Fotocasa: One in Three Owners Decides to Buy a Better House

23/05/2014 – Cinco Dias

Real estate portal Fotocasa.es has surveyed its webpage users who have acquired a house for their own in the last year. They were asked what pushed them towards this decision.

While usually in the improving economic circumstances young people are seeking independency in buying an apartment, this time changing the current dwelling for a better one played the main role. Thus, 27% of the purchasers sought a better dwelling in terms of the size of the house, the neighborhood it is situated in or the furniture in the house, as well as whether or not the apartment had a terrace.

However, the response has not been registered in equal frequency in all Spanish regions. In Catalonia, 34% of buyers decided to improve their living conditions, followed by the inhabitants of Madrid (33%), the Basque Country (31%), the Valencian Community (30%) and Andalusia (29%).

Another reason for a house acquisition was to gain independency or to start living with a partner (20% of the respondents). In 19% of the cases moving was provoked by the family size enlargement.

Likewise, 12% of the surveyed bought a second home, out of which 3% of respondends did so because of getting separated, another 3% because of change of their job and 2% due to the family size reduction.

Beatriz Toribio who designed and carried the questionnaire out comments “official data registered in the real estate sector over the past months shall be mostly assigned to investors and foreign tourists´activity. There were very few Spanish buyers who could afford a purchase of a house due to the recession and lack of lending.”

Another part of the survey reveals why the Spaniards in majority still opt for being owners rather than tenants. 47% last-year buyers claim they acquired the house “because it is a long-term investment and a nice way to own some real estate”. Another 35% claims they decided for the move because the housing prices came back to normal.

Still, 23% of the questioned owners thinks that renting a house is a waste of money as the property will never be theirs. Another 21% assures that purchase is an excellent way to invest in the family´s future as a house is an undeniably desired asset to inherit. 17% of respondents reckons it is also a way to save for the retirement as pensions go down more and more. In turn, 12% considers purchase of a house a refuge value in case of life hardships.

 

Original article: Cinco Días (by Raquel Diaz Guijarro)

Translation: AURA REE

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