- Home » Expat News » Russian expats looking to take over Spanish retiree havens
Russian expats looking to take over Spanish retiree havens
| Published: | 24 Sep at 6 PM |
Want to get involved?
Become a Featured Expat and take our interview.
Become a Local Expert and contribute articles.
Get in touch today!
Become a Local Expert and contribute articles.
Get in touch today!
The latest sun, sea, sand and warm weather haven to attract huge numbers of Russian residents is Spain’s Costa Blanca.
For decades, the warm, sunny weather and friendly expat communities of Spain’s Costa Blanca have attracted older people from colder climes such as the UK, all planning to spend their retirement years enjoying the laid-back lifestyle. However, during the last three years, it’s become obvious that another country’s freezing nationals have discovered the area – the Russians are here to stay!
Since 2010, over 4,500 homes in the province have been bought by Russians, shooting them to the top of the table of foreign property sales. Citizens of the northern country with its cold, cold winters have spent a total of 900 million euros, much of it on high-end properties.
The Alicante coastline is the main attraction for this new breed of expat, as is its constant sunshine, great food and glamorous lifestyle for those with large amounts of disposable income. Although at present, the majority of properties are seen as holiday homes, there’s an increasing trend for Russians leaving their country of origin to forget to return.
Spanish property is at bargain basement prices nowadays due to the continuing Eurozone crisis, and real estate values are expected to fall still further before they begin to recover. Savvy investors from many countries are now looking to bag great deals, with sales to Belgians, French and Scandinavian buyers increasing by a high percentage annually.
For decades, the warm, sunny weather and friendly expat communities of Spain’s Costa Blanca have attracted older people from colder climes such as the UK, all planning to spend their retirement years enjoying the laid-back lifestyle. However, during the last three years, it’s become obvious that another country’s freezing nationals have discovered the area – the Russians are here to stay!
Since 2010, over 4,500 homes in the province have been bought by Russians, shooting them to the top of the table of foreign property sales. Citizens of the northern country with its cold, cold winters have spent a total of 900 million euros, much of it on high-end properties.
The Alicante coastline is the main attraction for this new breed of expat, as is its constant sunshine, great food and glamorous lifestyle for those with large amounts of disposable income. Although at present, the majority of properties are seen as holiday homes, there’s an increasing trend for Russians leaving their country of origin to forget to return.
Spanish property is at bargain basement prices nowadays due to the continuing Eurozone crisis, and real estate values are expected to fall still further before they begin to recover. Savvy investors from many countries are now looking to bag great deals, with sales to Belgians, French and Scandinavian buyers increasing by a high percentage annually.
Comments » No published comments just yet for this article...
Feel free to have your say on this item. Go on... be the first!
