The decline in the value of the Russian ruble coupled with falling oil prices and international sanctions against Russia in the wake of the crisis in the Ukraine has resulted in a decrease in the number of Russian buyers of Spanish property.
The Russians, once hailed as the saviours of the Spanish property market are now beginning to turn their backs on Spain. Russians are not currently buying and a number of them are trying to sell their properties. The ruble lost 40% of its value against the Euro in 2014 and the Russian government has forecasted that its economy will shrink by a further 3% in the first quarter of 2015. As a result, sales of Spanish properties to Russians declined massively in 2014. In 2013, property in Spain was highly sought after by Russian clients and the market was seen as a saviour for the Spanish real estate sector.
There were strong sales of high value properties on the Mediterranean coast to Russian buyers as the relatively cheap property was snapped up. The Russians were one of the largest investors in Spanish property and the number of Russian tourists to Spain was also on the increase. This all changed in 2014, however, when the number of Russian tourists to Spain fell by 10% compared to 2013, according to data published by Spain’s tourism ministry.
Filed under: http://www.theleader.info/article/46414/
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