Spain has between 700,000 and 1.1 million unsold new homes following the collapse of its real estate market in 2008 with an estimated third of them being designed as holiday homes in coastal tourist areas
…Spain plans to offer foreigners residency permits if they buy houses worth more than 160,000 euros, in a desperate attempt to reduce the nation’s glut of unsold property.
…The scheme would also allow foreign buyers to move around the 25-nation Schengen zone freely, as the agreement allows holders of a residency permit of one country in the area to travel to – though not work in – any other.
160,000 euros is the national average price of a property in Spain and that is only $200,000. Spain has some beautiful coastal property and a nice apartment in Barcelona can be had for a bit more. The time to buy could be soon.