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Thursday, 08 October 2015 13:39

Spain Mediterranean paradise Chinese

Spain is gaining 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 reveals 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 9% over the previous year.

"Over the past year, Barcelona has been by far the most popular destination among 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 Valencian capital has overcome Catalan in purchase intent, although the Chinese portal into question the trend can be sustained over time. "We have to see how long," says verbatim.

KEY FIGURES

292% has increased purchase intent of real estate assets of the Chinese 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 surge of interest in this area to the fall of prices in the Spanish market, a feature shared by the other countries analyzed in this geographic area: Italy, Portugal, Greece and Cyprus. The latter country 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, programs visa in exchange for investment that 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 falls only in Anglo-Saxon countries: United States, Australia, Canada, United Kingdom and New Zealand monopolize the top positions.

The head of studies Idealista.com, Fernando Encinar, believes that "although the agencies work hard, especially in the last year, to adapt to this demand, many are not prepared." The lack of knowledge about Chinese culture and language problems can derail, says Encinar, many transactions. "Professionals from other countries, like the US or Australia, have been working with Asian investors years," he says.

MAJOR PRESENCE AND MORE BUSINESS

The Chinese population living in Spain has more than tripled in the last decade, from 2003 national 51,000 to 182,000 recorded in 2013 have also increased economic ties between the two countries: in the last ten years forty real estate projects , including the purchase of Building Spain Madrid, they have led to the investment of 1,000 million euros.

Digital Newspaper Cinco Días