In most cases, the woman was the decision maker
The average homebuyer in Spain is 38 years old, and in 51% of cases, has a permanent contract in the private sector, according to a study from online property portal fotocasa.
The study also reveals that in 53% of cases, the purchase of a property is led by a woman, with men making the decision in the remaining 47%.
Regarding buyers’ income, 25% of respondents earn between 20,000 and 30,000€. 24% earn between 10,000 and 20,000€. 21% of respondents earn between 30,000 and 50,000€, while 16% earn more than 100,000€.
Financial Assistance
It is increasingly common for buyers to receive financial assistance from friends or family members. The study revealed that four out of 10 purchases involved third party financial assistance, and on average that assistance amounted to 25% of the total purchase price.
23% of buyers purchasing a property from 50,000 to 100,000 € received assistance. 39% of buyers spending between 100,000 and 200,000 € received assistance, while in cases where the property cost between 200,00 and 300,000, the buyers received assistance in 20% of cases.
New or Old?
The study shows that the majority of buyers begin their property search with both new and resale properties with 56% of respondents stating they would consider either new or resale property. However, in the end 69% settle on a second-hand property with only 31% of property sales being for new builds.
“The purchasing process begins by considering both the second-hand market and new housing, but 6 out of 10 buyers end up buying a resale property because it is much more attractive in price and is burdened with lower taxes…”, explains Beatriz Toribio, from fotocasa Studies.
Rent or Buy?
The study further suggests that only a minority of buyers consider renting when looking to move house. 77% of respondents said they did not consider renting as an option, while the remaining 23% said they would look at both options. This is despite recent news that the rental market is continuing to grow, thanks to improved access to credit and an increase in the number of second-home purchases.
