Iona Napier
RUSSIAN property purchases in Spain are on the decline.
The Spanish Property Registry reveals buyers fell by 42% between 2014 and 2015.
Just 1,767 properties were sold to Russians in 2015, down from 3,106 in 2014.
An Engel & Völkers Specialist believes ‘there is no lack of interest, but Russian buyers have become sellers’.
They are being replaced by Americans, Swiss and buyers from the Middle East.
However, Brits remain the biggest buyers from abroad and represent a staggering 21% of all property sales.
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Talking to a local agent yesterday and was told that the Brexit issue has reduced 90% of his British buyers, and I’d expect the same elsewhere. Luckily, there are still lots of Dutch and Scandinavian buyers around and they may even replace the British segment in the future.