Friday, 13 December 2013 09:53

‘Golden Visa’ boosts investment in Spain’s and Barcelona´s property market. The law has prompted new interest in the Spanish property market.

 

The offer of Spanish residency for non-EU nationals who invest more than €500,000 in property in Spain has resulted in an increase in house buyers from Asia, the Middle East and Russia, reports UK daily The Telegraph.

The law, which came into effect on 1 October 2013, has prompted new interest in the Spanish property market, particularly from Middle Eastern buyers whose interest has increased by 2,500 per cent this year.

New potential buyers in Barcelona

The surge in interest has had the knock-on effect of boosting tourism, as potential buyers come to Spain to search for their dream home buying a flat for sale in Barcelona. The minimum investment level of €500,000 is accumulative, which means it can be spread across several properties.

Buyers are also attracted by low property prices in Spain, a spin-off of the credit crisis.