Russians snap up luxury homes on Spanish coast

Russians are snapping up luxury villas surrounded by lush vegetation along Spain’s rugged Mediterranean coast, drawn by a mild climate and relaxed lifestyle, proving the country’s ailing economy with a much-needed boost.

Sergei Maslov, 53-year-old real estate developer, and his wife Larissa, 51, from Novosibirsk in Siberia are part of this wave of Russian investors with deep pockets who are being welcomed with open arms by Spanish officials.

The couple are looking to buy a home on the Costa Brava in Spain’s northeastern region of Catalonia after spending lengthy vacations in the area during the past four years.

“Temperatures can drop to 40 below zero. So we want to come here where we have sunshine and nice weather and where we can have a great time with our children and grandchildren,” said Larissa after visiting a villa in the hills near Playa de Aro, located some 80 kilometres (50 miles) north of Barcelona.

The 700 square metre (7,500 square foot) house with six bedrooms, a giant living room decorated in a modern and minimalist style, swimming pool and a sauna that Larissa said was “a bit small” sells for 3.5 million euros (HK$35.1 million).