Next Economic Analysis Seminar Series
On Monday 6th April 2026 at 12:00 P.M.
El próximo lunes 6 de abril tendremos un seminario impartido por Clara Martínez-Toledano (Imperial College Business School) con el título "Golden Visas and Real Estate Markets". El seminario tendrá lugar a las 12:00 en la Sala de Juntas 1 del Edificio 2.
Coautores: Dirk Foremny, Mariona Segû, Zhengming Li
Resumen: This paper studies the impact of investor citizenship and residence schemes—more colloquially known as golden visa programmes—on local real estate markets. We do so by examining the Spanish golden visa programme that was introduced in 2013 and grants visas and full residence rights to foreign investors who invest at least 500,000 Euro in the Spanish real estate market. Using the universe of real estate transactions in Spain and difference-in differences as well as spatial techniques, we obtain three main findings. First, the number of real estate transactions above the threshold increased by 43% more for non-EU relative to EU investors after the introduction of the programme. Second, non-EU investors appear to pay a premium of 11,521 Euro around the threshold relative to EU and Spaniards, but no other premium appears to exist along other parts of the real estate price distribution. Finally, we find that the programme had spillover effects on the real estate market. The average increase in golden visa exposure increases overall real estate transaction prices on average by 0.19% after the introduction of the scheme.