Unlike the past few years, when the purchase of second homes only saw significant figures during the summer months, the data we received after the first quarter of 2023 shows how the buying and selling of such properties has increased since last winter. At Aliseda Real Estate, we'll explain why the sale of second homes has skyrocketed this year.
Real estate experts have also dared to predict that a recovery is expected in the sector in the coming years. Among the main causes of the surge in transactions with second homes are the end of restrictions and Spain's status as one of the main focuses of international investment.
In the last quarter, there has been a 50% increase in the demand for this type of property for personal use. This growth has been occurring since February and coincides with the reopening of hotels and the revival of tours and excursions. Thus, this trend will continue throughout 2023, making it the year of real estate recovery.
Who buys second homes?
The latest data shows that the person buying second homes has a profile with an age range of 55 to 65 years and purchases their second residence with savings. They also seek financing between 30% and 40%. In addition, buyers mainly come from Madrid, Zaragoza, and the Basque Country.
The number of buyers increases as their age also increases. Therefore, it is much higher among users approaching retirement.
On the other hand, the international buyer usually comes from central or northern Europe and is mostly retirees looking for a home where they can spend long periods and enjoy good weather throughout the year.
It is also worth noting that the main foreign investors in our country come from France and the United Kingdom.
Furthermore, although - in general terms - the buyer has a mature profile, during the last year, the percentage of young buyers has also increased. This is directly related to factors such as the rise of telecommuting and new work scenarios, allowing the purchase of an apartment near the beach to spend extended periods of time.
When are second homes purchased?
According to the sales history in Spain, the purchase of second homes has always been done when the good weather begins, with the period between Easter and early autumn standing out.
On the contrary, and although to a lesser extent in our country, during the winter months, a higher volume of property sales is recorded in areas such as the Pyrenees or the north.
Where are second homes bought?
The most significant growth so far this year in Spain has been reflected in the Costa Blanca, with destinations like Benidorm or Alicante leading the way. The data show how, in these cities, real estate companies have doubled their monthly transactions compared to the historical figures of previous years.
Among the main destinations chosen for the purchase of second homes, following the aforementioned, are the towns of Torrevieja, Santa Pola, Marbella, Malaga, and Benalmadena on the Costa del Sol.
In conclusion, the most active regions are Andalusia, Valencia, the Balearic Islands, the Canary Islands, and Catalonia.
If you want to know other current news, real estate trends, sustainability ideas, home tips, and location queries. Follow us on social media to stay updated on our products and services.
