07 February, 2013

By VIVA Team

The glamour of Puerto Banús has grabbed the Russians' attention

Discerning Russian buyers have now overtaken the Germans to become the second largest group of foreign investors in Marbella property.

Figures from the Málaga Developers’ Association show that Russian buyers accounted for nine per cent of all foreign property sales in 2012. Brits remain the largest group of overseas property investors, at 35 per cent, while the Germans – whose economy remains the strongest in the EU – slipped to a surprising third, accounting for just seven per cent of sales.

Russian buyers, traditionally attracted to the resorts and markets in and around the Black Sea,  have been wooed by the plentiful charms of Marbella. With world-class golfing, luxurious villas aplenty, privacy, superb restaurants and some of the very best nightlife in Europe, Russia’s growing middle-class is learning what the Brits, Germans and Scandinavians have known for years – Marbella is a superb property investment destination.

And the region is responding. While the beachfronts are still evidently geared to an Anglo-German market, Russian tastes are being catered for elsewhere. Spain’s largest Russian Orthodox Church is currently under construction close to Marbella, and service providers – from waiters and hairdressers to bar and retail staff – have been learning Russian in their droves.

What’s more, the Spanish government has responded to this pique of Russian interest by proposing to change the country’s residency laws for non-EU buyers. Any Russian investor who spends at least €160,000 on a property can apply for a residency permit – a move that has been widely praised by the local real estate market and economists.

The Russians are not the only Eastern investors eyeing the Costa del Sol’s charms. Chinese and Indian buyers are also expected to flock to Marbella in the coming years to exercise their economic power, snap up some brilliant properties and, of course, enjoy the sizzling southern Spanish sunshine.