Monday, December 29, 2008

Spain attracts Russian investors

Russians are investing heavily in overseas property and looking for prestigious properties in Spain to buy as a long term investment, according to a media outlet.

Bolt Property Group has revealed that the increase in the number of inquiries from Russians for Spain has catapulted this year. Despites the value of houses all over the world dropping by huge percentages due to global credit crunch, Russian buyers seems to be attracted by Spanish properties.

The Global Edge has stated that Spain is proving to be an attractive option for Russian buyers because of its sun, sea and good quality of life. The organization was surprised due to the fact that there is nothing in common between the two nations and they are geographically far apart. They revealed that nearly 15% of online searches made by prospective Russian buyers looked for Spain. Global Edge also found that Eastern Europe is one of the main hotspots for Russian buyers.

Conti Financial Services stated that Russian investors and Brits are going to Spain as it offers bargain properties. Prices in Spain began to readjust due to the high level of tourism demand as well as demand among would-be second home or retirement property owners.