A proposed new Spanish law could mean residency to people buying property worth over 160,000€. The russians are the first with their foot through the door.
Due to the crumpled property market, this new law has been suggested in order to boost property sales and revive the spanish economy, this law will be targeted towards rich investors from outside of the EU, who need or want a European Visa.
Estate agents believe that if the residency plan is delivered the number of Russians, and indeed Chinese and other investors outside of the EU, participating in the property market will surge. They say this will be a very welcome ray of light in a market that is still adjusting to reduced overall purchaser activity, suppressed prices and very little new construction at all.
According to the latest figures from the Malaga Developer’s Association the Russians have overtaken the Germans to become the second largest international group of home buyers on the Costa del Sol. Current Russian Visas only allow stays of up to 90 days.
It showed foreign property purchases in Costa del Sol were mainly by the brits who took 35% of the market, the Russians followed a close 2nd with 9% and the Germans coming in third with 7%.
‘It is the start of a greater wave of Russian clients on the Costa del Sol. Russian purchasers tend to be quite privileged and have money to spend on top quality homes. Most are seeking a villa, as opposed to an apartment, and some are especially drawn to secure, private, gated communities such as La Zagaleta, one of Spain’s most coveted country estates. Price tags of two million euros, ten million euros, don’t tend to scare them,’ said Nick Stuart, director of Spanish Hot Properties.
Signs that the Russians are here to stay include the fact that Spain’s largest Russian Orthodox Church is being built near Marbella, demand for Russian lessons from estate agents, restaurant workers, gym and spa owners and shop workers is increasing and shops are stocking Russian produce.
If you are Russian and thinking of buying a property in Barcelona, contact Rebecca@rubyslippersbcn.com for a free consultation about the buying pr