Since 3 April 2025, purchasing a property for €500,000 no longer qualifies buyers for residence through real estate investment. A year and a half on, registry data allows us to evaluate what has changed—and what has not.
On 3 October, eighteen months elapsed since Spain abolished the Golden Visa. The Ministry of Housing justified its removal by citing its impact on areas experiencing price pressure and a shortage of residential housing, with Málaga ranking among the provinces with the highest number of approvals. Although the Golden Visa has vanished, the presence of foreign buyers in Málaga has not disappeared along with it. What has changed is the demographic for whom purchasing a home also served as a pathway to residency.
What Exactly Disappeared?
Organic Law 1/2025, published in the Official State Gazette (BOE) on 3 January 2025, repealed Articles 63 to 67 of Law 14/2013, which regulated residency for investors. The repeal took effect on 3 April 2025. Applications submitted prior to this date are being processed under the previous regulations, whilst authorizations already granted remain valid for the period for which they were issued.
Any foreign national—whether from the EU or non-EU countries—may continue to purchase property as before. What has been severed is the link between buying a home and obtaining residence.
A Programme Substantial in Headlines, Modest in Property Sales
Between 2013 and 2023, a total of 14,576 Golden Visas were granted for real estate investments, according to figures released by the Ministry of Housing. The primary nationalities involved were Chinese, Russian, British, American, Ukrainian, Iranian, Venezuelan, and Mexican. Six provinces, including Málaga, accounted for 90% of all approvals.
The pace accelerated rapidly: 2,017 visas in 2022 and 3,273 in 2023. The government itself attributed this uptick to British buyers following Brexit, as well as American investors.
Property portal Idealista estimated that over twelve years, the programme generated approximately 16,000 visas, representing around 0.3% of total property transactions during that period. However, where it did carry significant weight was in the luxury sector: in Marbella, sales linked to the scheme represented up to 7.1% of residential property transactions in a single year.
The 2026 Data: Foreign Buyer Share Reaches Record Highs
In August, the Association of Land Registrars published its statistics for the second quarter of 2026. Foreign buyers accounted for 15.98% of all residential property purchases in Spain—a record high for the series—totaling just over 26,800 transactions in three months.
Málaga recorded a 37.01% share of foreign purchases during that quarter, second only to Alicante. Even more revealing is the province’s twelve-month cumulative total, which eliminates the statistical noise of an isolated quarter:
- Up to Q2 2023: 33.31%
- Up to Q2 2024: 32.95%
- Up to Q2 2025: 33.79%
- Up to Q2 2026: 33.56%
Across four years, the figure has remained virtually constant—both with and without the Golden Visa.
An important distinction must be noted: Land Registrars classify buyers by nationality, not by residence. Therefore, “foreign” includes both those purchasing from abroad and those already residing in Spain. Furthermore, this market share reflects registered transactions rather than the volume of enquiries or interested parties.
My interpretation: the statistics do not differentiate which purchases were tied to a visa, so they do not prove that the abolition had no effect. What they do demonstrate is that, if there was an impact, it did not alter the overall proportion of foreign buyers in the province’s real estate market.
Across Spain as a whole, British buyers led the market in the second quarter (6.99% of foreign purchases), followed by Dutch (6.94%) and German buyers (6.11%). Citizens from the EU, who never required a Golden Visa, represented 57.39% of sales. North American buyers recorded the highest average purchase price: €4,311 per square metre over the last twelve months. The disparity between foreign buyers and those relying on a mortgage is analyzed in Two Markets in One.
Where the Impact Is Felt: Non-EU Buyers Seeking Residency
For a British or American citizen looking for a home in Benalmádena, the purchasing process remains straightforward. What has changed is what follows: without a residence permit, as with any non-EU national, they may only stay in the Schengen Area for up to 90 days within any 180-day period. This rule is not new; what is new is that a €500,000 property purchase no longer grants access to a permit that waives this restriction. Today, buyers require a standalone visa option: either the non-lucrative visa, which requires proof of sufficient financial means and prohibits working in Spain, or the digital nomad visa for remote workers.
The decision-making process has shifted: individuals wishing to reside here must now resolve their immigration status before selecting a property.
What This Means If You Are Selling in Benalmádena to a Future Foreign Resident
If your property is valued at over €500,000 and your buyer is from outside the EU, the purchase itself no longer provides a pathway to residency through property investment.
Nevertheless, sales statistics across the Costa del Sol indicate that properties priced above €500,000 stand a higher chance of being sold to an international audience than to local buyers. Consequently, positioning your home effectively to attract foreign buyers is vital to achieving your goal.
If you are considering selling, or are already in the process of doing so, please complete our seller questionnaire to gain clearer guidance on the steps required to achieve your objectives more swiftly and effectively.
If you are a non-resident seller for tax purposes in Spain, do not miss our article on Selling a Property in Spain as a Non-Fiscal Resident.
Please remember you can always contact us on +34 661 41 01 38 (also available via WhatsApp) or visit our office at Av. de la Paz, 1, C.P. 29631, Benalmádena.
