Where? (Location)
Friday, May 13th, 2016

The Russians return to Spain’s real-estate market

Following the devaluation of the rouble against the euro that caused a fall in the number of Russian tourists in Spain, 2016 announces a change in the situation: their return to the Spanish coasts.

Luxury property in Marbella

In relation to the previous year, the number of Russian citizens arriving at Malaga airport increased by 23% in the month of January, a generally low influx period. According to tourist organisations, the record figure of Russian tourists reached between 2011 and 2013 will be the same in 2016.  For its part, the association of Russian tour operators has reported that holiday reservations in Spain have increased by 34%. This is excellent news for Marbella, as Russian tourists are known for their interest in luxury services offered by the city and for spending a large sum of money in the Spanish coast.

Regional Government’s tourism office in Andalucía, especially its project to counteract the decrease of Russian visitors in Spain, is the source of this positive phenomenon. In fact, the Royal Andalusian School of Equestrian Art that took place in Russia, as well as 20 other events celebrated in this country form part of the Regional Government’s strategy as a way to transmit Spanish traditions and reactivate Russian tourism in Spain.

Key Investors for Marbella’s real estate sector

In recent years, Russian investors have been key for Marbella’s real estate sector, occupying the top spot on the Golden Visa’s waiting list. This program offers those who invest a minimum of 500,000 euros in properties the possibility of travelling through all the Schengen countries and living in Spain.

In 2013, the figures demonstrated that 35.1% of the “Golden Visa” requests came from Russian citizens, with a total spend of 327.9 million euros and a large interest in Marbella and other luxury destinations.  Hence, it is expected that this increase in the number of Russian visitors involves the dissemination of Marbella’s profile as a luxury tourist city and that, consequently, also increases property sales.

The Spanish economy and, in this case, that of Costa del Sol comes with a strong presence of Russian citizens. An example of them is the large number of Russian musicians, art galleries, artists and fashion designers that have decided to settle in Marbella and Puerto Banús. Additionally, the Casa Rusia shopping centre is another example of this phenomenon that along with its cinema/theatre, its restaurant and its business centre represent a meeting point for the Russians that live in this area of Costa del Sol.

Following the planned investments in different luxury hotels for a value that reaches hundreds of millions euros and the reservations that have been made from other European countries, the future of Marbella and its real estate sector is on the right track.  After many years, Diana Morales Properties has made a place in Marbella’s luxury real estate market, so we can advise you regarding a possible investment in this Andalusian city. Please do not hesitate to contact us we will be pleased to provide all the necessary assistance.


Did you like this article?
Subscribe by email to be notified of new updates