Can I get residency in Spain if I buy a house?

I'm curious about the possibility of acquiring residency in Spain. Could you clarify if purchasing a property in the country would entitle me to residency? I've heard rumors about such arrangements, but I'm not entirely sure how it works. Is there a specific type of property or investment amount required? Are there any additional requirements or steps I need to take? Would this residency status have any limitations or be temporary? I'm keen to understand the details behind this process, so I can make an informed decision.