Home Buyers From Russia Are Starring Foreign Demand For Residential Investment Real Estate In Canary

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In its last finance report, rinconinmobiliario.es reveals that Russian investors bought more than a fifth of all new-build properties in the year to May 2010.

The investment from the Russian investors comes as their domestic markets prove more difficult.

Juan Manuel Lopez, rinconinmobiliario.es lead of residential research, said: Russian buyers in particular are keen to spread their exposure and invest in markets they regard as more secure than their own if they can get through the regulatory minefield and release the funds. In mainland Russia, local investors have become more nervous about keeping money in their own country after outstanding credit rose by 30% and at least seven Russian cities saw their new home prices surge more than 50% over the 12 months to May 2010.

Canary Islands' attractions include the weak pound, coupled with strong capital growth and rising rents. Investors from Russia and Ukraine accounted for 49% of all investment purchases against just 36% acquired by another buyers.

Juan Manuel Lopez added despite 22% capital increase in the 14 months up to the end of May 2010, currency ...
... trends meant that effective prices in main localities were still 32% lower than their March 2008 peak for a purchaser looking to buy in rublo. Russian buyers have also benefited from the wealth created from strong Eastern Europe price increase.

Of course, the advice of an attorney is always very positive in order to verify a purchase safe.

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