A new survey conducted by industry experts has found that Russian investors are very keen to start buying property in Spain, Turkey and the UAE. The real estate magazine International Residence surveyed hundreds of Russian buyers at Moscow’s International Investment Show to find that both Spain and Turkey were in their top 3 investment locations with Dubai close behind.
Historically Russians have been consistently ahead of the curve when it comes to identifying real estate markets primed for growth. While their knack for recognising growth markets seems as effective as ever, their reasons for buying have evolved.
When asked, 53% or prospective buyers were looking for a lifestyle investment they could utilise themselves for leisure purposes.
International Residence which targets only Russian speaking readers said “We publish 35,000 copies of our magazine twice a year, and have definitely noticed that there is a renewed interest from our readers for leisure real estate”
It is thought the reasons behind this new trend could be because of the type of location that Russian investors are now actively targeting. Spain is a very well established tourist hot-spot that contains some of the world’s leading resorts. Now prices have been lowered significantly, many are buying some once in a lifetime deals. Dubai has rapidly grown to become an internationally recognised leisured destination and again price declines have created a lot of opportunity.
Svetlana Andryukina, Editor of International Residence said “the UAE is coming back into fashion with some canny Russians picking up some bargains in the sun.”
Turkey is another up and coming location that gains considerable levels of tourism. Again, this country also offers extraordinary value for money comparable other European destinations and ticks the box for investors wanting capitalise on low entry levels.
Select Property representatives have travelled today to a similar Russian Investment show in Tyumen, Siberia which will be taking place over the next few days.
Director Giles Beswick said “We will primarily promote our Dubai opportunities; however we will also showcase both properties in Turkey and Spain with a focus on our Marbella portfolio to make to most of the spike in interest.”