The luxury housing buyer undergoes a change

The luxury housing buyer undergoes a change

In Spain, due to the coronavirus, the profile of the luxury housing buyer has changed; and the national client has gained importance. This could be a front page headline of what is currently happening in the high standing real estate sector in our country. As we have already seen in this blog, the pandemic has brought about a new housing model for many Spanish people. Thus, the profile of the homebuyer is not the same as it was before the irruption of this health crisis we are living through. With regard to the real estate sector, there are experts who talk about a change in the profile of the homebuyer. As we know, the pandemic has completely stopped the flow of tourism; and nowadays the possibility of travelling has been reduced to the bare minimum causing an impact on housing investors. In this blog, we wrote an article about how luxury housing has a taste for Madrid, and we stated that the luxury sector in the capital is very much in high demand. Up to now, in this sector, foreign investors were very important clients. However, the coronavirus has reduced their significance for the benefit of national clients. In addition, as regards luxury housing Latin American buyers, the deals have dropped sharply. Therefore, the national client has become a key figure regarding the most exclusive real estate sector.

The luxury housing buyer undergoes a change

A NEW HOMEBUYER PROFILE

Some studies mention a new homebuyer profile in the luxury real estate sector. This new profile would be national homebuyers between the ages of 45 and 55 who,due to work, look for property to replace the current one as a new residence. Some real estate agencies state that 75% of their visits correspond to national buyers who are interested in the luxury sector. This is a considerable increase regarding Spanish investors who try to take advantage not only of the gap left by the international buyer but also of the price adjustments that this health crisis has caused. There are noticeable differences on how national and foreign homebuyers agree regarding the terms of the operations. Whilst Spanish homebuyers usually prefer bank financing, international homebuyers normally undertake the operation paying in cash. We have already said that the pandemic has greatly reduced the investments of foreign buyers. However, they still take place. A curious fact is the way of settling the deal; due to the impossibility of moving around and travelling, many deals are closed with virtual visits. This may seem strange especially if we take into account that in many cases the operations are above one million euros. Nonetheless, this is what is happening nowadays.

The luxury housing buyer undergoes a change

LOOKING FOR OPEN SPACES

Due to the coronavirus, houses with spaces open to the exterior have gained great value. At present, houses with a terrace and outdoor spaces have become much more valued and therefore, the demand for this type of property has multiplied. We can say that this change is a result of the health crisis we are living through and it has had an effect on the profile of the luxury sector homebuyer. In this blog, we wrote an article about luxury penthouses which have become more and more in demand.Exclusive penthouses are very much sought after and thus, it is customary for a luxury housing buyer to ask for this type of property. So, it can be said that open spaces have become extra important in the high standing real estate sector.

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