The Spanish property market has always attracted expats especially those looking for a slower pace of life and the ability to spend their retirement years in the sun.
This summer though the market is expected to receive a boost from a different corner of the expat market. A new law is expected to come into force in July granting Spanish, and crucially European Union, residency to any individual investing over half a million euros in Spanish property.
The incoming law has been designed by the Spanish government to boost the crucial Spanish property and construction sectors of the economy and also attract capital and spending inflows from wealth expatriates from around the world and China in particular.
Han Bin, director of Asian property consultancy SQFT, said, "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."
Jason Ham, business development manager of Ibiza based Lucas Fox said: "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."