Second homes in Spain: how the pandemic has changed what foreign buyers look for

Foreign buying trends in Spain / Savills

24 May 2021, 14:05

International home buyers in Southern European countries are looking for more outdoor space, connectivity and efficiency. This is according to the "What Buyers Want" report, compiled by Savills Aguirre Newman on a base of clients currently looking to buy property in Spain, France, Italy and Portugal. These new search trends from foreign buyers are largely due to the coronavirus pandemic; let's have a closer look at how the pandemic has changed what foreign buyers are looking for in Spain.

Priorites for foreign buyers in Spain

Among the conclusions drawn from the study, conducted between February and March 2021, proximity to services, high-speed Internet access and good views top the wish list for people who intend to buy a home in any of these countries. Good views (94%), proximity to services (90%) and high-speed internet access (87%) are the most important factors for expats buying property in Spain. They are followed by proximity to the beach (77%), outdoor spaces (71%), energy efficiency (70%) and proximity to the airport (65%).

58% of first-time home buyers in these countries prioritise rural settings, while for second home buyers this figure rises to 80%. Among the over-60s, rural or countryside areas are a favourite for 73%, compared to 37% for those under 40. For those who wish to buy in an urban environment, balconies, terraces or patios are the priority, while those who buy in a rural environment opt for larger gardens.

Sustainability gains weight

The report also indicates that in general terms, international buyers are increasingly taking environmental impact into account when purchasing a home abroad, something that can also help to minimise their running costs. Savills Aguirre Newman highlights that almost 70% of buyers say that energy efficiency is an important feature of the property, while half already value the use of sustainable materials in the construction process. Among those looking for new-build homes, these factors are even more important: 87% consider energy efficiency to be important, while almost three quarters (74%) stress the importance of sustainable materials.

Looking for a second home in Spain

The purchase of a second or holiday home in Spain or in other Southern European countries remains the main motivation for luxury residential buyers, with 37% of respondents indicating this as the main reason. In addition, the report notes that, as a result of the pandemic, buyers expect to spend between 9 and 12 weeks a year in their second home.

The rise of remote working or working from home will also allow homeowners to spend more time at their second homes and this is a boost to the sector. According to Savills, which has also analysed the importance of the length of the commute to second homes, it is likely that buyers will be willing to make longer journeys, which would increase the variety of second home buying destinations.

More than a quarter (27%) of respondents say that the rise of teleworking has influenced their decision to buy a home in one of these countries in some way. Notably, almost three-quarters of respondents (74%) expect to work from home at least one day a week after COVID-19, compared to only half before the pandemic.

According to the report, the British continue to be the dominant nationality as second home buyers in Spain, with 57% of respondents of this nationality. Spain also attracts the greatest variety of nationalities, with 11% of foreign buyers coming from Germany, 7% from Belgium, 4% are Americans and the same percentage of Dutch among the active buyers surveyed.