Russian buyers flock to the Costa Blanca

Oct 07 2013

Russian buyers flock to the Costa Blanca

Russians are said to have invested more than one billion euros in the region, purchasing more than 4,500 properties making them the number one foreign buyers of property on the Costa Blanca.

• Spain has been keen to target Russian tourists due to their renowned spending power when they holiday abroad, and that has rubbed off on the Russians snapping up property – many of them firmly at the end of the market. This is highlighted by the fact that the Russians’ total investment is higher than that of British buyers, despite having purchased fewer properties.
• The prominence of Russian buyers has gradually increased year-on-year since 2009/10. In 2010, 1,039 homes were purchased, in 2011 that had risen to 1,442 and in 2012 it increased once more to break the 2,000 barrier and this increase has been reflected by the numbers of Russian tourists visiting Spain.
• More than half a million Russians vacationed in Spain last year and they have continued to flock to the country this year, while Spain’s ambassador to Russia Jose Ignacio Carbajal recently stated he believes Spain will be able to attract up to two-and-a-half million tourists from Russia annually.
• It’s continuing good news for the Spanish property market, which according to the Ministry of Development witnessed 3,543 property sales to foreigners in the second quarter of the year alone.

Article by David Johns