Russians overtake Brits as biggest buyers on Costa Blanca

Spanish Property Insight Forums Spanish Property Forums Spanish Real Estate Chatter Russians overtake Brits as biggest buyers on Costa Blanca

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    • #57505

      Russians are now the biggest group of foreigners buying property on the Costa Blanca, if you look at spending, not sales volume (and less face it, spending is what counts 😉 ).

      Bill Murray lookalike Vicente Dómine (pictured above), planning and housing supremo of the Valencian Government, told the Spanish press that sales to foreigners will get the construction sector going and help the local housing market.

      He was speaking at some sort of summit or fair called ENNOVA Summit “International integration in design” – did anyone hear about this or go to it?

      There was lots of talk about how the Valencian Region is the ideal place to invest in property.

      According to Domine, the British bought 2,286 homes in the region last year, followed by the Russians 2,016, and the Norwegians on 1,467.

      But in terms of spending, the Russians were out in front on €877 million, compared to €843 for the Brits.

      So now the Russians are the biggest spenders on the Costa Blanca. They bought 1,039 homes there in 2010, 1,442 in 2011, and are on track for more than 2,000 this year. By province, the Russians went mainly for Alicante, buying 4,126 homes there in last 3 years, followed by 230 in Valencian and 141 in Castellon.

      By municipality, they went for Torrevieja (1,327), Orihuela (483), Calpe (305), Guardamar del Segura (255), Alicante (247) and Benidorm (229).

      So expect more and more Russian bars and restaurantes in places like Torrevieja, in place of fish & chip shops. What’s the Russian equivalent of fish & chips?

    • #117013

      I don’t agree with your perception that ‘spending is what counts, not sales volumes’ 😯 You posted a similar headline before about Russians overtaking Brits in Spain which turned out to be a T.W. statement applying to the CDS not Spain, and then only 2.25 properties per month on their sites, it was somewhat misleading 🙄

      The only way Spain is going to get out of it’s property mess is with ‘sales volumes’, 2.25 million properties for sale and rising, 350,000 families evicted since the crash despite Banks suspending evictions for most vulnerable families last November, (do these figures appear on numbers of properties for sale?)

      The Russians are not going to buy up all Spanish properties for sale, don’t rely on it, everyone would have to learn Russian 😆

    • #117014

      Further evidence to back up what I posted so ‘Don’t pin your hopes on the Russians to save Spanish property’ from November 2012 article and still relevant 🙄 Sounds like wishful thinking 😉 … nish-48913

    • #117021

      Wow! Russian buyers already overtake the Brits as the biggest buyers on the Costa Blanca (in terms of spending) !

      Numbers still increasing no doubt!

      Plus the number of tourists is increasing at a high rate! Add in the fact that the average Russian spends 159 euros per day – the Brit spends just 93 – and we see potential rises in those areas the Russians favour. This is all reminiscent of the 70s (when Brits started holidaymaking in large numbers in Spain)

      Big-spending Russian tourists are flocking to Spain’s beaches and famous landmarks in ever greater numbers, providing a much-needed boost to the recession-hit country’s key tourism industry.

    • #117025

      😆 😆

    • #117030

      The Russians seem to be everywhere! Heard from different friends who have been to Greece and Turkey. Both said how loud and brash they were…then Cyprus :mrgreen:

      You can find these stories about Russians in Spain everywhere too. I think the property floggers are all copying off each others hype, in fact it probably all started on this forum 😆 Even that guy in the canaries said it…he should know, he’s a Developer 😆 😆

    • #117033

      There are no fish and chip shops in Torrevieja and you will not find a single Brit on that photograph of the crowded Playa del Cura beach in the centre of town, nor a Russian, those are all Madrilenos.

      The Russian quarter lies about ten streets back, next to the gypsy quarter, both places are best avoided.

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