Spain's Residential Properties in Demand by Emerging Market Investors

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(MOSCOW, RUSSIA) -- According to Andrey Maslak, president of the Russian Foundation for Economic Cooperation and Development, there is a growing number of Spain's real estate agencies that are starting to focus more on Russian and Chinese customers instead of traditional buyers from the UK and Western European countries.

Maslak commented, "The demand for Spanish residential property during the crisis fell by 70%, since the market was practically abandoned by the UK buyers, which for many years were leaders in terms of demand for Spanish property."

"However Russians are still dominating in the Spanish real estate market even during the times of crisis", said Andrey Maslak.

Because of such, many of the Spanish real estate agencies are starting to hire Russian-speaking staff and creating the Russian language versions of their websites. 
 
Maslak also added that this year prices for the Spanish residential property will likely fall to original construction cost of many properties. 
 
According to him, "the price floor" on the Spanish property market can be expected later this year. 
 
Prices for new construction in Spain this year will fall to the level of construction costs, while more and more property in the secondary housing market will be offered at "the price of land", Maslak said.

"In other words, it will be more profitable to buy already existing housing than the land for building a new home", said Maslak.

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