I believe all who have posted so far are from the U.S. Maybe we are all thinking, and I am one of them, that right now we'd be better off living elsewhere.
Anyway, I don't think purchase of a home in Spain brings with it any kind of temporary residence visa. There is still the Schengen visa requirement (for U.S. citizens and many/most non-Schengen countries.) Then there is healthcare if this is a retirement home. The Brit who bought the village and is developing it will probably "luck out" and find that the BREXIT negotiations provide some form of reciprocal coverage for UK citizens to at least partially replicate what they have previously enjoyed. Meaning visiting a doctor or having a procedure in Spain will be partially covered by some post-BREXIT reciprocity. Maybe... this has yet to be decided. Brits buying places in his village will join the earlier emigration of Brits who have moved to southern France and southern Spain.
My newsfeed has had a recent stream of breezy articles about retiring in desirable and cheaper countries...Italy was the last such place. Don't know for sure, but I would guess the same impediments exist for those outside of the Schengen Area - residency authorizations and healthcare.
But dream on, U.S, citizens.