In Report: What buyers want, Savills World Research surveyed buyers across the Savills network seeking property in France, Spain, Italy and Portugal during February and March 2021. The findings, based on 500 responses, provide an insight into homebuyer motivations and desires today.
Proximity to amenities, high-speed internet access and a good view ranks as the top three factors. Outdoor space matters too, with those buying in an urban environment placing high importance on balconies or patios, while those purchasing in a rural setting prioritise larger gardens.
The search for space continues with 58 per cent of those buying a main residence planning to buy in a rural environment. For those looking for a second home, the figure rises to 80 per cent.
Eighty six per cent of those buying in Portugal ranked proximity to a beach rather than amenities as the most important local factor, compared with 77 per cent of those purchasing in Spain. Buyers in Spain, meanwhile, deemed amenities as the most important local factor (90 per cent), followed by buyers in Italy (87 per cent) and buyers in France (81 per cent). A major airport is also important with 75 per cent of buyers in Portugal and 65 per cent of buyers in Spain citing it as a key factor.
Out of the buyers surveyed, those purchasing in Portugal placed the highest importance on a swimming pool (77 per cent). This group also placed high importance on proximity to sporting facilities (70 per cent) and a golf course (63 per cent).
With the Covid-19 pandemic forcing many people to work from home, over a quarter (27 per cent) of respondents stated that increased home working had influenced their purchasing decision in some way. Just under three-quarters (74 per cent) expect to work from home at least one day a week, up from only half prior to the pandemic.
Purchasing a second or holiday home remains a significant motivation for prime property purchasers. Of those surveyed, 37 per cent stated this was their reason for purchase.
The prime second home markets in Italy, Spain and Portugal are highly international. In Italy, British buyers account for 43 per cent of those purchasing a second home, followed by Italian buyers (17 per cent) and French buyers (9 per cent). The market for main residences, however, remains predominantly domestic (64 per cent) yet British buyers make up just under a quarter (21 per cent).
The British are also the dominant nationality for second home buyers in Spain (57 per cent) and Portugal (47 per cent). Spain has the broadest appeal with buyers coming from Germany (11 per cent) and Belgium (seven per cent). Buyers from the Netherlands and America as well as those from Spain each take four per cent of the market.
France remains a predominantly domestic market with the French making up 40 per cent of those surveyed. British buyers account for 28 per cent. American, Belgian, German and Swiss buyers are also active.
Increased remote working means that owners will be spending more time in their second homes. That may mean they are prepared to travel further to reach them, in turn, opening up a greater variety of second home destinations.
Property preferences vary by country and nationality. Owners in France are willing to travel for longest to their second homes, while German buyers are open to the broadest range of property types.
Further information
Contact Paul Tostevin or Jelena Cvjetkovic
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