Chinese investors show interest in the Spanish property market
There have long been rumors that the Chinese are keen on buying property in Spain. With the Spanish government’s introduction of a residence permit (residencia) for anyone buying property in Spain, this can become a reality. It was recently held a seminar in Beijing organized by the Spanish Chamber of Commerce and brokerage Gold Millenium Group, where Spanish housing was promoted.
– Spain has gone from crisis to opportunity, said Javier Hernández, co-owner of real estate group. He emphasizes the sharp decline in housing prices in Spain and the opportunities for negotiation of the final price of purchases. Although the law on residence permits have not yet been adopted, the Spanish Embassy in Peking confirm that there are more Chinese citizens who are in final negotiations for the purchase of property in Spain. There are many wealthy Chinese who want to invest in property in Spain, both for investment in itself, but also to study at Spanish universities. Santiago Xu from investeringsselkapet Sheng Di Fu Lan believes that the new law on residence permits is crucial for Chinese investors.
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– The price of housing in major cities in China is three times higher than in Spain, so it is interesting to invest in Spain, he said. Millenium Group has different type of investors in its portfolio, ranging from private individuals who want to invest in a small apartment to large investors who want the entire residential complexes, hotels and industrial buildings. The latest figures show that 800 000 new homes for sale in Spain, and between 2 and 3 million empty homes used. Most are in Andalusia, Valencia and Catalonia.
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