With the Chinese economy going from strength to strength, millions of Chinese citizens have attained high economic status over the last few years. The newly minted Chinese millionaires are now looking to buy overseas properties in Europe, Australia, the USA and Canada. Spain has recently emerged as a new favourite of wealthy Chinese.
Back in the past, it was only the British, Germans, Russians and Scandinavians who showed interest in the best properties for sale in Spain. That has changed recently. The Chinese first came to Spain as tourists – they are among the biggest visitors to Spain. Now, more and more Chinese are looking to buy holiday villas in Spain fast.
Most wealthy Chinese look to invest in luxury properties in Spain that cost between €250,000 and €500,000. Properties that cost €500,000 or more are selling like hot cakes largely because of the demand for the Spanish Golden Visa.
Any purchase of €500,000 or more on property investments would guarantee the non-EU investors (such as the Chinese) a residency permit in Spain. With this comes the benefit of world class healthcare and education for the investors and for their families, which is available only in a few countries such as Spain.
So far the Golden Visa in Spain has not been a roaring success. Neighbouring Portugal’s Golden Visa scheme has been far more popular. But it has certainly picked speed recently.
The interest from China in Spanish properties is only like to increase further over the next few years as more Chinese visit Spain as tourists. According to the UN World Tourism Organization, 287,866 Chinese visited Spain in 2014. The figures for 2015 and 2016 have not been released yet, but they are expected to be much higher.
This is only expected to fuel the demand for holiday homes in Spain as many wealthy Chinese would want to have a permanent base in the popular Spanish regions such as Costa del Sol, Valencia, Malaga and Tenerife, which they can then visit every holiday season.
The Chinese visitors to Spain show a lot of interest in Spanish culture. They are not here just for the beaches. They love everything about Spain, the food, the drink, the stunning natural sceneries, and of course, the shopping.
This is certainly great news for the Spanish government, which has been trying hard to get more rich foreigners to invest in properties in its main cities such as Madrid, Barcelona, Valencia and Seville. Many measures have been taken to make Spanish cities friendly to Chinese. Signboards in Mandarin have been erected at important spots in many cities as well as at the airports.
Spain’s tourism department has been very active at marketing Spain to high net worth Chinese and it has certainly worked. According to the Chinese property portal website juwai.com, Spain is the seventh most popular overseas property destination for Chinese investors. This is certainly great news for those who are looking to sell properties in Spain fast.