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But areas where foreigners are looking to buy a second home are seeing a return to activity.
The property boom of the 1990s and early 2000s was in part driven by second-home purchases, particularly on the Mediterranean.
People from the UK make up the largest group of foreign buyers of property in Spain.
In 2015, Brits bought 10,552 homes: 13.74% of purchases by foreigners, according to the Association of Land and Mercantile Registrars of Spain.
More than 3,500 executives posted to Spain by multinational companies have also been granted residency.
The investigation was launched in 2011 when Cantabria University members Aitor Ruiz and César González decided to concentrate on the upper Altxerri B gallery to date the paintings there.
“It became immediately apparent that we were dealing with a completely independent grouping from the lower gallery,” noted Ruiz.
Business projects that generate jobs, have a wider positive impact on an area, or contribute to technological or scientific innovation are also accepted as investment.
During the first year of the scheme, only 500 or so investors applied, providing around €700 million.