27 September 2017 – Eje Prime
Senior citizens are responsible for reactivating the real estate sector in Spain. People aged over sixty years are accounting for three out of every four sale-and-purchase transaction in Spain. Madrid and Barcelona are the cities where they are undertaking the most operations, according to a study by the real estate company Century 21.
The main reason behind the real estate activity of this cohort is the departure of children from the family home, which is causing them to look for smaller properties, close to hospitals and retail areas. Specifically, the homes put up for sale by senior owners have an average surface area of 100 m2, with three or four bedrooms, and they are located in urban nuclei such as Madrid and Barcelona. Their average sales price exceeds €225,000.
According to this study, the cohort of people aged over sixty years is leading the sale and purchase of homes. Specifically, 75% of transactions are undertaken by married couples aged between 60 and 70 years old (…).
In terms of the type of transactions being undertaken by the older cohort, nine out of ten operations involve the sale of properties, with the main reason cited being the large size of their properties after their children leave home.
In the majority of cases, the sale of family homes implies the purchase of another property. Older buyers are primarily interested in acquiring homes with a surface area of 70 m2, with one or two bedrooms, which are located close to their families. The average purchase price ranges between €100,000 and €250,000.
Original story: Eje Prime
Translation: Carmel Drake