luxury real estate agency downplays the significance of the new measure introduced by the Spanish Government, as the sector focuses on factors such as the quality of the property, design, sustainability, and, above all, the return on investment. “Our properties appreciate year after year, which is highly attractive to buyers,” said Santana, who also emphasised the prestige of Spain, citing its culture, gastronomy, climate, and leisure offerings.
K&N Elite assures that transactions linked to the ‘golden visa’ programme accounted for less than 1% of all luxury real estate deals in 2024, meaning the impact on the ‘premium’ sector will be “limited.”
Golden visas in figures
The latest data published by Spain's Ministry of Housing and Urban Agenda on these golden visas dates back to last November, showing a total of 11,000 concessions since 2016, the year the government of Mariano Rajoy introduced the measure to attract foreign investment.
Since the President of the Government himself announced the elimination of these visas, 573 golden visas have been granted. The year with the highest number of residence permits issued was 2023, with 3,273 concessions.
The total investment generated by these visas over the past nine years is estimated to have exceeded €10 billion.
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