Chinese workers buying more properties in Spain
Updated: 2013-09-03 17:04
As property prices in Spain bottomed out and became stable, Chinese workers there are getting active in purchasing real estate, according to the Chinese language website www.eulam.com.
Fang Long, general manager of a real estate agent in Madrid, said before 2008, most of the Chinese buyers in Spain were shop owners or entrepreneurs, but now the majority of buyers are workers.
The most popular properties are about 100,000 euros, and located at low-end areas such as Usera, Vallecas, and Carabanchel, Fang said.
Transportation convenience is a big factor, Fang added. Properties close to subways or bus stations are quick sellers.
Properties in Spain have experienced an overall 50 percent price cut since 2008 due to the financial crisis.