According to a report by the Spanish newspaper El País, since the introduction of the new policy in late September 2013 allowing residency through the purchase of property worth at least 500,000 euros, the number of foreigners purchasing property in Spain has increased significantly, with Russians and Chinese being the primary buyers. Although nationwide data from Spain has not yet been compiled, an official spokesperson for the Spanish Immigration Bureau stated in an interview: “We are very confident in this policy. To facilitate the increasing number of foreign investors coming to Spain for investment and residence, we have established specialized agencies at Spanish embassies and consulates in several countries.”
Recently, a well-known Spanish online real estate trading platform officially launched its operations in China. Based on the personalized needs of Chinese clients, it promotes various types of properties, including apartments, villas, and commercial real estate in major Spanish cities, building a bridge for investment and communication for Chinese investors.
It is understood that Spanish property prices showed signs of bottoming out and rebounding in the fourth quarter of 2013. The national average property price is approximately 1,600 euros/m², while the price in downtown Barcelona is around 3,000 euros/m². “Seize the opportunity when it arises; if you wait, even the cheapest properties may no longer be available for Chinese immigrants to buy at the bottom,” industry insiders predict. It is highly likely that the Spanish property market will see a significant upward trend in 2014, and it is recommended that investment immigrants seize this opportunity to buy at the bottom.
The announcement of the new property investment immigration policy has undoubtedly provided a boost to those interested in investment immigration to Spain. The proactive policy measures taken by various parties in Spain to promote investment immigration also provide a safer and more convenient channel for investors to visit Spain for property inspections.