Chinese investors interested in Spanish city of Barcelona

Chinese investors are showing a growing interest in the Mediterranean city of Barcelona, located in the northeast of Spain, the newspaper La Vanguardia reported on Wednesday.

According to the report, the Chinese investors see in Barcelona "a good opportunity to buy at low prices and get high returns" as the housing bubble in their country has pushed up housing prices.

Also, Barcelona, a city built on the shores of the Mediterranean, is very attractive because of its beaches and good weather.

"The Chinese are in love with Barcelona, for its location, legal security and health services," Joan-Galo Macia, CEO of Engel & Volkers in Barcelona told La Vanguardia.

Real estate agencies promote the city brand "Barcelona" in real estate fairs in several cities in China, such as Shanghai and Beijing, in order to cover this growing demand.

According to La Vanguardia, around 200 Chinese investors can gather in these meetings where the city brand "Barcelona" is promoted, especially the buildings by Gaudi and FC Barcelona. Afterwards, properties and prices are negotiated before the investors travel to Barcelona to visit the apartment.

Chinese investors are willing to pay up to 1 million euros (1.34 million U.S. dollars) for an apartment in the center of Barcelona, preferably from about 100 square meters, with three bedrooms and two bathrooms.

The Spanish government grants a residence permit called Golden Visa to foreigners who invest over 500,000 euros in a property in Spain. This permit allows investors to travel across Europe.

The area of the "Eixample" is the one they like the most, next to buildings designed by the famous architect Gaudi, where the price per square meter is around 3,500 euros.

In response to this growing demand, Barcelona holds the Barcelona Meeting Point every year, a real estate exhibition to promote investments in the real estate sector.

It has a special section dedicated to Chinese investors that will continue to be present in the 18th edition of the event which will be held between Oct. 29 and Nov. 2 at the Fira of Barcelona. (1 euro = 1.34 U.S. dollars)