Nationality of investors
The investors from USA, China and Russia were the most active foreign buyers in Spain in the first quarter of 2014. These statistics were published by General Council of Notaries in Spain.
Compared to the same period a year earlier, the properties bought by these nationalities increased by 88,9%, 83,1% and 62,6% respectively. Every fifth property sold in Spain in IQ of 2014 is acquired by foreign buyers. The 48% of them are non-residents.
The benefitted regions
The Basque Country, Catalonia, Balearic Island, Asturias, Madrid and Andalusia are the regions which experimented the strongest rise in foreign buyers. The leadership in the acquisition of foreign properties is still maintained by British buyers (13.8%), followed by French (10.5%), Russians (8.4%) and Germans (7.5%).
Investor Visa Law
The growing presence of American, Russian and Chinese buyers can be explained by the Investor Visa Initiative, which permits to obtain a residency permit in Spain by acquiring a real estate property in the amount above €500.000.
The law was designed to attract the investment of non-European investors by offering a one year visa and later a two year residency permit for €500.000 real estate investment. The same scheme was designed in Portugal with small differences one year before.
In the Notaries report it is shown which nationalities pay the most for their houses in Spain. The classification starts with Norwegian, Swedish, who pay €1,935 and €1,732 per square meter respectively. Then follow Irish and British buyers.