A third of the real estate Golden Visas granted in Spain since the creation of this opportunity for foreign investors in 2013 were authorized in the last two years. The specific figures that have led the Government to eliminate this privilege are the following: of the 14,576 total concessions in eleven years, 5,300 occurred in 2022 and 2023. In the first two months of 2024, 426 visas had been authorized. The Government has explained that it is eliminating this measure to “stop speculation.” “These investments put pressure on the market and increase the price of housing,” explained the Minister of Housing and Urban Agenda, Isabel Rodríguez, this Tuesday.
Today the Council of Ministers studied a report on the “consequent need” to eliminate real estate golden visas in Spain, Rodríguez explained. In the document, the Ministry of Housing states that “speculation has increased significantly since 2022,” the minister added.
Specifically, until 2021, the granting of golden visas in Spain had not exceeded a thousand. But in 2022, after the invasion of Ukraine by Russia and the instability resulting from the war, the Golden Visa for housing grows to 2,017 authorizations in 2022 and 3,273 in 2023. The minister recalled that of the Golden visas validated in Spain, 94% are linked to real estate.
The report from the Ministry of Housing highlights where the citizens who have received a Golden Visa in the eleven years of validity (who have not been required to establish their tax residence in Spain) come from: China, Russia, United Kingdom, United States , Ukraine, Iran, Venezuela and Saudi Arabia. The Minister of Housing has assured that Brexit explains part of this rebound, but also the arrival of investors from the United States, China and Russia.
The main locations in which the beneficiaries of the Golden Visa have invested are Barcelona, Madrid, Malaga, the Balearic Islands Alicante and Valencia, which are cities where the purchase of property by foreigners has increased significantly.
Specifically, 33% of golden visas were produced by investments in Barcelona, compared to 19% that went to Madrid, 18% to Malaga, 10% to Alicante, 5% to the Balearic Islands and 4% to Valencia. . These five provinces concentrate nine out of every ten investments that received the permit.
The Government has also highlighted the impact of the Golden Visa in very specific markets: golden visas have reached 7.1% of operations in Marbella. At some points and times in Barcelona they reached 5.3% of sales and in the Balearic Islands it reached 10%.
Rodríguez recalled that this type of real estate golden visas were being reviewed by other countries, so Spain is no exception, especially after the invasion of Ukraine.
