Asian Property Investors Look to Spain
17 June 2013
New residency visas for foreign buyers are expected to cause a boom in the Spanish property market, according to a recent report by the Property Showrooms website.
Non-European residents will automatically obtain a residency visa for Spain if they purchase Spanish property worth more than 500,000 euros.
Lucas Fox, an estate agent, reported that more than 80% of the company’s clients in 2012 were non-residents and properties in Ibiza and Barcelona were particularly popular among Asian investors.
SQFT director Han Bin, who is working with Lucas Fox, said that many Chinese are looking at buying property in Spain because they can get a great deal on real estate and get a residence visa at the same time.
Jason Ham of Lucas Fox said this is the first time the company has seen Chinese investors interested in Ibiza. Ham said he expects to see more investors from the Asia-Pacific region as the new residency laws kick in, while investors from the U.S. and Russia were also becoming more interested.
Spain’s low property prices are also attractive to investors as they are sitting around 40% below peak levels.