In the first months of this year, requests for property in Spain by the Russians fell by 60%, according to Agustin Ramirez from the agency Costa Activa. Ramirez says that this fact may be related to different causes, such as, for example, the joining of Crimea to Russia, but the fall of the ruble has the largest impact. It is reported by ee24.com citing spanishpropertyinsight.com.
According to the portal ee24.com, Spain is the second property market for the Russians after Bulgaria. But the share of Russian buyers in Spain is reducing (now it's about 8%), while the French (11%) and Belgians (7%) are becoming more serious players, expert said.
Ramirez says that the downward trend in demand became obvious in late 2013, and will only increase in the event of a further weakening of the ruble. The Russian currency has fallen against the dollar and the euro by 21%. It means that the Russians will spend by 2.5 million rubles (€50,000) more than a year ago for the purchase of the typical home in Spain worth €250,000.