The market for second homes in Spain continues to grow this summer with a notable increase in both local and foreign demand. In this sense, 70% of second homes in Spain are located in coastal areas, both on the peninsular coast and in the archipelagos of the Balearic and Canary Islands.
The areas of greatest demand for the purchase or rental of second homes in summer are those located on the Mediterranean coast, whose average price is around 200,000 euros. The average profile of holiday home buyers is that of couples aged between 35 and 49, with children and a stable income of over 3,500 euros per month.
The market for the purchase and sale of holiday homes tends to experience its months of maximum dynamism in the months prior to the summer season, while in the summer season itself more leases are formalized.
In the case of our area, (Torrox, Nerja or Frigiliana) in which in recent years, the sector of second homes has been experiencing a gradual growth due to the general recovery of the economy and the increased flow of credit, is usually the summer, when fewer operations are closed, largely due to the fact that many properties are rented for holidays, and it is difficult to access them. If it is true, that this year, with the entry of the new mortgage law, many mortgages, of properties sold in the first half of the year, could not be registered until August, due to the need to update their contracts to the new legal reality.
By region, Murcia’s cheapest coastline with an average of about 150,000 euros per floor, followed by Tarragona (160,000 euros), Alicante (200,000 euros) and the Costa Brava (250,000 euros). Our Costa del Sol is very far away, with an offer of flats at an average price above 350,000 euros. and therefore, the type of client, is of a higher purchasing level.
There is expectation to see how they develop in the coming months, mainly due to the entry into force of the Brexit, which has all the looks, according to what has happened recently in London with the closure of parliament “betrayal”, that will be a hard Brexit, without agreement, which adds even more uncertainty to the economy in the Euro Zone, with Germany entering into recession.