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Golden visas drive Spanish property boom

Spanish residency service for non-EU-buyers, Lucas Fox, has revealed that there has been a drastic increase in British citizens making use of Spain’s golden visa scheme.

Over the past 12 months, there has been a 141% increase in non-EU-buyers purchasing Spanish properties for €500,000 or more (the minimum investment to qualify for the scheme). British citizens make up 40% of the total nations looking for overseas homes in Spain. This is followed by 27% of Americans.

Meanwhile, Rightmove has reported that the level of demand for homes in Spain is at the highest level in four years. In April this year, the number of buyer enquiries for properties in Spain was up 36% compared to April last year.

Mohammad Butt, Barcelona office director at Lucas Fox, says: “We have seen a steep rise in UK investors buying property in Spain for their primary residence, or second home and applying for a Golden Visa. Before Brexit, many British second homeowners without Spanish residency were used to spending six months at a time at their homes in Spain, as they enjoyed some winter sun. But with the 90-day rule now being enforced more strictly by the Spanish authorities, such lengthy stays in Spain are no longer possible without residency.”

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