15 November, 2013

By VIVA Team

First wine, now property: are Chinese eyes smiling on Spain?

Following last week’s final ratification of the so-called ‘golden visa’ – which allows non-Eu nationals to apply for Spanish residency if they invest at least €500,000 in Spanish property – one of China’s leading English-language newspapers has turned its attention to Spain.

The South China Morning Post has reported this week of Spain’s desire to attract further foreign investment, writing in great detail about the new ruling and the opportunities that currently exist in the Spanish property market…

Having interviewed numerous experts in Spanish real estate, the article touches on the ‘safe haven‘ of Spanish property, seeking to perhaps compel its readers to consider investing in Spain as a way of not only safeguarding their wealth but also being able to apply for residency and enjoy all the benefits that being an EU citizen brings: good health facilities, free access to travel throughout the Schengen Area, and good education.

Of course, such media attention was always the desirous aim of the Spanish government when it first mooted the rule change. And now, it would seem, that their plan has worked, at least in theory. It is very uncommon for such large media outlets in non-European nations – particularly China – to report about Spanish property in such an in-depth fashion.

Perhaps this is the first tangible evidence that wealthy Chinese, Brazilian, Russian and Indian investors will really start pouring money into Spanish property in their droves. The language employed is certainly tinged with optimism, while the content of the article quotes sums, figures, percentages and local experts. It is a comprehensive overview of Spain’s current situation, minus the implied negative undertones that so often accompany articles on Spain’s economy in the European press.

And for that reason, it was a refreshing read. If you are a keen observer of the Spanish property market then it won’t tell you anything you didn’t already know. But what it will tell you – implicitly – is that China’s media has no negative agenda to spin; no cross to bear – merely potential to promote, and in Spain it sees great opportunity.

I urge you to give it a read and let us know what you think…