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Wealthy Chinese are the biggest buyers in the overseas property market. They are rich, high net worth individuals, pay in full and by cash and never go back on their commitment. This is music to the ears of those selling overseas property in Europe and elsewhere in the world.
Selling overseas property to the Chinese is a great idea and there is no question that you will get good money for it. But where are the Chinese buying?
Here’s a look at the top overseas property destinations favoured by the Chinese.
The Chinese are the biggest buyers of property in the United States. They invested close to $30 billion dollars in homes and apartments in the United States in 2017 according to the National Association of Realtors (NAR). That is big money! The current trade war going on between the USA and China does not seem to have dampened their enthusiasm. Generally Chinese investors prefer to buy properties in the high end neighbourhoods of Florida, California and New York.
Spain has emerged as one of the favourite overseas property destinations of Chinese buyers. They love the Mediterranean climate, the beaches, and the relaxed lifestyle in Spain. They also love the fact that there is no pollution whatsoever in Spain, it is one of the cleanest countries in the world. A big change from China. Also, they like Spain’s Golden Visa scheme which promises residency permits in Spain to non-EU nationals who buy properties worth a minimum of 500,000 Euros there.
Portugal has recently emerged as one of the top overseas property destinations for Chinese investors. This can be attributed to the fact that Portugal has everything that Spain has to offer, great weather, fantastic lifestyle, friendly people, amazing beaches – at a lower price. Properties in Portugal are cheaper than comparable properties in Spain.
Also, for Chinese business executives who often travel to work in South America and Africa, Portugal serves as an excellent base. They like the Portuguese Golden Visa programme as well, which promises residency permits in Portugal to non-EU nationals who buy properties worth a minimum of 500,000 Euros in that country.
Thailand has emerged as a hot favourite among Chinese buyers. Thailand is one of the most beautiful countries in the world. We all know about Bangkok. Other parts of Thailand such as Phuket and resort towns such as Pattaya are equally popular with Chinese travellers.
Thailand has a large Chinese expat community and the cultural ties between Thailand and China go back to hundreds of years. The Chinese feel very comfortable about investing in properties in Thailand for these reasons.
It is a dream come true for many Chinese investors to buy an apartment in Paris, or a cottage in the French countryside. They also like the French Riviera and don’t mind spending over the top for a house there.