Although British buyers still dominate the overseas property buyers market in the ever popular Costa del Sol, Russians now make up the second largest grouping of foreign nationals looking to take advantage of favourable conditions on that particular stretch of Spanish coastline.
The Association of Developers and Constructions of Malaga report that over 9% of recent transactions have originated with Russian purchasers, beating the previous runners up, Germany, which is currently responsible for only 7% of all finalised sales.
With some estimates contending that up to half of the Spanish real estate market supply consists of properties repossessed by lenders, and bank-owned property now accounting for 80% of the 10,000 newly built homes in the Costa del Sol, the smart Russian money is following what is seen to be rock bottom prices while such stocks last.
Elsewhere in Spain, the region of Alicante saw Russian purchases jump by 34% in the first quarter of 2012.
Although the new permanent residency visa offer for property buyers may influence these figures to reach even greater numbers in the future, at the moment the take up from Russian buyers for this particular aspect of land deals is remaining low.
The amount of bank owned stock has had a depressive effect on the entire Spanish property market but there are signs that this will soon be coming to an end as buyers continue to take advantage of the historically low price points.
If you are thinking about how to send money abroad, which you inevitably have to if you are making an overseas property investment, there are a number of options available to you.
For potential Spanish property purchases, it is best to use the services of a currency exchange specialist in order to get the most benefit from the best rates on the market.
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