Spain has exerted remarkable appeal to international investors in recent years, particularly through the so-called “Golden Visa” program. This mechanism, which allowed non-residents to obtain a residence and work permit in exchange for purchasing a property worth at least €500,000, has especially attracted Chinese citizens. Current figures confirm that Chinese investors played a dominant role in utilizing this mechanism in 2024, before the Spanish government suspended the program in April 2024.
According to a transparency resolution from the Ministry of Foreign Affairs, an impressive 532 out of a total of 1,037 Golden Visas issued in 2024 were granted to Chinese citizens. This accounts for more than 51% of the total, underscoring China’s prominent position in this market. These investments were not only limited to the possibility of residency but also offered the option of including family members, which further enhanced the program’s attractiveness.
The impending withdrawal of the Golden Visa triggered a veritable rush among foreign investors to submit their applications in time. Although Transparencia has not yet released the official data for the first quarter of 2025, industry sources indicate a massive recovery and acceleration of applications. Estimates from the real estate sector speak of almost 500 applications in the first quarter of 2025 alone – a number comparable to the entire volume of 2024 and highlighting the “boom” before the program’s ultimate end.
Particularly in the Autonomous Community of Madrid, Chinese citizens led the purchase of homes by foreigners. In 2024, they accounted for 17.8% of these operations, leaving Romanians (13.5%), Italians (10.3%), and French (4.6%) behind. Notarial data confirm this trend, showing that Chinese buyers stand out as primary purchasers, both as residents and non-residents – a development that has continuously consolidated since the first half of 2023.
The end of the Golden Visa undoubtedly marks a turning point for the Spanish real estate market. The dominant role of Chinese investors will likely change in the coming years as this significant incentive is removed. It remains to be seen what new strategies Spain will develop to continue attracting foreign capital and maintain the country’s attractiveness as an investment location. However, the “last dance” of the Golden Visas has impressively demonstrated the program’s influence on the Spanish real estate market and how quickly investors can react to political decisions.
