One year after the elimination of the ‘Golden Visa’ in Spain, the real estate market remains stable, as noted by Iñaki Unsain, Real Estate Personal Shopper and General Director of ACV Real Estate Management. On Thursday, April 3, the Organic Law 1/2025 came into effect, which modifies the previous legislation, revoking the permit that allowed foreign investors to obtain residency by acquiring properties valued at 500,000 euros or more.
Unsain believes that the impact of this modification will be minimal in the real estate market. In his opinion, the ‘Golden Visa’ was more of an incentive than a determining factor for investment, and it is not expected that its elimination will deter potential buyers. In fact, over the past decade, only 22,430 visas have been granted, a figure that, according to data from the Ministry of Foreign Affairs, highlights that the measure did not have a significant impact on the total investments made in Spain.
The President of the Government, Pedro Sánchez, justified the revocation of the ‘Golden Visa’ as a step towards protecting the right to housing, proposing to prevent its use as a purely speculative asset. However, in the real estate sector, some perceive this decision as a strategy to gain voter support. “The elimination of the ‘Golden Visa’ doesn’t make sense,” says Unsain, who warns of the risk of discouraging foreign investment in this area.
The expert emphasizes that foreign buyers will continue to be interested in purchasing properties in Spain, regardless of the existence of this permit. “If a foreigner wants to buy a home in Spain, they will do so with or without a ‘Golden Visa’,” he concludes, projecting a future where the change in interest from this type of clientele will be minimal after the law’s abolition.
via: MiMub in Spanish
