By Andrew Batt:
Faced with restrictions at home, Chinese property buyers have been spreading their wings in search of the perfect overseas property investment opportunity.
The growing trend, although not a new one by any means, has forced many agents to sit up and take notice.
Take New York as one example. Next month a new 12-week beginners course titled ‘Mandarin for Real Estate Professionals’ will start at New York University’s School of Continuing and Professional Studies.
Milena Savova, Director of the school’s Department of Foreign Languages, Translation and Interpreting, devised the course after reading an article in the New York Times which highlighted the growing number of Chinese buyers look at high-end apartments in the city.
In Spain, where until recently Chinese interest has been limited, there has been a strong upturn in inquiries, so much so that Sotherby’s International Realty will be translating around 80 percent of its high-end listings into Mandarin over the course of the next two weeks.
Daniel Chavarria Waschke, Managing Director of Mallorca and Ibiza Sotheby’s International Realty, said: “At this present moment we’re working with the representative of a very serious buyer from China who is looking to move permanently to Europe, with the Mediterranean and Mallorca in pole position as the preferred location. The budget is healthy, in excess of eight million euros.”
He added: “We are expecting more interest from this part of the world. “
Rising wealth in China has also seen more foreign travel. Last year Chinese were the number one overseas visitors to Thailand, for example. Ultimately some of those holidaymakers will end up buying property and those agents who can communicate clearly and in their own language will be the ones who benefit.
Andrew Batt, International Group Editor of PropertyGuru, wrote this story. To contact him about this or other stories email andrew@allproperty.com.sg
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