CHINESE KEEN TO INVEST IN LUXURY SPANISH PROPERTY

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As the Barcelona Meeting Point was launched this week, with the Minister of Economy, Luis de Guindos, opening the event where some thirty international funds aim to attract investments from two large prospects, the Russian and Chinese markets, it has been revealed why the Chinese buyer is of particular interest to the property sector.

Vice President of the Asociación de Integración de Inmigración en España, Weidong Xie, explained that buy purchasing a property with a value in excess of 500,000 euro, a Chinese national would automatically gain residency in Spain.

But it´s not just the Chinese who are set to benefit from a transfer to a European country, the same would apply to other foreigners looking to relocate and expand both their business and social models into this recovering market sector. The “Ley de Apoyo al Emprendedor”, more commonly known as the “Entrepreneurs Law”, approved by the government in September, states that any foreigner who invests more than half a million euro in a building shall be entitled to a residence permit from one to two years, renewable if new investments are credited.

Xie continued to explain that Chinese investors have waited “with great care and patience” for the approval of this standard, and now the demand for property in spain has been triggered.

Without pomp and ceremony, it has been clear that the Barcelona Meeting Point has been a hive of activity for the Chinese; the first time such as event has both been targeted and attracted this group. Arriving in small groups, speaking in English or accompanied by a translator, the Chinese have quietly filled the Barcelona exhibition during the first day of the event.

Weidong Xiesays that the typical Chinese customer profile is that of a wealthy businessman who aims to move to Spain, or simply invest in brick, as they consider it a safe asset, which is also becoming apparent by the steadily increasing growth from property investor, the first to identify and recognise the potential in the market.

The most popular areas appear to be the big cities like Barcelona and Madrid, “because they are more famous”, but an increasing number are being drawn to the prospect of coastal areas. “The client seeks more luxury and uniqueness and one key area of interest is in the Mediterranean areas of the peninsula and the Balearic Islands, where they look for spacious and landscaped homes”, Xie continued, concluding that there is now “much demand” from the Asian giant and that this represents a “great opportunity” to do business in Spain.

The predominant tone at the exhibition has already been one of optimism and confidence in the economic potential of these investors, who have been allowed to see in every corner of the exhibition, presented with every corner of spain.

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