Property News

Russian buyers keep Spanish housing market afloat

Russian buyers keep Spanish housing market afloatRussian investors are the ones who are keeping the Costa Blanca economy afloat according to Procosta president Antonio Navarro Ballester.

They bought 50% of all the houses which were sold in the Vega Baja as second homes, and promoted abroad, in 2009. The biggest companies, Runiga, Costa Real and Masa Internacional sold 600 homes to the Russian market throughout the year.

Navarro complained that Valencia had not received the financial backing for advertising campaigns in 2009, as Cataluña and Malaga had done.

He says that the construction companies in Vega Baja should receive some financial help, to enable them to open up new markets overseas.

He went on to say that at the most important tourism fair in Russia the Russians voted Bulgaria as their favourite destination, and Spain came a very close second. Those who work in the petrol industry there earn a good wage and have 60 days holiday a year, so they are the ideal clients to purchase property on the Costa Blanca. The only downside is that there are no direct flights from Russia to Alicante airport, although there are to and from Barcelona.

The manager of Provia, Jesualdo Ros, added that Alicante is one of the leading provinces with sales of properties to foreigners, especially Europeans, led by German buyers. He said that in 2010 4,000 properties were sold to foreigners. German buyers are looking for quality, design, price and location.