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Second home ownership: one in four Spanish families owns a holiday home

Spain may be suffering an acute economic crisis, but holiday-home ownership looks almost like a basic necessity amongst Spanish families.

peñiscola valencia castellón azahar propertyThe percentage of Spanish families who own their own homes is one of the highest in the world at 83pc, according to new data from the Bank of Spain.

The Bank of Spain also reveal that 27pc of Spanish families own a second home, also one of the highest rates in the world.

Such high rates of home and second home ownership are a legacy of Spain’s 30 year love affair with property, ending with the housing bust that descended on Spain in 2007. There are now signs of a cultural shift taking place with Spaniards becoming leery of property ownership, preferring to rent instead.

In 2011, 90pc of Spanish families owned property of some sort, representing 84pc of household wealth, rising to 91pc for the bottom 20pc of the income scale.

High levels of homeownership come at a cost

27pc of Spanish families have outstanding mortgage debts on their principal home, and half of all households have some sort of debt to repay, with an average value of €42,900.

Younger families are the most indebted. 81pc of those where the main breadwinner is under 35 years old have property-related debts to pay.

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Thoughts on “Second home ownership: one in four Spanish families owns a holiday home

  • I must say, when I first came to Spain I was really surprised at how people thought it was normal to own a second/holiday home, or sometimes even a third home too! When I asked I was told, “It’s normal. My parents had holiday homes, and their parents too as far back as I know” or “Everyone has a campo house to relax in at weekends, don’t you have that in England?”
    No we don’t!
    I lived in Germany for a long while and it’s not normal to have a second home there either.
    It makes me wonder. While my parents were struggling to pay the rent and later the mortgage after WWII the Spanish, even after a civil war, expected their two houses per family! whew!!! Things really aren’t so bad in Spain – it depends what you compare it with, doesn’t it?
    Maybe people should stop listening to the government and the banks screaming “We have a crisis” all the time, and just look around them and be appreciative of what they have!

  • Agree with you.

    All you seem to hear is ‘crisis’ … I’ve just been back to Liverpool and Manchester for a week or so, now that’s where you see crisis big time. Worn out people, dreadful housing stock and no little anger.

    The Spanish are doing pretty good despite what the media says, it’s all relative as they say, and living in Spain is just fine. The Spanish attitude helps also, ‘no problemo’ is an attitude the Dutch used to have, and it an attitude that gets you along fine and dandy.

    I realise all the expat Spanish haters ( why do they live here in Spain they hate it so much!?) will disagree of course.

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