THE Golden Visa scheme has resulted in a 2,500% surge in interest from Middle Eastern property buyers in 2013-to-date.
Asian and Russian investors have also been scoping out the market in much greater numbers, since the announcement that any non-EU national spending more than €500,000 will automatically be granted a residency permit.
Renewed interest in property is great news for sellers or those who held onto property when times were tough.
Marc Pritchard, sales and marketing director for Taylor Wimpey Espana said: “The Golden Visa is clearly of high appeal to non-EU residents, especially those in Russia, China, the Middle East, and the Far East keen to access the EU and enjoy visa-free travel in the 26-country zone.”
The minimum investment is €500,000 but this does not have to be in just one property, it is accumulative and can be made up by investing in one or more properties.
Interest from Russian and Lithuanian investors has spiked 190% compared to 2012.
The glut of property for sale has also boosted tourism, with potential investors heading to Spanish hotspots to scope out the market and enjoy a holiday in their potential new homes.
The Balearic Islands continue to be particularly popular, accounting for 19.6 percent of total spending by investment tourists and increasing 9% on last year.