Russian buyers give a welcome boost to the Mallorcan real estate and property sector

Recently the Spanish government announced that Russian nationals who buy a property costing more than €160,000, will automatically be granted a residence permit. And that’s good news for Majorca’s property sector, as with bank repossessions of property available at good value prices, Russian and other non-EU buyers are beginning to take full advantage of being able to pick up a bargain, particularly as having a resident’s permit allows them to move freely around the European Union.

A huge interest from Russian buyers

Antonio Fuster, CEO of Mallorcan real estate company Balearic Properties (balearic-properties.com) says: “Ever since the announcement of the change in the law, we have had a great deal of interest from Russian buyers looking for property. This is welcome news indeed, particularly as the crisis has hit the Majorcan economy hard. With the buyers also comes the money, providing a welcome boost to the slowly-recovering Mallorcan economy.”

At present there is high demand from Russian citizens as well as people from the former Soviet republics. Impressively, 2013 witnessed a 40% increase in demand for Spanish property by Russians from the previous year.

Mallorca’s many attractions an obvious factor

So why such an interest in buying property in Majorca? Well it’s not just sand, sea and Sangria! With Majorca’s fabulous beaches, stunning countryside, great weather, abundant culture and fabulous restaurants, it’s hardly surprising that so many Russian nationals are drawn to the island. Security too, is a major factor. Crime is low in Mallorca and many property buyers from Russia feel safe and secure here.

A welcome pattern has begun to emerge – Russians first come as tourists, fall in love with the island, and then come back and invest in property. In fact such is the demand, it is estimated that one in five Spanish property sales are to Russian middle class people who want a second home here.

But it’s not just the appeal of second homes that is attracting the Russians; many wish to settle here for good.

Specialist local knowledge of Mallorcan estate agents

“This is obviously good news for Mallorcan real estate businesses like ours”, says Antonio Fuster of balearic-properties.com. “Our extensive local knowledge is first class and we are happy to partner Russian estate agents in helping their clients find the right property.”

It’s a wide range of Majorcan property that interests the Russians too. Modern coastal apartments are obviously a popular purchase, but so too are the beautifully restored, centuries-old townhouses and farmhouses scattered around the island’s interior.

The good news is, it seems like more and more Russians, with their welcome investment potential, will be coming to Mallorca for many years to come!

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