Thursday, May 28, 2009

Property in Spain in demand among Russians

Approximately 25% of Russians who are interested in purchasing property abroad during the first quarter 2009 focused their search on Spain, industry analysts have stated.

According to the Russian property consulting firm Miel DMP which specializes in property abroad, Spain has become the most popular location for Russians looking for property abroad, after France (20%) and Bulgaria (15%). They added that the other European markets are also attracting a considerable amount of interest.

The findings echo the findings of other studies, such as recent poll by Jet-to-Let magazine, which revealed Spain as one of the top ten investment hotspots among Britons this year.

This was attributed partly to the recent decline in Spain's housing market, as many Russians and Brits are keen to take advantage of reductions in property prices, reports Spanish News.

Indeed, Professor Gonzalo Bernardos of Barcelona University recently predicted that values would stop dropping in most places before the end of next year. This suggests that investors purchasing property in Spain now could grab a relative bargain and enjoy capital growth in the longer term when the market picks up.