Iona Napier
A HONG KONG-BASED company has identified ‘booming’ Spain as Europe’s hottest destination for tourism property investment.
Boutique real estate company Platinum Estates splashed out €200 million on 170,000 square metres of beachside land in Marbella at the end of 2015.
The company plans to entice more Chinese tourists to the Costa del Sol by building a luxury five-star resort between the hotels Don Carlos and Los Monteros.
“Spain has the most potential for growth in Europe,” said Jonnie Teh, investment director of Platinum Estates.
“The assets are still cheap and we are positive about the booming travelling demand there, especially from Chinese tourists.”
A 2015 Global Blue survey identified Chinese tourists as Spain’s biggest international spenders, with an average outlay of €1,000 per person.
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The golden VISAs haven’t been doing very well. As for Chinese businesses, a lot have closed down on the coast recently – seems the Spanish are boycotting them. Big picture of Marbella again I see, like Marbella is all of Spain, groan.
Thank God, we live in the remote mountains away from the coast.