One US dollar equals 0.98 euros.

This means that the two currencies are at parity. For an American or Latin American, buying property in Spain is cheaper than it was years ago, making the real estate market more attractive for foreign investment. Madrid is the main channel for investment from Latin America: Venezuelans have been joined by Mexicans, Colombians, and more recently Peruvians, following political changes in their respective countries. They prefer to buy homes in the capital of Spain or on its coasts rather than in Miami (USA), one of the main real estate investment markets for all of Latin America.

The interest of Latin Americans and even Americans in owning a home in Madrid or on the Spanish coast is growing.

Why Madrid? In addition to being the capital of Spain, Latin Americans appreciate the good connections, not only because of Barajas Airport, which has direct flights to almost all countries in the Americas, but also due to the public transport system. They also love Madrid for its dining, leisure options, safety on the streets, and healthcare system. The language barrier is not a problem for these investors. Coastal areas such as the Costa Blanca and Costa del Sol are also beginning to show similar trends.

The dollar's parity with the euro makes American investors view Madrid with more interest than Miami, as they can purchase larger homes for the same amount of money.

Additionally, mortgage interest rates in the US are already over 5%, while the average mortgage interest rate in Spain is 2.47%, according to the INE. Argüello highlights that in Spain, banks are open to financing property purchases for foreigners, while the process of obtaining a mortgage as a foreigner in the United States is more complex and tedious.

Another very attractive factor for foreigners is the "golden visa," the residence permit granted to foreigners who invest more than 500,000 euros in housing. In exchange for investing, they receive residency for two years throughout Europe and the possibility of becoming Spanish citizens after those two years.

The Ministry of Foreign Affairs granted 324 golden visas in the first half of 2021, while in all of 2020, 394 foreigners obtained this permit.