Spain, Tenerife and the Canary Isles, have not lost their appeal with affluent Russian buyers, finds a new study. Along with Bulgaria, Turkey, The US and Israel, Spain
is one of the most popular overseas destinations amongst affluent Russian house-hunters, according to a study by real estate agents and mortgage brokers Lowel.
Russians buying in Spain spend between 50,000 and 150,000 Euros on flats, and 300,000 plus Euros on Villas. At the very top end, Russians in Spain have some of the biggest budgets of all, often in the multi-million Euro bracket.
Nevertheless, Russian demand is feeling the pinch of the economic crisis this year. Russians are expected to spend 9.3 billion Euros – 10% less than last year on property abroad.
