Property News

Russian buyer numbers double in Marbella

Russian buyer numbers double in Marbella
International agency Fine & Country Spain has experienced a huge surge of interest from Russians looking to buy residential property in Marbella this year.

Laurent Coulée, sales director at Fine & Country Spain, told OPP this week that “the number of Russians looking to buy homes in the area has doubled since last year.”

“They are typically looking for high value properties on the coast and on exclusive estates such as La Zagaleta and Sierra Blanca – both of which are renowned for their good quality homes and high levels of security.”

Part of the attraction to buy property in Marbella is the amount of flights available from Russia to Malaga, says Fine & Country. Twenty airlines have direct routes to Malaga from major cities and from Moscow there are 81 flights per week. Marbella is just 45 minutes drive from Malaga airport.

According to Coulée, “if Russians buy property in Spain, they are able to obtain a visa for visits and this has the added benefit of making travelling around Europe easier. Many also prefer to invest in property in another currency to spread the currency risk, so as not to have all their investments in the Ruble.”

The higher end property market in Marbella and the surrounding region has remained buoyant during the economic downturn and has been given a recent boost by plans to build an enormous new port and marina, just east of the centre that will be one of the largest and most far-reaching projects undertaken in Marbella. The ?100 million investment by Qatar Sheikh Abdulla Ben Nassar to transform the existing port will see provision for over 1200 berths, capacity to take cruise liners, plus construction of a new hotel, shops and restaurants.