Re: Re: Press articles about the Spanish property situation

#107637
Anonymous
Participant

@Chopera wrote:

@DBMarcos99 wrote:

For those who can read Spanish, this is a very interesting article on how the Chinese community in Madrid are taking advantage of low prices and low interest rates to buy up flats in certain areas..

Las compras de viviendas por parte de este colectivo crecieron el pasado año entre un 30% y un 40% en el área que va desde el distrito Centro de Madrid, sobre todo Lavapiés, al cordón sur de la capital (Usera, Villaverde, Vallecas…) y de la región (Fuenlabrada, Leganés, Getafe…), explica Diego Vázquez, gerente de Mr. House Inmobiliarios (http://www.mrhouseinmobiliarios.com), firma en la que el 50% de los clientes es chino. El polígono industrial Cobo Calleja, en el municipio de Fuenlabrada, es uno de los polos de concentración de empresarios y trabajadores orientales más activos en la región. Y, por ende, las localidades más próximas son las más demandadas.

They buy, typically with a mortgage of 80-90%, but then rent out a couple of rooms so they actually earn more than the mortgage payment. What is particularly interesting is their criteria for buying a place. Certain street numbers eg 4, 13, 250 are no-nos:

Una ayuda para seguir ahorrando. Hay que tener en cuenta los bajos márgenes de beneficio que dan sus negocios cuando exigen poca especialización. Se mueven entre los 600 y 800 euros mensuales. Buscan pisos con luz natural, orientación Norte y es prioritaria la numeración de la vivienda. “Se nos han caído ventas por el número de la calle”, indica Vázquez. “No quieren saber nada de los números 4, 13 y 250, por ejemplo”, prosigue. Y deciden con rapidez. Visitan de dos a tres pisos y si por la mañana se deciden, por la tarde reservan.

http://www.elpais.com/articulo/economia/Oriente/estrena/casa/elpepueco/20120112elpepueco_14/Tes

I took a look at a flat in the centre of Madrid over a year ago, with the intention of renting rooms out. It had about 8 rooms and would have given a pretty good yield but in the end I thought the overall hassle would be too much (and I also got the feeling it might once have been used as a “house of ill repute”). But the agent told me that quite a few Chinese were also interested in it. You can see Chinese all over Madrid now, buying up cheap locales that have gone bust and filling them with just about any sort of cheap tat you can think of.

They’ve also started running bars as well, and one of the Chinese bar owners told me that she lived with her partner in a small room above the bar and used the kitchen for their own cooking as well. In fact their costs were so low that they could significantly undercut the neighbouring bars and their terraza was always full, with only a bit of overspill going to the neitghbouring bars. In fact one of the other bar owners had attacked her husband because he just couldn’t compete. I’m sure it’s not an isolated case.

I am not sure how Chinese resturants in Almunecar and Salobrena can afford to offer 3 course meals ( plus coffee/tea/ice-cream and calendars for children and a free meal for each 60 Euro spend there) for around 5.50 Euros.