Leading Luxury Real Estate Agency Lucas Fox once again demonstrates that it leads the way in attracting foreign investment to Spain.
In collaboration with leading Asian property consultancy SQFT, the Barcelona-based enterprise will showcase some of its most exciting residential and commercial opportunities in Cataluña and the Balearics to a delegation representing nine groups of Chinese and Korean investors.
The Spanish property market, in particular in Barcelona and Ibiza, has become increasingly attractive to investors from the Asia-Pacific region, thanks to a proposed change in Spanish residency law allowing non-EU citizens who buy a property upwards of 500 000 euros to automatically receive Spanish residency. The initiative has primarily been aimed at Chinese, Russian and American investors who otherwise would need a European visa. The new law is expected to come into force by July 2013.
SQFT director Han Bin comments “Most 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. What’s more, the market is particularly attractive given the historic low prices”
Lucas Fox’s business development manager Jason Ham began working on the collaboration in September 2012. In less than a year, this former commercial property lawyer has attracted a huge amount of interest in both Catalunya and the Balearics.
The delegation will arrive in Barcelona towards the end of May. The group will then travel to Ibiza where the Lucas Fox Ibiza team will showcase some of its most attractive properties on the island.
Jason Ham, who is based in Ibiza, comments “We have seen Chinese investment in many corners of the world but this is the first time that we have seen interest in Ibiza. Thanks to the proposed changes in residency laws for property investors outside of the European Union, we expect to see increasingly more interest from the Asia-Pacific region as well as Russia and the US”
Besides being presented with unique investment opportunities, the Chinese delegation’s visit will coincide with many of Ibiza’s opening season parties and events. The group will be attending the ‘International Music Summit’, one of Ibiza’s most important music festivals, celebrated in the Old Town (Dalt Vila) and hosted by some of the world’s leading DJs.
Facts & Figures:
Foreigners accounted for more than 80% of sales at Lucas Fox in 2012, the majority from Northern Europe and Switzerland, and approximately 5% from Russia and the Asia-Pacific regions
Overall foreign investment in Spanish real estate increased by 17% in 2012, to the highest level since 2004, according to the latest figures from the Bank of Spain.
Foreigners spent 5.54 billion Euros on Spanish property last year, up from 4.7 billion in 2011, and a 52 percent increase compared to the total of 3.6 billion in 2009
7 billion Euros was spent by foreign investors in 2003 in the midst of the Spanish property boom
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