As more Chinese tourists take advantage of visa changes that make it easier for them to visit the UK, real estate investment is set to rise too.
Following the announcement of visa changes to make it easier for Chinese citizens to visit the
UK on June 16th,
datas of Chinese overseas home buyers recently shows that increased tourism leads to more property investment.
The UK government announced a new fast-track visa application service is being introduced so all Chinese citizens visiting Europe will not need to make separate visa applications when visiting Britain.
It is also launching the British/Irish Visa Scheme from autumn, so Chinese and Indian visitors will be able to use an Irish visitor visa to travel to the UK without requiring a separate visa.
Chinese overseas property agencies believe the new process will make it easier for UK property investor from China.
“The best estimate is that this visa change alone will inject an extra £1billion per year into the British economy. That’s just the tourist spending.
Datas of Chinese overseas home buyersrecently shows that increases in Chinese tourism lead directly to increases in property investment.
“UK agents who attend property expos in China always find the visa process is a stumbling block that makes it harder to get prospects to the UK to see the property. This will make things easier.
“This change will make it more worthwhile for agents to travel to China to meet prospects, to advertise in China and to exhibit at Chinese property expos.”
With the London market showing signs of slowing values, Chinese buyers are now looking outside the capital for investment options, he says.
“The biggest trend we are seeing is that Chinese buyers are spreading their wings, beginning to invest and spur new construction in other cities than London.
“Further improvements to the visa program could enable even more Chinese investment. Americans, for example, can travel to the UK for short trips without visas at all, whereas Chinese visitors have their fingerprints taken.”
The announcements of the visa changes were made before Chinese Premier Li Keqiang official visit to the UK, which is aimed at boosting trade and tourism.
Home Secretary Theresa May says, “The number of Chinese people coming to Britain to visit and do business is soaring. They already enjoy a first-rate visa service and these changes will ensure it is easier than ever before to visit the UK and see first-hand everything this great country has to offer.”
In 2012, some 210,000 visas were issued to Chinese nationals visiting the UK who went on to contribute around £300million to the economy.
Beijing previously made it clear that business leaders and students found it difficult to get into the UK and were looking to go elsewhere in Europe.
In 2013, 97 million Chinese travelled internationally, says China National Tourism Administration figures and according to the World Tourism Council, Chinese travellers are expected to spend US$283billion overseas by 2024.
“With the Chinese penchant for property hunting while travelling on holidays, real estate agents around the world had better sit up and take notice of this growing trend!,” saysa cheif of an overses properties website in Chinese.
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