Luxury products are no longer the only thing sought by Chinese tourists
Juwai, a property website in China is noticing a sudden rise in real estate investment in the UK. Why? Because Chinese tourists are taking advantage of the recent Covid zero-tolerance policy cutback in the country. It has been only a month, but it is likely that the property investment will explode in the coming year.
So what is changing?
Already by the end of 2022, the British government had taken some measures to facilitate visa access for Chinese tourists. Last week’s announcement made it easier for Chinese citizens to come to the UK but also to invest in property. This new application service will help Chinese to come to Great Britain in order to invest in Real Estate.
A British/Irish Visa will allow visitors from Chinese to visit the UK with an Irish visitor visa. A separate visa is making travellers’ life more difficult and the English government is finally ready to open up and attract investment. Andrew Taylor, co-Chief Executive Officer of Juwai, also pointed out that it will make it easier for investors from China to invest in UK property.
This smart move will bring in even more benefits
Economically, it is also a very clever move. Only on a tourist spending view, the visa facilities will bring over 1.25 billion euros a year. But it will also lead directly to property investment according to Juwai. Indeed, the visa process used to be a stumbling block for UK agents wishing to get prospects to the UK to see property. Now it will be much 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,» he says.
With the slowdown of the value market in London, buyers are now seeking outside of the capital to make investments. The trend is changing and Chinese buyers are starting to invest and spur new construction in other cities than London.
The other side of the coin
If the UK government hope to attract more investor or just more tourists, there are still some improvements that can be done. In fact, when they visit British territory, the Chinese need to give their fingerprints while Americans don’t need any visa for short trips.
The first time, announcements of any visa changes were made was during the Chinese Prime visit to the UK. His visit was concerning trade and tourism between the two countries. Looks like it finally worked out. The Secretary of the UK government adds: «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».
Before this change, Beijing had, several times, complained about how difficult it was for professionals such as students to obtain visas for the UK. Because of that, the country was losing a lot of business opportunities since they were seeking other destinations.
A taste for real estate
In 2023 Chinese tourism already started to recover and more Chinese will travel overseas, according to the China National Tourism Administration. And to the World, Tourism Council the money Chinese travellers are counting to spend will be close to 208 billion euros by 2024.
The website of Juwai company states that with the taste of the Chinese for real estate hunting agents had better catch up fast with this growing trend. To make sure about that, even Alexa, which is an online traffic analysis website that globally ranked 30 million websites, says that Juwai is currently ranked at the 1,564th position for Chinese websites and around 16,000th in the world.
When it comes to digital marketing and strategies, shouldn’t agencies design real estate hunting tours across Europe just as Chinese tourist shoppers already do with luxury products? What strategy can be used in order to benefit from that?
- Start with a good website in Mandarin – you have to be visible in China
- Advance your visibility – your website should be on the top of dedicated search results
- Work on your e-reputation in China – serious Chinese clients should trust you
- Socialize – target your category of prospective clients with Chinese social platforms
Undoubtedly well crafted strategy with an SEO on Baidu, the advantage of using Baike, Tieba, Wechat, Douyin, Red and Weibo could bring you a lot of new Chinese clients.
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