Chinese and Russians are the biggest foreign buyers of residential property on Queensland's Gold Coast.

Last year, Chinese buyers finalised deals for $22.76m of houses and apartments, while buyers from the Russian Federation signed for $22.7m of Gold Coast homes.

Global real estate adviser DTZ's Queensland project marketing director, Paul Barratt, said Russian buyers had been virtually non-existent in the Queensland property market 10 years ago.

Russia's increasing wealth from oil and mining, combined with Australian developers specifically targeting Russian buyers through roadshows in Moscow, had seen this nationality emerge as one of the biggest foreign buying groups of the past four years.

The Australian