Tuesday, July 14, 2009

Spain is proving to be an attractive option for Russian buyers

Russians are investing heavily in overseas property and one out of four Russians interested in purchasing property abroad during the first quarter 2009 focused their search on Spain, according to new research.

According to the Russian property consulting firm Miel DMP, The slowdown in the market is the main cause for the surge in interest for the Spanish property market, which has resulted in some properties being cheaper than in Bugaria and Montenergo. Spain has become the most popular location for Russians eyeing property abroad, after France (20 per cent), and Bulgaria (15 per cent).

Despite the value of houses all over the world dropped due to global credit crunch, Russian buyers seem to be attracted by Spanish properties because of its beaches, culture and good quality of life. Global Edge 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 investors.

In related news, Conti Financial Services stated that Russian investors and Brits are going to Spain as it offers numerous bargains. Spain remains a buyers market because of the several number of properties opted for resale at lower costs, which indeed prove a great advantage to prospective buyers. A number of Spanish developers sliced their prices by 25% from last year. The properties sold in the market are reasonable because of its inherent qualities complementary to buyer's value.