Homeowners seek a profit

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INCOME BOOST: Second homes are now expected to generate additional income CREDIT: Shutterstock

OVER the last 10 years, the international market for second homes has changed drastically, according to a new survey, and owners with properties in Spain are now expecting them to reap rewards.

Real estate advisor Savills and HomeAway, claims that today’s buyers are prioritising rental income over the luxury of purchasing exclusively for their own use.

Today, more than a third of all additional homes are bought as solely rental properties, compared to 14 per cent in 2000.

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A company spokesman said that in a low interest rate environment, investors are seeking out income generating assets. He added that buyers are increasingly looking not just to cover costs, but to turn a profit.

The findings suggest British second home buyers shop more widely than all other nationalities, with only 24 per cent of second homes located in the UK.

Spain accounts for 16 per cent of properties owned, with the top three location choices by international owners being The Algarve (five per cent), Costa del Sol (four per cent) and Costa Blanca (four per cent).

The Spanish, Italian and Portuguese, all countries favoured by holidaymakers, prefer their own countries, with less than five per cent of their additional homes bought overseas.

The research surveyed 4,300 property owners from across Europe, North America and the rest of the world.

 

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