A few new destinations that are also proving favourable
Chinese property investors are making their presence felt across the globe. Although their top spots are still the United States, Australia and the United Kingdom, the countries lining the Mediterranean are offering increasingly attractive investment opportunities for savvy Chinese buyers, reports CNBC.
Currently the most favoured spots due to their growth potential are Spain, Portugal, Italy and Cyprus, according to Juwai.com, a top Chinese property portal website.
Spain attracted the highest number of Chinese buyers thanks in part to their gradual economic comeback and steadily increasing property prices. Madrid saw price increments of 3.3 percent year-on-year during Q2 2015 while Barcelona’s property market stormed ahead with a 6.3 percent increase over the same time period.
Investment immigration is also a major pull for Chinese investors and a policy very much in development across the Mediterranean area. Portugal, for instance, have handed out 80 percent of its 2,022 investor visas to Chinese buyers since the inception of the scheme in 2012. Greece and Spain offer similar incentives to buy with residence permits and visas granted for investments over EUR250,000 (USD280,000) and EUR500,000 (USD559,000), respectively.
Aside from these ‘Golden Visa’ schemes, culture and architectural splendour are also offered by many Mediterranean properties – a seductive proposition for many a Chinese buyer looking for trophy properties in Europe.
Take for example the recently redeveloped Palazzo Garzoni Moro in Venice. A 15th century Palazzo now redeveloped by Gruppo Motterle into luxury apartments, the building was the site for where old master Canaletto painted some of his most seminal work of the Grand Canal. The apartments inside enjoy the original features of the Palazzo such as frescoes and stucco decor, according to Telegraph Luxury, as well as Venetian chandeliers and interior design by Rubelli. The apartments will be completed in 2016.
After the Mediterranean, where could be next for Chinese buyers? Nearby on the Adriatic coast is Croatia where a gradually upticking economy and property prices are revealing the beginnings of growth potential, reports the Daily Telegraph.
“A weak euro and depressed property prices have converged to make Croatia a buyer’s market,” notes Liam Bailey, Knight Frank’s global head of research.
“Climate, topography, lifestyle and relative affordability,” adds Christian Kälin, founder of Croatian Land Holdings, “make property in Croatia increasingly of interest to foreign buyers.”