Fewer foreign buyers mean better deals for Spanish nationals looking to purchase vacation homes
- The number of foreign buyers, interested primarily in the major cities and tourist areas, decreased by 6.4% year-on-year in the first quarter of the year.
- Just as in the 2008 crisis, domestic demand for second homes is likely to be less affected.
- Servihabitat has launched a campaign featuring more than 3,000 homes, mainly in areas with significant tourist appeal.
Barcelona, July 20, 2020. The recent health crisis has had far-reaching implications for most economic sectors in Spain. Although, as a rule, the strength and robustness of the residential market are providing more protection for the main indicators than in the 2008 crisis, in some market segments, the impact of Covid-19 will be more noticeable.
Such is the case with the market for international buyers, which will feel the consequences of the current health crisis more acutely. The first quarter of the year saw 14,850 sales to foreigners, representing a fall of 6.4% year-on-year. Nonetheless, foreign buyers account for a considerable number of transactions. According to data from the Spanish Association of Real Estate and Commercial Registrars, in 2019, almost 63,000 homes in Spain were purchased by foreigners, representing 12.5% of all the homes sold that year. Servihabitat's in-house data, compiled in the 2019 report on the Spanish Residential Market 2019, shows that around 90% of those purchases were for properties located in major cities or on the Mediterranean coast, proving that foreign buyers hold considerable weight in tourist areas.
By contrast, as in the previous crisis, when second-home operations increased from 13.4% in 2006 to an average of 17.3% between 2008 and 2013, domestic vacation-home sales will decrease less than overall sales.
In this context, and taking into account that, during the lockdown, the desirability of owning a second residence in Spain became firmly established among the Spanish population, the current situation represents a window of opportunity for Spanish nationals looking to purchase their vacation home.
Servihabitat, a leading multi-client and multi-product servicer for the management of real estate and financial assets is launching a new campaign to incentivize sales in this market segment. This new initiative features more than 3,000 homes, with an average sale price of €92,000.
The properties, owned by various Servihabitat clients, are primarily located in the provinces of Valencia (10.5%), Alicante (8.6%), Murcia (8.4%) and Málaga (8.4%), all of which are coastal areas with significant tourist appeal.
Anyone interested in the promotion, which will be available until September 15, this year, can visit https://www.servihabitat.com/en/web/guest/secondhome or call 942 049 000.
Servihabitat is the leading multi-client and multi-product servicer provider for the comprehensive management of mortgage and developer portfolios, as well as real estate assets. The company’s thirty years of market experience and the high volume of assets under its management consolidate its position at the forefront of the sector.
A multidisciplinary and highly qualified professional team, management excellence, marketing power, technological innovation, and a quality service tailored to the needs of each client all unite to make Servihabitat a strategic partner capable of providing diverse solutions throughout the asset management cycle.