Asian buyers are joining a number of high-profile investors hoping to find riches in the Spanish property market, with an influx of Chinese investors looking for their own place under the European sun.
Between January and March, house purchases in Spain totaled 83,022, according to government data released in May. This was a 14 percent increase in purchases compared to the previous quarter. Prices are still languishing at mid-2003 levels after the financial crash but the fresh statistics signal a change in trend.
Purchases by foreigners were high in the first quarter, amounting to 12 percent of the total. Europeans still make up the backbone of that demand, but industry experts have told CNBC that growth in buyers from China in particular is bolstering the sector.
"(In 2013) the greatest growth markets for enquiries and property viewings came from the Far East market," Jason Ham, the head of business development at Spanish-based property company Lucas Fox, told CNBC via email. The Chinese are most attracted to Barcelona and Madrid as well as the southern city of Marbella for its golf courses and "good, cheap deals," he added.
Ham, who travels to China to meet with potential buyers, said that the Chinese are generally interested in apartments in city centers which are close to luxury shopping centers and good international schools and amenities.
Hedge fund billionaires George Soros and John Paulson have both made moves in the market too, snapping up major stakes in Spanish property firms. Bill Gates has also bought a slice of Spanish infrastructure group FCC.
"This has created a lot more consumer confidence, mainly amongst commercial investors," Ham told CNBC.