Russian investors have three million to spend on Costa properties...
Tourist Board and developers highlight the interest in the residential investment market, expected to grow ten per cent as Costa del Sol representatives have taken their 'Living Costa del Sol' project to Moscow to attract potential Russian property investors. The visit ended with smiles all round and the Costa representatives were pleasantly surprised by the extent of the demand.
Chairman of the Costa del Sol Tourist Board, Elias Bendodo and the president of the Malaga Developers Associations, Jose Prado, have reported that the average planned investment in luxury property is some three million euros, while there is also a high demand for apartments in the 200,000 to 400,000 price range.
The 'Living Costa del Sol' project was presented to around 50 guests, among them the specialist media, real estate agents and potential buyers, at the Spanish Economic and Commercial Office in Moscow. The event was presided over by the Spanish Ambassador Luis Felipe Fernandez de la Pena who stressed how this was a unique opportunity given that prices were not likely to be this low again.
The Russian market now represents 20 per cent of sales of residential holiday homes to foreigners and Prado pointed out that Living Costa del Sol was expected to increase sales by between ten and 12 per cent.
One of the principal misgivings of potential Russian investors concerns the legality of their property purchases. Prado stressed that the offers from Malaga-based real estate firms had been grouped together on one website, simplifying the search for a Mediterranean home. "All the properties offered within this framework have been through an initial selection process and have been audited and supervised for sale under parameters of maximum legal security, which guarantees the legality of the construction", explained the developer.