Russian investors looking at Spanish property

The Spanish property sector could benefit from an influx of Russian investors in the international real estate market.

Overseas Property Professional has reported on statistics released by Russian portal 1-Property.ru which show that Spain is one of the most popular destinations for investment for buyers from the country.

Bulgaria, Turkey, Montenegro, Cyprus and Italy all feature in the list of destinations favoured by Russians.

According to Antonio Ribes Ras, general manager of Romintgo in Spain, there are two types of clients from the country now: "The middle-aged investor and the gilded-youth buyer.

"The younger buyers want discretion, comfort and security rather than opulence. Russian tastes have also become more European."

Indeed, the emergence of these younger buyers is also having an effect on the amount of money being spent on overseas property.

It could lead to an increase in the number of Russian buyers looking to take advantage on the large number of distressed properties available in Spain, which are often available at reduced prices.

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