Russian banks have fixed their sights on the Spanish housing sector and will not be letting slip the excellent business opportunities presented by fellow Russians who are flocking to the Costa Blanca to invest in properties & businesses. That’s how Garegin Tosunyan, President of the Russian Banking Association, summed up the situation while speaking at an international finance conference centring on Ruso-Spanish cooperation.
The idea of the Russian Banking Association to cash in on the financing of properties bought by fellow Russians in Spain will probably begin with the Russian Banks opening branches in Spain, taking full advantage of the large number of Spanish bank premises currently on sale, especially in the Valencian Community and Murcia, due to the recent forced restructuring of the Spanish banking system.
The competitive prices currently on offer on the thousands of properties constructed during the Spanish property boom along the Mediterranean Coast have converted into an important attraction for Russian investors and also families looking for a new life in the sun.
On the Costa Blanca, last year Russian buyers accounted for 40% of all property sales and it is widely believed that shortly they will also surpass British buyers, who for years have been the leading buyers of holiday homes in the area.
Russian buyers on the Costa Blanca usually fall into two well defined groups – those who typically buy properties between 150 – 250,000 Euros and a smaller, more exclusive group who usually buy properties costing over 600,000 Euros.
For more information on the properties TM offers in the area, please visit our website, www.tmrealestategroup.com