Affluent Russians still hot for property in Spain

Spain has not lost its appeal with affluent Russian buyers, finds a new study.

Along with Bulgaria, Turkey, The US and Israel, Spain is one of the most popular overseas destinations amongst affluent Russian house-hunters, according to a study by real estate agents Gordon Rock and mortgage brokers Lowel Finance.

Russians buying in Spain spend between 50,000 and 150,000 Euros on flats, and 300,000 plus Euros on Villas.

At the very top end, Russians in Spain have some of the biggest budgets of all, often in the multi-million Euro bracket.

Nevertheless, Russian demand is feeling the pinch of the economic crisis this year. Russians are expected to spend 9.3 billion Euros – 10% less than last year – on property abroad.

About Mark Stücklin

Mark Stücklin is a Barcelona-based Spanish property market analyst, and author of the 'Spanish Property Doctor' column in the Sunday Times (2005 - 2008). He can be reached by email on ms@spanishpropertyinsight.com. All articles published in good faith as a general guide but no substitute for professional advice. Please read the SPI disclaimer

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