The recent announcement by the Spanish government to eliminate the golden visa program for real estate purchases has sparked a surge in property sales in Barcelona. According to Guifré Homedes, the general director of Amat Immobiliaris, they have sold more properties for golden visas in four weeks than in the past five years. This sudden increase in sales is not unique to this Catalan family real estate agency but has also been observed by Gesdocument, one of the leading consultants in processing golden visas in Spain.
The golden visa program allows foreign nationals to obtain a Spanish residency permit for three years, renewable with the purchase of a property worth at least 500,000 euros. Since its inception in 2013, Spain has granted 14,576 visas for real estate investments, with a significant portion going to Chinese and Russian oligarchs. Barcelona has been a popular choice for these investors, with 33% of the visas being issued for properties in the city.
The recent surge in golden visa applications can be attributed to the European Commission’s call in 2022 for governments to reconsider the program, as well as the decision by other countries like Portugal and Ireland to abolish similar schemes. Jordi Roca, director of Talent and Mobility at Gesdocument, notes a 25% increase in applications this year compared to the same period last year, with a 30% growth in 2023 over 2022.
Luxury real estate agency Lucas Fox has also seen a rise in interest in golden visas since the announcement in April. They reported closing 13 transactions related to golden visas in 2024, compared to a total of 30 in 2022 and 2023 combined. The interest has been particularly high in the Valencia region, with a notable increase in leads since the announcement.
It’s worth noting that golden visas are not limited to residential properties but also extend to commercial premises. Sergio Gutiérrez, co-founder of Excellence Real Estate Circle, mentions a significant increase in requests for commercial properties from clients seeking golden visas. These clients are typically entrepreneurs with sufficient funds to purchase commercial properties above 500,000 euros without the need for a mortgage.
The demand for golden visas has put pressure on the market, with buyers looking for properties priced at exactly 500,000 euros. BCN Advisors, a luxury real estate agency, has experienced a surge in inquiries from golden visa clients, especially since the announcement of the program’s end. The urgency to secure a visa before the program closes has led to a doubling of interested clients compared to previous years.
In conclusion, the impending closure of the golden visa program in Spain has created a sense of urgency among foreign investors, leading to a significant increase in property sales in Barcelona. As the deadline approaches, more investors are looking to secure their residency permits through real estate investments, driving a booming market in the city.