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Barcelona increasingly popular with wealthy Chinese buyers
By Juwai, 10 October 2013
Famed for its beautiful Mediterranean setting, Barcelona is equally revered for its sumptuous architecture by GaudÃ and the Modernists, as well as its thriving contemporary design scene.
While its property market was hit hard by the Global Financial Crisis, demand has since picked up in the region ever since Spain passed a law that provides residency to non-citizens who buy homes worth more than â‚¬500,000.
The governmentâ€™s visa scheme, which targets the Chinese and Russians as its prime targets, is already achieving results and real estate agents in Barcelona are already receiving requests for second homes from Chinese citizens.
â€œMost Chinese investors want to buy a property in Barcelona because, not only are they getting a good investment, but there is now the opportunity to acquire Spanish residency at the same time," said SQFT Global Properties Director, Han Bin.
"Whatâ€™s more, the market is particularly attractive given the historic low price."
Where are Chinese looking in Barcelona?
Engel & VÃ¶lkers reports that Chinese buyers are most interested in the neighbourhood of Vallvidrera (Spanish).
This exclusive hilltop area sits close in, but is just above Barcelona proper and on good days, one can even see North to the snow-capped Pyrenees and East out to the sun-splashed island of Mallorca.
Asides from Vallvidrera, other top neighbourhoods for Chinese buyers are GrÃ cia â€“ with its gorgeous architecture and central location in Barcelona â€“ and newer luxury estates outside of the city.
Key demands of Chinese buyers
- City and ocean views
- Close proximity to existing Chinese communities
- Easy access to transport, schools and the beaches
Agents looking to sell to buyers from the Middle Kingdom are taking heart that the Spanish government has plans underway to increase the number of direct flights between China and Spain.
After all, the easier and cheaper it is to fly to Spain, the more tourists and investors are likely to come.