Balearic property buyers will need to fend off competition from Russian investors, as the eastern Europeans flock to the country. Sotheby's International Realty explained that the islands are becoming more attractive to wealthy Russians, thanks to improved hotel and leisure facilities. Visitor numbers from this part of the world were up 23.4 per cent in 2012 and all three Balearic airports now have links to the nation.

This means that not only is the property market likely to witness more Russian activity, but holiday let investors can benefit from this emerging market. According to figures from Mallorca's Hotel Association, overnight stays among Russians have increased by 34.1 per cent, with a higher-than-average stay of 11.6 days. Tourists from this nation spend an average of more than €162.8 million on the islands - up by 19.7 per cent since 2011.

Sotheby's International Realty claims this is the result of improved connectivity between the country. Daniel Chararria Waschke, managing director of Balearics Sotheby's International Realty, explained: "At March’s Moscow International Travel and Tourism exhibition, Russian tour operators confirmed that air capacity to the Islands would double and, for the first time, all three of our airports – Mallorca, Ibiza and Menorca – would be directly connected for the summer season.  The Balearics are outperforming other Spanish holiday destinations in terms of percentage increase of Russian tourists and the expectation is for this trend to not only continue, but to soar."

The weather is also one of the main drivers behind Russian interest in the islands and with the Balearics increasingly tailoring their offerings to this market, demand is likely to continue. Already, the 26 golf courses and stunning marinas are proving popular. Investors looking to capitalise on the market should focus their efforts on the prime sector, choosing luxury property in key locations.

Taylor Wimpey Espana has also recognised the potential of the Balearics, explaining that Mallorca in particular is a popular port for cruise liners. With around one million passengers entering the island by sea each year, there are plenty of opportunities to tap into the growing number of tourists.

source: http://www.propertyshowrooms.com/spain/property/news/russians-heading-balearics_312714.html

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