Properties for sale in costa del sol
Wealthy Russians continue to be a leading factor in purchasing Spanish property in the Costa del Sol- buying properties above €6 million and over.
Estate agencies are promoting their best properties to Russian buyers who are often rich business owners of the ex-Soviet country. Most of these buyers go for locations by the beach and big Villas in La Zagaleta, El Madronal, Sierra Blanca and the Golden Mile.
“They’ve got money and they want to invest, and what with the fall in prices there are many opportunities for them,” said Ricardo Sanchez Bocanegra, chairman of the Federation of Foreigners’ Associations of the Costa del Sol.
In 2012 there was a surge in Russian millionaires purchasing luxury properties in Spain, particularly on the Mediterranean coast. According to Malaga’s association of constructors and developers (ACP), in 2012 8.5% of properties purchased by foreign investors were bought by Russians, compared to only 5% the previous year. Russia has now overtaken Germany as the third foreign nation buying most in Spain (after the UK and Norway).
Meanwhile property fairs promoting Spain to the Russians are regularly taking place in Moscow and St Petersburg. At the 28th DomExpo International Real Estate Exhibition in Moscow in April this year, 10% of exhibitors were trying to promote properties in Spain compared to only 2% selling French properties.
And at the St Petersburg International Property Show in March, where developers are given the opportunity to promote their properties to ‘specially selected wealthy Russian buyers’, 23% of the exhibitors were showing off Spanish properties.