How large is residency permit market?

[SPI News FeedParticipant]

Recent changes in Spanish law mean that it will soon be possible for non-resident foreigners to gain Spanish residency permits when buying a house worth over 500,000 euros.

Data obtained by the Spanish news website Cinco Dias shows that in 2012 2.2% of all purchasers bought houses worth 500,000 euros or above which equates to 12,016 out of the total 544,554.

Luxury villa in Mallorca

Of those 12,016, 2,366 were non-resident foreigners, 0.4% of the total. It is difficult to know what percentage of these buyers are not EU residents and would therefore be able to take advantage of the governments new scheme but it is clear that it affects an extremely small percentage of the market.

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