Spain is the most attractive market to invest in a second home
The average purchase price is 245,000 euros.
Spain is the most attractive destination for future investments in second homes, according to 19.3% of respondents of the international study prepared by the real estate consultancy, Savills, and the vacation rental platform, HomeAway.
Spain is followed by other Mediterranean countries such as Portugal (13.2%) and France (13.1%), with the coast being the preferred destination.
According to the survey, 44% of second-home owners located in Spain are foreign buyers originating from the United Kingdom (19%), Germany (12%), the Netherlands (4%), France (3%) and Belgium (2%). The remaining 56% of owners are Spanish.
Most of the properties are located in the Canary Islands (12%), Costa del Sol (9%) and the Balearic Islands (9%).
How buyers behave when buying a second home differs depending on the owner’s country of origin. The study reveals that British and Dutch owners acquire the most secondary housing outside of their country, but Spanish, Italian and Portuguese buyers prefer their countries of origin when acquiring a second home (around 95%).
According to the study, 28% of Spanish owners cover part of their expenses with income generated by the rent, and 38% get a subsidy.
Examination of the second-home market in Spain
The average price of second homes acquired by Spanish owners last year was 245,000 euros, according to a survey, 22% less than the purchase price compared to ten years ago.
In addition, 28% of respondents said they had personally financed the acquisition of their second property, 52% acquired it through a mortgage and 8% was inherited or given away.
Spanish owners of second homes get an annual income of 12,000 euros; on average, they rent it for 19 weeks a year. 43% of them claim to have had the same number of reservations in recent months compared to the same period last year, 41% had more reservations and 16% had the same amount.
Two-bedroom apartments are the most common secondary dwelling among the Spanish owners surveyed. When buying a second home, owners look for: proximity to restaurants and bars (88%), having a balcony or terrace (88%), and proximity to supermarkets and shops.