Russian investors invited to ‘Golden Triangle’

Russian Meeting Point

The towns of Benahavis, Estepona and Marbella, together known as the ‘Golden Triangle’, are inviting Russian investors to help reduce the stock of property for sale on the coast.

‘The Russian Meeting Point – Marbella’ will be held at Hotel Villa Padierna between March 14th and 16th and will see representatives of the Spanish real-estate sector meet with Russian investors.

The initiative seeks to present all of the properties for sale in those areas with significant discounts on the original price. The meeting will have an area of ​​approximately 1,000 sq/ft to promote contacts and trade between marketers, Spanish development and construction companies and other professional investors.

The organisers of the meeting said “We have the support of major Russian real estate associations that will present a significant presence of investors interested in buying Spanish property, or promoting it in the Russian market, one of the most powerful in Europe, and generate more interest in Spanish real estate, especially in the ‘Golden Triangle’. ”

The warm reception received by Russian investors in the last edition of “Barcelona Meeting Point” led to the sale of luxury homes on the Costa del Sol, thanks in part to an influx of buyers from the East, and also led to the organising of this event.

Ricardo Arranz, current president of the Andalusian Federation of Developers and Residential Tourism recently said that luxury homes valued between four and 10 million euros are being purchased mainly by buyers from Saudi Arabia, U.A.E. and Russia.

‘The Russian Meeting Point – Marbella’ comes with great expectations for the sale of both luxury properties and other stock due to the heavy discounting currently available.

More information is available on the official website: Marbella Meeting Point 2012

Russian and Arab investment boosting the coast

Luxury property is attracting investment
Luxury property is attracting investment

Although the property market as a whole is faltering it seems that Russian and Arab investors are keeping the market afloat purchasing homes between 4 million and 10 million euros.

There has traditionally been a good deal of investment from the Russian market here on the Costa del Sol and 2011 has continued this trend with many Russians purchasing multiple high-end properties.

The Costa del Sol has recently received members of the Qatari royal family and other dignitaries from the Arab Gulf creating rumours of massive investment in multiple development plans. The visit have gone the other way too with Angeles Muñoz, Mayor of Marbella, recently visiting Qatar, Abu Dhabi, Dubai and Kuwait.

President of the Andalucian Developers and Residential Tourism Federation, Ricardo Arranz, explained that there is high interest in the Costa del Sol from the Russian and Arab markets. Investment from the Chinese is also on the rise.

Arranz went on to say that the banks are currently selling properties with large discounts, up to 50%, mainly on the coast between Marbella and Estepona. He also added “the only positive thing about legal scandals such as the ‘Malaya’ and ‘Ballena Blanca’ cases is that available houses are becoming scarce in Marbella and more need to be built, which will create employment”.

I’m not sure I agree with that though. There are thousands of empty properties here on the coast. It may be an idea to create a census of these wasted spaces and start housing people in need. The Costa del Sol is already over-developed. There is no need for more housing along the coast. The development I live in is only 40% occupied and that is not unique. Make use of existing property before you build any more!