For years, the Golden Visa became one of the most frequently mentioned concepts when discussing international real estate investment in Spain. Its logic was simple: certain non-EU citizens could obtain residency in Spain through a significant investment, and purchasing a property worth €500,000 or more was one of the best-known options.
What has happened since the end of the Golden Visa
However, that framework has changed. Spanish Organic Law 1/2025 removed the content of articles 63 to 67 of Law 14/2013, and the elimination of this route came into force on 3 April 2025. At the same time, the Spanish Ministry of Inclusion clarifies that applications submitted before that date could still be processed under the previous regulations and that existing permits remain valid and can be renewed under the former framework.
That said, the key question for the market is not only legal but also real estate related: has anything really changed in foreign property buying trends? Based on the available data, our reading is cautious but clear. We do not see a disappearance of international demand, far from it.
What we do observe is a market reshaping, with less dependence on purely migration driven incentives and greater importance placed on factors such as quality of life, legal certainty, connectivity, climate, services and long-term asset value. In other words, foreign buyers are still present, but their motivation is increasingly linked to lifestyle and broader real estate investment rather than obtaining a specific permit.
Legal changes after the Golden Visa in Spain
The real estate Golden Visa has not been available for new applications since 3 April 2025, as the final provision of Spanish Organic Law 1/2025 removed the articles regulating investor visas and residence permits from Law 14/2013. This means that buying property in Spain no longer provides this specific residency pathway for new investors.
However, it is also important not to create misunderstandings. The end of the Golden Visa does not automatically cancel acquired rights. The Ministry of Inclusion states that those who submitted their applications before the reform came into force can still be processed under the previous rules, and permits already granted remain valid for their duration, with the possibility of renewal under the regulations in force at the time of initial approval. This has softened the immediate impact of the measure and helps explain why we do not see a sharp and uniform drop in all statistics.
For this reason, when analysing whether the market has changed, we must distinguish between the legal change, which has been clear, and the commercial change, which is proving much more gradual. The international residential market is not driven by visas alone. It depends on disposable income, interest rates, global mobility, comparative taxation, available supply and the attractiveness of the destination. Spain, especially its established coastal markets, continues to hold a very competitive position globally.
Data shows that foreigners are still buying property
Looking at the end of 2024, it is difficult to argue that foreign demand had disappeared. According to the Spanish Land Registrars, 14.6% of property purchases in 2024 were made by foreigners, close to the all-time high of 15% in 2023. In absolute terms, these purchases increased to around 93,000 transactions compared to approximately 87,400 the previous year. The same report highlights that 10.8% of purchases by foreigners exceeded €500,000, the highest level in the historical series.
This is a key point. It shows that even before the Golden Visa was removed, the foreign market remained strong. Moving into 2025, the overall picture does not change dramatically. The 2025 annual report from the Registrars indicates that 13.82% of property purchases in Spain were made by foreigners, below the 2023 peak but still at high levels. In absolute terms, the volume rose to around 97,500 transactions compared to about 93,000 in 2024. In other words, the relative share decreases slightly, but the number of transactions continues to grow.
The General Council of Notaries provides further insight. In the first half of 2025, property transactions by foreigners increased by 2% year on year to 71,155 transactions, representing 19.3% of the total. This growth was driven by foreign residents, whose purchases rose by 6.4%, while non-residents fell by 4.1%. In the second half of 2025, notaries did observe a 4.4% year on year decline to 66,629 transactions, representing 18.4% of the total.
The most accurate conclusion is therefore not that foreigners have stopped buying. The data does not support that claim. Instead, foreign demand remains active but is evolving. It is losing some relative weight and moderating in certain segments, particularly among non-resident buyers, while gaining strength among international buyers who already live, work or spend extended periods in Spain.
Has the cancellation of the Golden Visa cooled the market?
Our answer would be no, not structurally, at least for now. It may have affected a specific segment of non-EU buyers who used property purchases as a direct route to residency. However, reducing the entire foreign market to that profile would be a mistake. The international buyer base in Spain is much broader and more diverse, including EU residents, European retirees, relocated professionals, digital nomads, investment-focused buyers, second home seekers and high net worth individuals who prioritise quality of life over administrative incentives.
Looking at the regions with the highest international demand, Andalusia remains one of the leading areas. In the first quarter of 2025, Registrars placed Andalusia at 14.2% of purchases by foreigners. At a provincial level, Málaga continues to rank among the top regions in Spain for international buyers, with figures of 34.76% in the third quarter of 2024, 34.75% in the first quarter of 2025 and 32.8% for the full year 2025. These are very high levels compared to the national average.
This aligns perfectly with the reality of the Costa del Sol. Here, purchase decisions rarely depend on a single factor. Lifestyle, international connectivity, premium services, security, climate and long-term value preservation all play a role. In established locations, the end of the Golden Visa may have reduced demand in a niche segment, but it has not removed the underlying appeal of the destination.
What buyers and sellers on the Costa del Sol should consider today
From our perspective, the current market requires less headline driven thinking and more careful interpretation. The end of the Golden Visa has introduced a relevant legal change, but the data suggests avoiding simplistic conclusions. This is not a clear before and after scenario. Instead, we are seeing a phase in which the international market is becoming more refined. The purely instrumental component is losing prominence, while buyers motivated by lifestyle, long term investment and asset value are gaining weight.
For sellers, this means that foreign demand is still present, but positioning is increasingly important. Location, build quality, efficiency, privacy, services, security and real usability matter more than ever. For buyers, it means taking a medium to long term view, without assuming that the end of the Golden Visa will automatically lead to widespread price corrections or a mass withdrawal of international buyers. In fact, 2025 data does not support that scenario. According to the Spanish Registrars, 705,357 property transactions were recorded in 2025, the highest since 2007, while housing prices continued to reach new highs.
At RH Privé Estates, we understand the complexity of the market because we work on the Costa del Sol with demanding international clients and a long-term perspective. We have more than 30 years of experience built on security, trust, empathy, sustainability and innovation.
That is why, now more than ever, it makes sense to work with a team that truly understands the local market and can separate media noise from real transaction data. Get in touch with us.
FAQs about the Golden Visa and the current market
Does the Golden Visa still exist in Spain?
Not for new applications linked to real estate investment. The legal reform removed the content of articles 63 to 67 of Spanish Law 14/2013, effective from 3 April 2025.
Do people who already had a Golden Visa lose it?
Not automatically. The Ministry of Inclusion states that existing permits remain valid for their granted period and can be renewed under the regulations applicable at the time of initial approval.
Are foreigners still buying property in Spain?
Yes. In 2025, Registrars estimate around 97,500 property purchases by foreigners, more than in 2024, although with a lower relative share.
Has foreign buying decreased after the end of the Golden Visa?
It depends on the data analysed. Notaries report a year-on-year decline in the second half of 2025, especially among non-residents, but the total volume of foreign purchases in 2025 exceeded that of 2024 according to Registrars. Therefore, it cannot be described as a generalised downturn.
Is the Costa del Sol still a strong market for international buyers?
Yes. Málaga remains one of the regions with the highest share of foreign buyers in Spain, with figures above 30% in the latest annual and quarterly data from the Registrars.
