End of Spain’s Golden Visa Program Unlikely to Deter Foreign Buyers of Luxury Homes, Experts Say
Spain’s Golden Visa Abolition Unlikely to Deter Foreign Luxury Home Buyers, Experts Say
The end of Spain’s Golden Visa Program will not prevent wealthy international investors from purchasing luxury properties, as their primary focus remains on profitable investments rather than residency, according to real estate experts.
Golden Visa and Luxury Real Estate Demand
The real estate investment route of the Golden Visa, which granted residency in exchange for property purchases of €500,000 or more, was the most sought-after option. However, Spain has now announced its abolition along with plans to impose a tax of up to 100% on property purchases by non-EU nationals.
Despite these changes, real estate professionals argue that abolishing the visa will not increase housing affordability for locals. Maryem Essadik, CEO of Barcelona-based Marfour Law, told The Local Spain that foreign investors compete for high-end properties, not middle-class or affordable housing, making the visa’s removal largely irrelevant to the broader housing market.
Luxury Property Market Still in High Demand
Experts highlight that Spain’s luxury property market remains strong, particularly in areas like Madrid, the Balearic Islands, Valencia, and the Costa del Sol.
José Miguel Artieda, President of the Official College of Real Estate Agents (APIS) of the Balearic Islands, told El Confidencial that demand for luxury and super-luxury housing in the Balearic Islands far exceeds supply, reinforcing that foreign investment is unlikely to slow down.
Spain’s 100% Tax on Non-EU Property Buyers
Spanish Prime Minister Pedro Sánchez recently announced plans to introduce a 100% tax on property purchases by non-EU nationals. He stated that in 2023, non-EU investors purchased 27,000 properties in Spain, primarily as investment assets rather than residences.
This measure is aimed at curbing short-term rentals and tackling Spain’s housing crisis, with Sánchez emphasizing that housing should be a right, not just an economic asset.
Impact on the Real Estate Market
While the Golden Visa’s removal and new taxation policies aim to regulate Spain’s housing market, experts believe that these measures will not significantly affect demand for high-end properties, as foreign investors remain drawn to Spain’s real estate market for its long-term value and investment potential.
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