Spain gains popularity among Chinese investors seeking destination for real estate investments. It is the most attractive country in the Mediterranean basin, ahead of Italy. That is clear from a report by the Chinese portal Juwai, collected by his Spanish counterpart Idealista.com.
The study shows that purchase intent has risen 292% in the last year, 88% compared with the previous quarter. Investors also aim high: the report stands at 1.03 million dollars (about 917,000 euros to change) the average payout in real estate assets. An expense that has risen by 9% over the previous year.
"Over the past year, Barcelona has been by far the most popular destination for Chinese seeking properties in which to invest, followed by Valencia, Madrid and Marbella," reads the report. He adds that for the first time in the second quarter of 2015 the city of Valencia has managed to overcome the Catalan in purchase intent, although the Chinese portal into question the trend can be sustained over time. "We have to see how long", reads.
Key figures
292% it has grown intend to purchase Chinese real estate assets in Spain in the last year.
1,03 million dollars (917,000 euros) is the average expense of investors, 9% more than the previous year.
The website Juwai attributed this rise of interest in this area to falling prices in the Spanish market, a feature shared by the other countries analyzed in this geographic area: Italy, Portugal, Greece and Cyprus. The latter is the fastest growing intention to purchase (351%), while Spain is much higher in absolute terms.
Other factors behind this renewed interest in the housing stock in the region have been increasing wealth of Chinese citizens visa programs in exchange for investment they have established most of these countries and the price adjustment with respect to other places.
But the Mediterranean is not far from the region more attractive for Chinese. That honor goes only in Anglo-Saxon countries: United States, Australia, Canada, United Kingdom and New Zealand dominate the top positions.
The head of studies Idealista.com, Fernando Encinar, believes that "although the agencies work hard, especially in the last year, to satisfy this demand, many are not ready." The lack of knowledge about Chinese culture and language problems can derail, says Encinar, many transactions. "Professionals from other countries such as the US or Australia, have been working for years with Asian investors," he says.
Greater presence and more business
La población china afincada en España se ha más que triplicado en la última década, pasando de los 51.000 nacionales de 2003 a los 182.000 contabilizados en 2013. También han crecido los lazos económicos entre ambos países: en los últimos diez años una cuarentena de proyectos inmobiliarios , entre ellos la compra del Edificio España de Madrid, han supuesto la inversión de unos de 1.000 millones de euros.
