Spain’s crisis shaping buyers’ demands

A NEW study confirms buyers in Spain have changed their demands when searching for a home and now look for cheaper, smaller and less equipped properties.
The report put together by property online site Casaktua.com, created through interviews with 1,100 residents in Spain, found that 94 per cent of interviewees believed that the financial crisis had marked a “before and after” when looking for a home.
Eighty per cent said that buyers were now looking for cheaper homes. More than half said they searched for smaller spaces and 41 per cent claimed that buyers did not mind doing without community equipment such as pools, parks, and gardens.
Seven out of ten interviewees said they lived in a flat, the most common kind of residence in Spain, followed at great distance by semi-detached villas (12.5 per cent), detached villas (10 per cent) and single-room apartments (five per cent).
Since the beginning of the financial crisis, the percentage of residents who opt for renting instead of buying a home has gone from 6.4 per cent to 40 per cent, and 60 per cent of interviewees claimed they were only able to spend €400 or less per month on their rents.
Out of those who would consider buying a home, 28 per cent said they would be willing to spend between €50,000 and €100,000, while 26 per cent said they could spend between €100,000 and €150,000.