Overseas interest in spanish property on the up

The new regulations will grant non-EU buyers automatic residency for a maximum of 12 months providing they invest a minimum of €500,000 in Spanish real estate - at present,  residency is granted, but only for 90 days.

In the wake of the announcement, demand for Spanish property has increased. Last month, Spain was the most popular country by far on TheMoveChannel.com, accounting for 1 in 3 enquiries - the highest share ever recorded by any destination on the site since the monthly Top of the Props records began.

Estate agent Lucas Fox has found a similar increase, receiving up to 30 enquiries a day from foreign buyers, particularly the Far East, India and Russia.

The law is expected to come into force in autumn this year, when another boost to demand is likely to occur.