July 6, 2023
Reading Time: 2 min

Where to buy property in Spain, and how to get a residence permit in 2023?

Madrid, Barcelona, and Valencia are the most popular cities in Spain to buy residential real estate in 2023. The average property prices vary depending on the region.

Foreigners can get residence permits in Spain by buying real estate worth at least €500,000. Let’s figure out which properties are profitable to invest in and what are the benefits of buying real estate in Spain.

Julia Loko
Julia Loko

Investment programs expert

Spain residence permit for purchasing a house or apartment in the country

Where to buy property in Spain, and how to get a residence permit in 2023?

Idealista portal has published the rating of the most popular Spanish cities to buy residential real estate. Madrid leads the list as the capital and cultural centre of Spain. The capital provinces, Móstoles and Alcalá de Henares, ranked second and third. Barcelona, Valencia, and Sevilla feature in the top‑15 of the rating.

Madrid is also one of the most demanded cities among real estate investors, who received Spain Golden Visas in 2022. Over 4,940 investors have received residence permits since the program’s launch in 2013.

How much does residential real estate cost in Spain?

The property price depends on the region in which it is located. Meanwhile, the province’s property cost may be times higher than in the central city.

According to the Idealista portal, the average price of residential real estate in popular Spanish cities was the following in the first half of 2023:

  • €1.9 million — Benahavis, Malaga province;

  • €1.58 million — Calvia, Balearic Islands;

  • €1.37 million — Marbella, Malaga province;

  • €810,240 — San Cugat del Vallès, province of Barcelona;

  • €539,500 — San Sebastian, Basque Country;

  • €428,100 — Madrid;

  • €368,900 — Barcelona;

  • €232,530 — Valencia;

  • €290,000 — Malaga.

Real estate in Spain is a liquid asset: the properties grow in value yearly. For example, the average price for residential real estate increased by 7,3% year‑on‑year in March 2023. Apartment prices increased by 20% in nine Spanish cities, including Madrid, Marbella, and Malaga.

What kind of real estate do investors prefer to buy in Spain?

Investment in real estate is the most popular option for the Golden Visa Program in Spain: 9 out of 10 participants select it. Most investors buy properties in Madrid, Barcelona, and Malaga. The Spanish Europa Press portal provides such data with reference to the government.

Under the Golden Visa Program terms, investors buy one or several properties, each worth at least €500,000. Both residential and commercial real estate are accepted. However, investors will also need to buy or rent housing in Spain if they purchase commercial properties.

Immigrant Invest has its own database of projects from proven developers. Our real estate experts help investors find properties to suit their tasks and goals.

Our partners also have some special proposals for investors. They offer commercial properties in prestigious regions of Barcelona and Madrid. The buildings already have tenants: a beauty salon, a popular bakery, and a well-known laundry chain.

The property buyer will need to invest only €350,000 in this case. The developer will provide the remaining €150,000 on the condition that they will receive the rent for the first 10 years after the property sale. After that, investors will be able to sell the property or keep it.

After purchasing real estate in Spain, an investor can apply for a residence permit using the contract of sale and other documents. The government reviews applications for around 20 days and issues the residence permit card in person.

Using the Spain residence permit card, you can travel visa-free to Schengen countries, open accounts in European banks, and use the services of local clinics, kindergartens, and schools.

Immigrant Invest is a licensed agent of government programs in the European Union and the Caribbean. If you want to buy a property in Spain and get a residence permit there, please consult our investment program experts.