This year so far, 80% of buyers are aged between 30 and 55 years of age, with only 19% of purchases coming from the over 55s. This compares with 68% and 31% respectively in 2009 which suggests that more families are looking to own in the Mediterranean favourite.
The proportion of those looking for a holiday residence or a second home has gone up to 75 per cent, which was below 70 per cent in previous years and the number of people looking for a home in which to retire has dropped down to 4% to reflect the decrease in over 55 buyers. Interestingly, despite the economic down turn the numbers of those investing in the Spanish property market has held steady at 13% from 15% in the last couple of years. 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.
Since 2007 however, property budgets have reflected the reduction in disposable income for Brits. Today 72% of buyers purchase a home costing between €150,000 and €250,000 whereas in 2007 this figure was nearly half that and 45% spent between €250,000 and €350,000. Today only 20% are looking to spend this amount and only 5% are prepared to spend more than €350,000. Typically, 60% of buyers look to purchase two bedroom properties, with around 40% desiring three bedrooms.
Victor Sague, Sales & Marketing Director of Taylor Wimpey de España comments, “The figures extracted from our client database of buyers between 2007 and 2010 show clearly that more and more families are looking to Spanish hotspots like Mallorca or the Costa del Sol for holiday and second homes, with two bedroom properties for under €250,000 appearing to be the most popular choice. The range of outdoor sporting activities, golf facilities and water sports, with high class restaurants, bars and shops, has always been a huge pull for Northern Europeans to Spain, along with the relaxed way of life, warm year round climate and the beautiful Mediterranean Sea. We of course seek to only provide homes that our clients demand so I recommend Pollentia Mar in Mallorca for those seeking their own slice of Spanish life that ticks all the boxes.”
Pollentia Mar, Puerto Pollensa, Mallorca
Pollentia Mar located in the seaside town of Puerto Pollença is a two and three bedroom apartment complex, just 50 meters from the beach and Pollensa’s famous Voramar promenade. Mallorca and its north coast has a variety of very good golf courses and almost every view from the area incorporates the spectacular view of the Sierra Tramontana mountain range or the beautiful bay of Pollença. Pollença is just 35 minutes from Palma de Mallorca. These properties are available now from €220,000.