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Russians are the tenth most frequent buyers of Spanish real estate. In 2018, Russian buyers acquired 1,916 homes in Spain. As a result, Russia is the tenth largest foreign buyer of Spanish real estate. In other words, every day, 5 Russians buy property in Spain.
In terms of proportion, Russians account for about 3% of all foreign purchasers in Spain. Indeed, Russians purchased 1,916 Spanish houses out of the 65,400 purchased by foreigners, accounting for 2.93 percent of the total.
Although Russians prefer existing houses (81.61%), one in every five Russian buyers chooses a new home when purchasing in Spain (18,39 percent ).
Russians are the fifth-largest foreign buyer in the Valencia region, accounting for 5.12% of all foreign purchasers. Indeed, they are ranked only after the United Kingdom, Sweden, Belgium, and France.
Russian buyers borrowed an average of €151,757 to purchase a house in Spain. Given that foreign purchasers generally obtain financing for only 70% of the purchase price, this should suggest that the average home price was €216,795.
According to records, Russians purchased 21916 properties worth a combined €985 million Last year. However, this year Russians haven't continued to dominate the Spanish property along with the Scandinavians.
Surprisingly, only 47 of the 1916 Russians who purchased a Spanish home last year received a Golden Visa. Because this is only 2.4 percent, it suggests that the Golden Visa isn't a big deal for Russian consumers.
Russians are critical to the Spanish property market, particularly in higher-end locations such as the Costa del Sol, Costa Blanca, and Barcelona. According to government data, Russians were the third-largest foreign buying group in Spain in 2013. They purchased 3,163 Spanish properties in 2013, up from 1,378 in 2010, accounting for 8.7 percent of all foreign purchasers, following only the United Kingdom and France.
Since 2008, cash-rich Russian buyers have flocked to Spain to purchase a variety of homes and investments. Overseas property speculators are believed to have invested over 2 billion euros in the Alicante region alone in the previous four years, mainly because Alicante airport is conveniently accessible, and location is everything for the cash-rich and clever Russian investor.
According to the Russian embassy, the 2 billion investment is due to dropping property prices in Spain, particularly in the Alicante region. This is due to the location and the abundance of luxury houses within an hour's drive of the airport, which provides cash-rich Russian purchasers with many options.
This investment has promoted tourism in the region and contributed to improving the local economy by employing in the tourist sector. For some reason, Russians adore this part of Spain. Some are golfers seeking properties near golf courses. Some people only want to purchase for the lifestyle, but everyone wants to buy for better weather and to be able to walk off a plane and be no more than an hour away from their new home.
Every year, 2 million cash-rich Russian visitors and property investors come in to spend their vacations and buy property in the nation, and many of them return to own a piece of Spanish culture. When Russian visitors arrive, they usually stay for three weeks, which is significantly longer than the visits of other European purchasers and buyers and investors from the United Kingdom and Ireland. And with each visit, more wealthy Russians depart, having acquired property in the Alicante area of Spain.
More direct flights from Moscow and St. Petersburg to Alicante were launched last year. If you take a walk down the high street or visit the local businesses' websites, you will notice that all of them have now translated their web pages to Russian to attract new business from these high net worth individuals.
Estate agencies that advertise to these customers through Russian property shows sell more property than local high street estate agents who list your home on a single website and hope for the best.
The Costa Blanca region will become the most preferred Costa in Spain for cash-rich Russian investment in 2021.
Contact us today to sell your property in Spain direct to Russian buyers.