End of Spain's 'Golden Visa' in April sparks last-minute rush of luxury villa purchases on Costa del Sol

One of the most popular locations for high-end homes that visa applicants choose is the so-called 'Golden Triangle' of Marbella, Benahavís and Estepona

María Albarral

Marbella

Monday, 24 March 2025, 23:44

The 'Golden Visa' scheme, which grants Spanish residency to foreigners who buy a property worth more than 500,000 euros in Spain, will expire on 2 April. The announcement of its cancellation has prompted many investors to make last-minute purchases and obtain the visa before its expiration date.

One of the most popular locations for high-end homes that visa applicants choose is the so-called 'Golden Triangle' of Marbella, Benahavís and Estepona. "The high-end buyer chooses the Costa del Sol for its quality of life and infrastructure, not for administrative incentives," said Manuel Burgos, vice-president of the DOM3 high-end housing association.

The interest of buyers in the area, especially those of US and Ukrainian origin, has increased in the last month. Last-minute purchases are cited by those opposing the visa cancellation as proof that the upcoming change will have a negative impact on emerging markets, such as the US and Qatar, despite only less than 1% of luxury buyers applying for it.

The luxury sector is resilient, with the Costa del Sol prevailing as a key destination for international investors and residents looking for quality and exclusivity. However, real estate experts believe that, while the end of the Golden Visa is not likely to affect sales drastically, it will impact the overall image of the country as "a safe and stable destination for investors with high purchasing power", as Javier Neto, CEOof Pure Living Properties, stated.

Emerging markets

More than 90% of luxury purchases in Marbella, Benahavís and Estepona are made by foreigners. According to real estate managers, the Golden Visa cancellation might redirect investors towards more favourable markets, such as Greece or Italy.

"In recent years, we have seen a growing interest from US, Czech and Polish investors - emerging markets that could rethink their commitment to Spain after the elimination of this measure. In addition, with the increase in air connections between Malaga and cities such as New York and Doha, there was a clear opportunity to attract buyers from outside Europe, who could now be discouraged," said Nieto.

Representatives of the sector don't believe that the Golden Visa is an obstacle in the critical issue of access to housing. On the contrary, they have stated that the sector has been "the main economic engine of the Costa del Sol".

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