According to a recent report carried out by the Shanghai based Juwai.com Chinese investors continue to pile into overseas property.
Juwai, which means “home overseas”, is visited by thousands of Chinese buyers each day from over 315 cities throughout China. Chinese buyers spent an incredible S$37 billion on international residential property in 2013 with some 70% of the purchasers paying cash for their new homes.
With countries like Spain, Portugal and the troubled Greece offering up permits of residency to real estate buyers who are not from Europe the attraction is clear. As well as a laid-back lifestyle, clean skies and the ability to travel freely across Europe the properties themselves are normally bigger than the domestic Chinese offerings.
But the most popular draws for the wealthy Chinese buyers are the US, Australia and Canada with the UK coming in at number 4. In all of the top three locations the value for money, being able to get more space for your Yuan was a big factor.
With more than 220 million mainland Chinese predicted to be affluent by 2022 and with the domestic property market values in China diluted trend to acquire an overseas home is likely to continue growing.
