Why Americans are buying expensive houses in Spain

The number of Americans living and buying real estate in Spain has significantly increased over the past few years. Americans are also purchasing the most expensive properties in the country. This year, the launched "digital nomad visa" may further encourage Americans to move to Spain.

In recent years, many Americans have moved to Spain, purchasing some of the most expensive properties in the country. According to CNBC, the General Council of Notaries of Spain has reported that the number of Americans living in Spain increased by 13% from 2019 to 2021. The number of homes sold to Americans in Spain rose by 88% from the first half of 2019 to the first half of 2022.

As a nationality, Americans rank second after Danes in the total amount they spend on real estate in Spain, with prices reaching up to 2,837 euros - 3,119 dollars - per square meter. Some of the most popular areas for American real estate buyers in Spain are the regions of Navarre and the Basque Country in the north, as well as the capital, Madrid.

Some of these Americans may be eligible for a "golden visa," which allows foreigners who spend at least 500,000 euros on real estate to live and work in the country. However, Spain has introduced a new option for those who are not ready to spend that much money. The country launched a long-awaited visa for digital nomads in February. This visa allows citizens from non-European Economic Area countries who are remote workers with a university degree or at least three years of professional experience to live and work in Spain. Visa holders must earn at least 200% of the minimum wage in Spain—and even more if they want to bring family members with them.

Despite widespread concerns that foreigners are displacing locals in the country, Spanish Minister for Economic Affairs Nadia Calviño welcomes the new policy as a way to stimulate the country's economy. "This is a law that will allow Spain to be at the forefront of encouraging talent in the rapidly evolving digital economy," she said.