The real estate market is gradually recovering normality. After the summer, we can already see a rebound in sales figures in different market segments. One of them is, mainly, that of second homes.
According to Raf Jacobs, CEO of Inspire Property Experts (experts in this), “they see a clear recovery in both the national and international segments.” And it is that although both groups of buyers are not looking for the same properties or in the same areas, both have registered good activity figures in recent months. According to Jacobs, this is due to several factors that influence this dynamic.
Jacobs justifies the increase in demand to buy a second home in our country, with the desire to leave the country. And reason is not lacking, especially after what he experienced during the pandemic. Many citizens want “to enjoy a weekend in a place with nature, with more space, less pollution and less noise”, explains the CEO of Inspired Property Experts, because “the dream of being able to have a second home is there”.
This is how solvent demand has started to buy a second home. In other words, those who have kept their jobs and have a regular income. But they also had sufficient savings. Because precisely because of the stoppage of activity in 2020, the ability of these citizens to save has allowed them to take that step.
Luis Corral, CEO of Foro Consultores Inmobiliarios, agrees on both points with Jacobs, but also points to other important factors to take into account. The expert affirms that “teleworking has changed the way of living and the need for more open spaces”. This has made second homes more attractive.
Before the pandemic, the second home was seen as “a place to enjoy vacations or thinking about retirement, but now it has an additional component,” says the analyst.
Therefore, the recovery forecast is very positive. Since, according to Luis Corral, “the trend is on the rise and as there is more mobility and interest, not only from foreigners, but also from the national buyer, the recovery will be faster.
This is due to low interest rates and price maintenance. In fact, investing in housing continues to be one of the preferred options for small savers. About 22% of Spaniards have a second residence in their name.
What areas are the most in demand?
The areas of Spain most in demand to buy a second home are Andalusia, Levante and the Balearic Islands. However, from Foro Consultores Inmobiliarios they point out that “the second residence is not only focused on coastal areas, but also in areas close to large cities.”
For Raf Jacobs there are two very definite tendencies. On the one hand, those who want a second residence close to the first to be able to go on the weekend. And others who are looking for a residence a little further away by teleworking. These people have “a flexible work rhythm and do not have to“ make a caravan on Friday ”.
Has this improvement influenced the increase in foreign investment?
According to Raf Jacobs, “the foreign investor is returning to Spain and not only for second homes”. They do it for the same reasons as national buyers and because of the weather.
In addition to this, the cost of living in Spain is lower than in other European countries. Also the prices of the houses and their evolution in the last year and a half. While in countries like Belgium, Canada or the United States, prices have risen by around 10%, in Spain they have fallen.
Therefore, Luis Corral clarifies that this “improvement in the demand for second homes, in general from our European neighbors and also from the Spanish”, occurs because there is liquidity in the market.
