Russians now the second biggest Spanish property buyers after Brits
A new survey has revealed that, while British buyers remain the most likely to buy property in Spain, Russians are fast becoming the biggest major competition.
Russian buyers are now the second biggest group in Marbella investment, overtaking their German counterparts, according to research from the Malaga Developer's Association, with those keen on investment having plenty of financial firepower.
It goes to show what a global reach the idea of property investment in the area has, with Russians making up nine per cent of buyers, ahead of the Germans with seven per cent.
British buyers have retained the top spot, with a huge 35 per cent but there is no doubting the growth of Russian investment in parts of Europe such as Spain.
Russian buyers have already purchased a wide range of luxury properties in European cities such as London before now and the signs are there for increased integration in Marbella too.
Indeed, there are plans in place for the largest Russian Orthodox Church in Spain to be built ten kilometres to the west of Marbella while local tradespeople are getting to know the language and the culture so as to cater to the market.
What's more, Spanish consulates in both Moscow and St Petersburg have seen a sharp rise in the number of staff needed in order to process visas for its countrymen wishing to visit Marbella and invest.
It could be that this investment upturn, coupled with the consistent demand from British buyers, ensures that the Spanish property market makes a recovery from what, in some areas, has proved a testing time.
According to the Global Property Guide, Tinsa's general price index had dropped by 10.8 per cent in June of last year, based on the same period the year before.
The index also found that house prices in Spain had dropped by around 30.4 per cent from the halcyon days of December 2007, suggesting there are bargains to be had in certain areas of the country.
Russian buyers are now the second biggest group in Marbella investment, overtaking their German counterparts, according to research from the Malaga Developer's Association, with those keen on investment having plenty of financial firepower.
It goes to show what a global reach the idea of property investment in the area has, with Russians making up nine per cent of buyers, ahead of the Germans with seven per cent.
British buyers have retained the top spot, with a huge 35 per cent but there is no doubting the growth of Russian investment in parts of Europe such as Spain.
Russian buyers have already purchased a wide range of luxury properties in European cities such as London before now and the signs are there for increased integration in Marbella too.
Indeed, there are plans in place for the largest Russian Orthodox Church in Spain to be built ten kilometres to the west of Marbella while local tradespeople are getting to know the language and the culture so as to cater to the market.
What's more, Spanish consulates in both Moscow and St Petersburg have seen a sharp rise in the number of staff needed in order to process visas for its countrymen wishing to visit Marbella and invest.
It could be that this investment upturn, coupled with the consistent demand from British buyers, ensures that the Spanish property market makes a recovery from what, in some areas, has proved a testing time.
According to the Global Property Guide, Tinsa's general price index had dropped by 10.8 per cent in June of last year, based on the same period the year before.
The index also found that house prices in Spain had dropped by around 30.4 per cent from the halcyon days of December 2007, suggesting there are bargains to be had in certain areas of the country.
PUBLISHED : 31ST JANUARY 2013
