Spain has long been a magnet for international investors, sun-seekers, and digital nomads, with Málaga standing out as a crown jewel on the southern coast. One key driver of foreign interest over the past decade has been the Golden Visa program—a policy that granted residency rights to non-EU nationals in exchange for real estate investments, among other forms of capital injection.
However, in a major shift, the Spanish government has officially abolished the Golden Visa in 2025, marking a turning point not just for Málaga, but for the entire Spanish property landscape. Here’s what you need to know.
What Was the Golden Visa?
Introduced in 2013, Spain’s Golden Visa program allowed non-EU citizens to gain residency by investing at least €500,000 in Spanish real estate. It was particularly popular among buyers from China, Russia, the Middle East, and more recently, the United States and Latin America. For cities like Málaga—with its booming luxury property market, Mediterranean lifestyle, and growing expat community—the program was a game-changer.
Why Was It Abolished?
The official reasoning behind the decision is tied to housing affordability and speculation. Prime Minister Pedro Sánchez announced the move citing concerns that foreign investment was inflating property prices and making homeownership increasingly out of reach for locals, especially in high-demand areas like Málaga, Barcelona, and Madrid.
The government emphasized that housing should be a right, not a speculative asset—and that the Golden Visa was contributing to housing scarcity in urban and coastal areas.
Impact on Málaga’s Real Estate Market
Málaga has seen a massive surge in foreign-led development over the past decade. Neighborhoods such as El Limonar, Centro Histórico, and the coastline from La Malagueta to Marbella have been transformed with luxury apartments, boutique hotels, and high-end amenities.
With the end of the Golden Visa, experts are predicting a cooling-off period in the upper tiers of the property market. While local demand remains strong and foreign interest is unlikely to disappear altogether, the immediate dip in high-value speculative buying may give some breathing room to local buyers.
However, Málaga still has strong fundamentals: excellent infrastructure, international schools, digital hub projects, and quality of life that continues to attract long-term residents and remote workers.
What’s Next for Investors?
While the Golden Visa may be gone, there are still several pathways for non-EU nationals to invest and live in Spain. Options include:
- Non-Lucrative Visa: Ideal for retirees and remote workers with independent income.
- Digital Nomad Visa: A new program targeting remote workers and freelancers.
- Entrepreneur Visas: For those looking to start businesses in Spain.
It’s also worth noting that EU citizens were never impacted by the Golden Visa and still enjoy freedom of movement and investment across Spain.
The abolishment of the Golden Visa marks a symbolic end to a chapter of fast-paced, high-end international investment in cities like Málaga. While it may shift the dynamics of the property market, it also opens up space for more sustainable, locally-focused development.
For prospective investors, it’s time to rethink strategies—but Málaga’s charm, lifestyle, and long-term prospects remain firmly intact.
Thinking of investing or relocating to Málaga?
Let’s talk strategy. Whether you’re navigating post-Golden Visa options or exploring up-and-coming neighborhoods, the right guidance makes all the difference. Send us an email at [email protected] or call us on +34 952 457 761 and tell us how we can help you.