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Brits & Russians Boost Local Economy

Brits & Russians Boost Local Economy
August 27
10:18 2014

The Ministry of Infrastructure is to start a campaign to encourage holiday home owners to extend the length of time they spend in Spain, after a recent study by the Valencian Institute of Building revealed just how much impact foreign homeowners have on the economy, in addition to the money they spend purchasing real estate.

A substantial amount of revenue is generated by foreign home owners, mainly the British and Russians,with an average of €21,300 spent annually per household by permanent residents, and €8300 spent by holiday home owners. This equals around €1770 per month, so encouraging holidaying families to spend more time in Spain could bring a healthy boost to the local economy if the campaign is successful.

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Foreign buyers have also played a large part in reducing the surplus housing stock with Russians tending to go for the larger luxury properties, and the British purchasing smaller houses and apartments.

However, a weak rouble and the political crisis in Ukraine has seen the number of Russian tourists visiting Spain in 2014 drop considerably, and we can probably expect the number of homes purchased by Russians to also drop until the rouble recovers. In 2014 the number of tourists from Russia rose by 40 percent over 2011, and more than 1.5 million Russians visited Spain in 2013. However in June 2014, numbers dropped by 14 percent, and this figure is expected to reach up to 20 percent for the month of August.

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1 Comment

  1. Gizmorina
    Gizmorina December 03, 16:19

    funnily enough dont see loads around Javea like you do down south..whys that I wonder

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