Russian visitors to spain almost double in 2012
The number of Russian visitors heading to Spain has almost doubled in 2012, according to new reports.
The millionth tourist from Russia arrived in Malaga on Wednesday 31st October, reports The Moscow Times, as investors from the country continue to step up their activity in the Spanish property market.
Indeed, while Russians are notorious for picking up luxury pads in other countries, the profile of incoming buyers is becoming even more diverse.
"It started off as really wealthy Russians coming in [to buy property on the Spanish coasts]," Barbara Wood, a Property Finders associate in Andalusia told the paper. "Now a much wider range [of buyers] is coming."
Spain is an established favourite for Russian buyers now, thanks to the warm climate and low prices, which make real estate more affordable than other destinations such as London.
And that affordability has motivated the middle-class investors to start buying.
"These buyers are initially more economical," explains Wood. "They take out mortgages and may rent out their apartments in peak summer months."
Property in Andalusia and Catalonia are the most popular among the new crowd - and the locals are responding with open arms.
"If you go to any restaurant now in Costa Blanca most of the menus have Russian translations," added Marc Pritchard, sales and marketing manager at the Taylor Wimpey.
The landmark tourist numbers arrive just as the Spanish government announces a new legislation that will offer permanent residency to any buyer who spends more than €160,000 on Spanish property - a move that is expected to entice further Russian buyers into the market.
"The fact that the Russian tourist market has doubled is a healthy sign that Russian buyers are going to increase greatly," concluded Wood.