Costa sets sights on Russia’s property investors

RUSSIAN demand for luxury homes on the Costa del Sol has increased and major property investors are expected to spend an average of €3 million. Despite representing only a fraction of Malaga Province’s Expat community, Russians are buying 20 per cent of the available properties, more than the Germans.

This was revealed by the President of Malaga Builders and Promoters Association, Jose Prado, who said that investments in the sector from Bulgaria, Russia and Germany are expected to increase by between 10 and 12 per cent this year.

The Costa del Sol Tourism Board was recently in Moscow for the presentation of the ‘Living Costa del Sol’ campaign which hopes to attract investors from Eastern Europe.

The President of the Tourism Board and of Malaga Provincial Government, Elias Bendodo, said that Russia is now the second most important client for residential tourism on the Costa del Sol, beaten only by the UK.

More than 50 Russian estate agents, press and potential investors attended the campaign launch at the Economic and Commercial Bureau of Spain in Moscow.

With this project, the Costa del Sol aims to attract new residents or part-time residents with high spending power who at the same time will help to reduce the number of empty houses on the market.

The delegation pointed out that this is a unique opportunity, as high-range houses are available for low prices, and encouraged the Russians to take advantage of the situation.

Bendodo also explained that each property available is guaranteed to meet all administrative, urban and technical requirements and documents can be provided to prove this.

The amounts which the Russians are expected to spend will range from the €150,000 to €400,000 of an average private buyer, to the €3 million from the average property investor.

In June a group of potential investors from Bulgaria and Russia will be visiting the Costa del Sol to eye-up the real estate on offer.

By Jennifer Leighfield