Natural light, good orientation, a spacious living room and kitchen, terrace or garden, large rooms, a quiet location and an efficient home. These are the features that people living in Spain and expats buying property in Spain are looking for, according to data from AEDAS Homes and estate agents in Spain.
How property buying in Spain has been affected by COVID-19
Other important aspects that determine the purchase are parking, the nearby presence of public transport or the proximity to work or school, as can be seen from the responses of the 4,000 people surveyed by AEDAS Homes.
Among the aspects of lesser importance, the participants in the study carried out by AEDAS Homes cited proximity to leisure areas or the fact that the property has communal areas or private security. "The explanation for the low valuation of these spaces and facilities is twofold: either because they do not look for them or because they already focus on areas that generally have these services and do not make a difference," states Jorge Valero, Director of Data and Digital Transformation at AEDAS Homes.
New buying trends and preferences from Spaniards and expats
The coronavirus pandemic has also transformed the preferences of Spaniards and expats when it comes to buying a home in Spain, and they are now opting for residential areas rather than the city centre, as well as looking for as much natural light as possible in a property.
As Valero explains, "a year and a half after the coronavirus lockdown, we are no longer talking about just a passing trend in residential priorities, but about changes that, in a short time, have had a profound effect on demand and which seem to be here to stay, at least for a while or perhaps forever. For example, having natural light has become a non-negotiable element for everyone analysed".
The developer also summarises the 2 main motivations of today's buyers: they have outgrown their current home and they have seen an improvement in their financial situation. Some 14% of those interviewed attributed their decision to buy to these 2 reasons.
"Many of the potential buyers surveyed need more space in their home, either because they require a room to work from home, because more family members at home or because they have realised that they would prefer to live in a larger home as they now spend more time in it," explains the head of AEDAS Homes.
Other reasons that are currently driving the purchase of a home, although more secondary, are the objective of acquiring a second home, investment, and the desire to have a change of scenery, something which is especially common amongst expat buyers.
Has the pandemic changed what foreign buyers look for?
Much of what has been covered by the AEDAS survey about the buying preferences of those living in Spain also applies to expats and foreigners buying property in Spain. After a drop in property purchases by expats in Spain during the pandemic, 2021 has been a much more positive year according to agencies that specialise in helping foreign buyers find their dream home in Spain.
According to Bennecke, a real estate agency in the Costa Blanca which specialises in working with expat buyers, foreign buyers are also focusing their searches on properties with more exterior space, such as gardens and terraces, as well as more indoor space, including an office for working from home. Both expats and residents in Spain alike are giving a lot more importance to their home and this is reflected in buying trends in 2021, while foreigners continue to prefer coastal holiday homes compared to Spain’s inland regions.
