The Chinese rush to hunt for Australian real estate
Australia is the top overseas destination for property hunters Chinese peoples in the first half of 2023, according to the latest rankings by Juwai IQI Real Estate Group.
According to Kashif Ansari, CEO and co-founder of Juwai IQI, Chinese demand is likely to increase as international tourism continues to
He added: a significant portion of real estate transactions still depend on buyers being able to travel abroad, although international travel has not yet recovered to pre-pandemic levels due to airline travel restriction and expensive ticket prices.
However, an exodus sustained over the next few years could continue to promote Chinese people to invest in real estate abroad. About 712,000 Chinese people will emigrate to America, Canada and Australia between 2023 and 2025.
President Xi Jinping's push for “common prosperity” has promoted wealthy Chinese people flock into friendlier places like Singapore or establish a backup plan.
Three years of harsh restrictions of Covid also created more reasons for them to move and capital outflows from China could increase to $150 billion USD in 2023.
Chinese citizens are the biggest source of demand for golden visa programs globally, which can allow people to stay for up to 20 years.
In 2021, 46% of Chinese applicants for the "golden visa" program were accepted in Greece and Australia and 31% in Portugal.
Top 10 countries the Chinese are targeting
1- Australia
2- Canada
3- United Kingdom
4- America
5- Thailand
6- Malaysia
7- Japan
8- United Arab Emirates
9- Vietnam
10- Singapore.
