Sounds reasonable enough actually:
Spain is to offer automatic residency to wealthy foreign property buyers in an attempt to lure Chinese and Russians to reduce its huge stockpile of 750,000 unsold properties.
Buyers who acquire a home worth €160,000 or more will get a residency permit in a move designed to attract more purchasers from the two markets. British buyers have all but deserted Spain in the wake of the 2008 crash, but the Russians and Chinese are still buying up properties for cash.
Well, yes. My only question is, is there still a property that sells for as much as €160k in the country?