Russians pip Brits to the post in Spain
When it comes to Spanish property, it seems Britons are being pipped to the post by Russian investors. Taylor Wimpey Espana claims that people from the former Soviet nation are now the single largest buyers of real estate in the country, closely followed by Scandinavians. This is certainly an interesting turn of events and marks the end of UK dominance of the sector.
Spain has long been a favourite holiday destination for Europeans, making it a popular spot for those looking for a second home or to enter the holiday let market. Figures from Eurostat, the statistical office of the European Union, revealed that in 2011, 13 per cent of all outbound trips in Europe were made to the country. Ten per cent of Spanish GDP derives from tourism, making Spain heavily dependent on the sector. This can be seen clearly in the property market and in key resorts, foreign buyers are helping to keep things ticking over. In 2012, international property investments in Spain grew by 17 per cent, according to the Bank of Spain.
Britons have traditionally been the most active in the market, choosing Spain for their holiday home, a place to spend their golden years, or as a place for investment. So what's changed? Is it simply that the financial crisis has limited the spending power of buyers from the UK or are there other factors at play?
Marc Pritchard, sales and marketing manager for Taylor Wimpey Espana, said: "Russian interest in particular has increased dramatically over the last year. On the Costa del Sol alone, 45 per cent of the total sales this year have been from both Scandinavian and Russian buyers." This can be attributed to a growing Russian middle class and greater transport links between the countries. Spanish weather is also a major draw.
When it comes to location, Marbella is proving to be the most popular place for Russian buyers and other overseas investors. Taylor Wimpey Espana claims that non-residents of Spain have increased their market share for six consecutive quarters now.
Spain has long been a favourite holiday destination for Europeans, making it a popular spot for those looking for a second home or to enter the holiday let market. Figures from Eurostat, the statistical office of the European Union, revealed that in 2011, 13 per cent of all outbound trips in Europe were made to the country. Ten per cent of Spanish GDP derives from tourism, making Spain heavily dependent on the sector. This can be seen clearly in the property market and in key resorts, foreign buyers are helping to keep things ticking over. In 2012, international property investments in Spain grew by 17 per cent, according to the Bank of Spain.
Britons have traditionally been the most active in the market, choosing Spain for their holiday home, a place to spend their golden years, or as a place for investment. So what's changed? Is it simply that the financial crisis has limited the spending power of buyers from the UK or are there other factors at play?
Marc Pritchard, sales and marketing manager for Taylor Wimpey Espana, said: "Russian interest in particular has increased dramatically over the last year. On the Costa del Sol alone, 45 per cent of the total sales this year have been from both Scandinavian and Russian buyers." This can be attributed to a growing Russian middle class and greater transport links between the countries. Spanish weather is also a major draw.
When it comes to location, Marbella is proving to be the most popular place for Russian buyers and other overseas investors. Taylor Wimpey Espana claims that non-residents of Spain have increased their market share for six consecutive quarters now.
PUBLISHED : 01ST MAY 2013