Spanish Lifestyle and Property Draws in Chinese Middle Class

Spanish Lifestyle and Property Draws in Chinese Middle Class

More and more Chinese are choosing Spain to buy property

There’s definitely a lot of alluring things about Spain; the beaches, the horizons, the weather, and the rich culture are all bringing in tourists from across Europe, the USA and South America. Now it looks like Spain is also drawing eyes from the most populated country on the planet; something that could be great for the real estate market and tourism sector of the country.

Data from the Chinese property portal website juwai.com shows that Spain has become the seventh-most popular location for private investors from the country according to a report by Spanish daily El País. While most of the Chinese investors you find in London are the super-rich it’s actually the Chinese middle class that are coming to Spain.

Spanish property is more affordable than British, American and Canadian property. Add in the Spanish lifestyle and you have a country that is quickly becoming a hotbed for Chinese investors looking at Europe as their destination of choice.

El País spoke to Chinese businessman Hu Ning who told the daily that the return on investment was paramount to him. Spanish prices are still low but are quickly picking up. As such Spanish property becomes a safe investment. It might take a few years for it to happen but Spanish property will definitely turn a profit.

Chines investors are only making up around 1% of foreign investors in Spanish real estate but with the Golden Visa system offering residency rights and a growing effort from Spanish hotels to acquire staff that can speak Mandarin it’s expected that the number of Chinese investors will rise sharply in the coming years.

Jan Kot of Juwai offered some ideas on how Spain could do more to bring in higher levels of Chinese investment. Spain needs to start by offering more flights to and from China as many investors will only choose Spain after they are able to visit the country. Kot also suggested that the government should offer translation services for Chinese investors and that the real estate industry should learn more about Chinese culture and how the Chinese do business so that they can build stronger relationships and earn trust with Chinese investors.

Kot said that the majority of Chinese investors interested in the 15,000 Spanish properties listed on Juwai are middle-class buyers, with many of the potential investors being people who have returned from a holiday to Spain.