Profile of Second Home Buyers in Spain Changing

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Data compiled by developer Taylor Wimpey de España suggests a significant shift is taking place in the type of people buying property in Spain.

So far in 2010, only 19 percent of the company's buyers have been over 55, compared to 31 percent in 2009. While the number of retirees has dropped, 80 percent of the buyers were between the ages of 30 and 55, compared to 68 percent the previous year.

The youth-trend indicates "more families are looking to own in the Mediterranean favorite," the company says. And that's certainly a valid conclusion. However, the data might also suggest that retirees, who tend to be conservative, have been scared away by the plummeting values and corruption issues plaguing Spain's property market.

Perhaps anticipating the cynicism, Taylor Wimpey de España notes the number of investors buying in the market has remained steady, at about 13 to 15 percent of the market.

"We can extrapolate from this that Spain has always been a popular destination for investors and the interest is still there from buyers looking to make the most of the reduced prices and turnkey stock in prime locations," the company said in a statement.

Seventy-five percent of the respondents were looking for second home in Spain, an increase from past years, the developer reports. Only four percent were looking to retire.

But these new youthful buyers are also frugal. Seventy-two percent bought homes costing between €150,000 and €250,000 (about $193,000 to $322,000). Two years earlier the bulk of the purchases were between €250,000 and €350,000. Only five percent of its customers were looking for property more than €350,000.

 

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