Journal
Spain's Luxury Property Supply Up 24% Despite Golden Visa End — What It Means for Costa Blanca Buyers
By Elia Living ·
Spain's Luxury Property Boom Has Nothing to Do With the Golden Visa
When Spain closed its Golden Visa programme to new applicants on 3 April 2025, some commentators predicted a chill in the country's premium property market. Sixteen months on, the data says otherwise.
According to the 2026 Informe del Mercado de la Vivienda de Lujo en España — a major annual report commissioned by insurance specialist Hiscox and prepared by property consultancy Catella — the national supply of homes priced above three million euros has grown by 24% over the past three years. The stock of properties valued above one million euros has risen from around 40,295 units in 2023 to more than 45,000 today. Developers, sellers, and the buyers who commission new builds have all voted with their chequebooks: Spain's luxury market is a lifestyle story, not a visa story.
What Was the Golden Visa — and Why Was It Scrapped?
The Visado de Inversor, launched in 2013, allowed non-EU nationals to obtain Spanish residency by purchasing real estate worth at least €500,000. It attracted interest primarily from buyers in China, Russia, and the Middle East who wanted a European Union foothold.
Organic Law 1/2025, which entered into force on 3 April 2025, abolished the programme. No new property-based residency applications are accepted under the old rules, though existing holders can renew.
The reasoning was political: rising housing costs in major cities prompted the government to eliminate what it saw as an inflationary demand driver. For the overwhelming majority of buyers on the Costa Blanca North, this change is close to irrelevant. British, Dutch, German, and Polish nationals already have the right to live in Europe; a residency-by-investment scheme was never why they were looking at Jávea.
The Buyers Who Are Driving the Luxury Surge
The Hiscox/Catella report points to a decisive structural shift in who buys premium Spanish property and why. Today's high-net-worth buyers — increasingly Millennials and Gen Z from across northern Europe and North America — are choosing locations on the basis of lived experience rather than investment mechanics. They want architecture that connects indoors to outdoors, energy-efficient builds, home fitness suites, proximity to unspoilt coastline, and communities worth belonging to.
The Costa del Sol and the Balearic Islands currently lead the national luxury leaderboard, accounting for the bulk of transactions above €3 million. But the underlying driver — lifestyle demand from internationally mobile buyers — is exactly the dynamic powering the Costa Blanca North.
The Costa Blanca North: Spain's Third Property Market
Alicante province is already Spain's third-largest property market, behind only Madrid and Barcelona. In 2025, the province recorded 53,385 completed transactions — up 2.9% year-on-year — and international buyers accounted for 43.3% of all sales, with Alicante leading Spain for the proportion of foreign purchases.
Jávea sits at the top of the regional price table. According to the Eurojavea Real Estate annual report, the town now averages €3,436 per square metre, up 13.3% year-on-year — the highest average in the Valencian Community. The typical asking price for a single-family home is €1.4 million, and international buyers account for a remarkable 64% of all transactions. Moraira and Calpe are close behind, both exceeding €3,000/m². The premium north of the Costa Blanca is operating in an entirely different register from the mass-market coastal strips.
| Town | Avg. price/m² | YoY change | International buyer share |
|---|---|---|---|
| Jávea | €3,436 | +13.3% | 64% |
| Benidorm | €3,081 | — | — |
| Calpe | €3,042 | — | — |
Sources: Eurojavea Real Estate annual report; Idealista, May 2026
These figures reflect something simple: a long-established premium market that has been deepening, not pivoting, over the past decade.
Residency Options That Remain Open
For non-EU buyers who do want a Spanish residency route, the Golden Visa's closure is not a dead end. Spain's Non-Lucrative Visa (Visado de Residencia No Lucrativa) remains open to those who can demonstrate sufficient passive income or savings — without any minimum property purchase. For EU nationals and British citizens covered by the Withdrawal Agreement, the question is simply one of registration rather than eligibility.
Elia Living's team works with buyers at every stage of the purchase journey — from initial property search and market orientation through to NIE applications and tax registration — and can point you towards trusted advisers on residency if that is part of your planning.
What the 24% Surge Means for Buyers Considering a Move
A growing supply of luxury properties means, in the short run, more choice — more exceptional villas, more architect-designed new builds, and more motivated sellers in the market. It also signals genuine developer confidence in the durability of premium demand.
At the same time, prices in Jávea and the wider Costa Blanca North have risen by double digits year-on-year: buyers waiting for a correction that never comes pay more each year they wait. The data from mid-2026 is unambiguous — this is a market that has outperformed expectations through a global interest rate cycle, through the end of the golden visa, and through broader European economic uncertainty. The resilience is structural.
The Costa Blanca North's premium was never a visa-era artefact. It is the product of an exceptional coastline, a mild year-round climate, excellent international connectivity, and a community of international residents who chose Jávea for how it feels to live there, not for a stamp in a passport.
Frequently Asked Questions
Does the end of Spain's Golden Visa affect buying property on the Costa Blanca North? For most international buyers — particularly EU nationals and British citizens — the Golden Visa was never relevant. The luxury market on the Costa Blanca North is driven by lifestyle demand, which remains very strong.
How much have luxury property prices risen in Jávea in 2026? Jávea averages €3,436/m² as of 2026, up 13.3% year-on-year. The average asking price for a single-family home is €1.4 million, according to the Eurojavea Real Estate annual report.
What does the 24% supply surge for €3M+ homes mean? Spain's national stock of homes priced above €3 million has grown 24% over three years (2023–2026), per the Hiscox/Catella 2026 Luxury Property Market Report. It reflects developer confidence and growing demand from high-net-worth lifestyle buyers.
Are there still ways for non-EU buyers to obtain Spanish residency after buying property? Yes. Spain's Non-Lucrative Visa remains available and does not require a minimum property purchase; it requires proof of sufficient passive income or savings. Each case is individual, so specialist legal advice is recommended.
How large is the international buyer market in Jávea specifically? International buyers account for 64% of all property transactions in Jávea, making it one of the most internationally dominated markets in the Valencian Community.
Where does Alicante province rank in Spain's property market overall? Third nationally, behind only Madrid and Barcelona, with 53,385 transactions in 2025 — of which 43.3% were by international buyers.