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September 2017

Murcia cheapest location for Spanish second homes

Published: Wednesday 20 September 2017

By David Fuller 

Investors looking to purchase a second home in Murcia pay, on average, 150,000 Euros for their property, compared to buyers in Malaga, who pay closer to 350,000 Euros.

Alicante (200,000 Euros) and the Costa Brava (205,000 Euros) are also among the cheapest destinations for second homes.

The report shows that around 6 million Spanish households own a second home in Spain, with approximately 3.6 million of these homes located in coastal areas. The ‘typical’ Spanish purchasers of second homes were found to be couples with children, aged between 35 and 49, with a steady income of more than 3,500 Euros a month.

While foreign investors still make up a large proportion of Spain’s second home sales market, the Donpiso findings reveal that there has been a drop in the number of British purchasers over the past year. The company says there has been a 28 percent drop in demand from British purchasers, predominantly because of the devaluation of Sterling against major currencies in light of Brexit.

However, the drop in British purchasers has been offset by a rise from those in other countries. Purchases by buyers from the Netherlands have increased by 58 percent in the same period, while the numbers of Belgian, Scandinavian, Latin American and Turkish buyers have increased significantly.

According to the Donpiso findings, the fall in British purchasers could cause even more Spanish investors to look for a second home. The findings show that more Spanish second home owners are currently looking to rent their properties out to holidaymakers. With Brits currently more reluctant to purchase their own properties, and with some not keen on staying in hotels during visits to the country, this could result in some significant income opportunities for domestic investors who have taken on a second home by the coast – and indeed those who already own a holiday home and are happy to rent it out.

For more information, infographics and the latest currency insights, visit www.halofinancial.com/news