The popular Golden Visa program of Spain led to many rich individuals joining the country. These people look for expensive condos to suit their desires and are thus increasing the prices for everyone in Spain, giving the Spanish real estate market a much-appreciated boost. Buying a Spanish real estate could end up giving you residency in Spain so it makes sense for the investors.
Massive Increase in the Price of Housing Can be Seen
Spanish real estate market is going on strong thanks to this influx of rich investors. Prices in Barcelona increased around 27% since the figures in June 2018 which is massive for real estate. Prices were around 850000 Euros but now can reach 1.1 million Euros quite easily for an approximate house. Marbella, Sitges, and Valencia all also report increased real estate prices in the last year due to an influx of foreign investors. There are similar increases in prices all around Spain, even in some unsuspecting small towns. It seems that buying property in Spain is certainly becoming more popular thus the prices will likely to continue to increase.
Foreign Buyers Outclassed The Local Ones in Spanish Real Estate Market
It is interesting to see that there are actually more foreigners buying houses in Spain than the Spanish. 60% of the houses that were sold out in the last year were sold to the foreign investors, mostly those that were interested in a Spain Golden Visa. Most of these people come from the Middle East but there is considerable number of foreign investors coming from the Great Britain, United States of America, as well as many Latin American countries that already share a bond with Spain. Quite a lot of Turkish and Russian investors can also be seen buying houses in Spain.
British are Leading the Crowd When It Comes to a Particular Country
Rich individuals buying condos is one way to ramp up the prices in a real estate market for sure, and the British are certainly doing just that in Spain now. After the ambiguity that was brought upon by Brexit, rich British are looking for alternatives within EU so that they do not have to give up on their privileges regarding transportation and living in and around European Union. Buying property in Spain and thereby using a Spanish Golden Visa program is a sure shot way of keeping onto those privileges.