Spain is a country that depends largely on tourism, and it is already one of the great economic engines. This area represents just over 12% of the national GDP and after the coronavirus pandemic it has become one of the most sought after countries internationally. But now it is not only for holiday stays, but also Spain is in the focus of foreigners who want to get a home. According to a study by the British platform, MoverDB.com and the NeoMam Studios study, Spanish properties are the most sought after in the world, with 34 countries looking at them.
Now the country gets the ‘pole position’ and situates as a key market for foreigners who buy housing. The web document that was born to offer information on international moving companies and the costs associated with moving abroad, and the creative studio that was commissioned to produce the analysis, Spain has become the most common “real estate fantasy” in the world and the most desired country for property ‘hunters’, and has more searches than any other nation. They are followed by France and Canada, with 13 countries each.
The reasons? As explained, there are three main reasons why international users look at the country. First, they ensure that Spain has a nice climateespecially in the coastal area. Secondly, it highlights the “good cost of living” that exists, and also adds that property pricesdespite their increase in recent months, see them as viable and are the attraction for the european marketeither. But there are also those who come from outside the EU who see Spain as a fundamental territory and specifically because there are some foreigners who are in search of the recognized ‘Golden Visa’.
“The reward of the golden visa for investments greater than 500,000 euros tempts the biggest investors”. And although home buying is at record rates with year-on-year increases of up to 76%, Americans “take advantage of direct flights and affordable conversion rates, although Spain is not the destination that most interests Americans.” In fact, Those who are most looking for properties in the Iberian Peninsula are Colombians, while those who are most interested in moving to Spain are the Irish.
The golden ticket for foreigners
In Spain, the golden visa can be obtained, as the study comments, for the acquisition of a property that has a value from 500,000 euros. They were created in 2013 during the government of Mariano Rajoy: Law 14/2013 of support for entrepreneurs and their internalization. However, this ‘golden ticket’ for foreign investors has been put in jeopardy in the last year and even the Government has considered reviewing its conditions. “These are incentives that must be revisited, that require turning around,” commented the Minister of Inclusion, Social Security and Migration, José Luis Escrivá.
The Executive assured that they could raise the minimum investment required to obtain this residence permit, or they have even questioned eliminating this type of visa. For her part, Yolanda Díaz said in May of this year: “I am going to be clear, It has to be eliminated, expelled from our legal system”. They think the same from Más País, where they presented a bill to suppress it. Iñigo Errejón assured that the golden visa encourages “speculation in housing prices” and that they do not benefit the national economy because they “expel the local population.”
Still, in 2022 almost 500 such visas were granted. According to the Government, Madrid, Barcelona and Malaga were the cities that stood on the podium with these purchases by foreigners and in total, according to Europa Press, between 2013 and 2022, there were 4,940 visas issued not only for the purchase of real estate, but also for investments in capital and business projects. Although its future is in doubt, foreigners continue to look to the country to land. Some choose it to get a vacation home and others to move.
