_Global Buyer Survey 2021: Second home purchases more likely as a result of Covid-19 pandemic
Global Buyer Survey 2021: Second home purchases more likely as a result of Covid-19 pandemic
Property
Knight Frank's annual Global Buyer Survey takes the pulse of buyers’ attitudes to gauge housing demand globally. Given an unprecedented 20 months upended by the Covid-19 pandemic, our work/life priorities were thrown into sharp relief with the decision to move home - and what home we move to and where - affected by months in lockdowns engendering a reassessment of lifestyles and values. As part of a bitesize series we analyse the findings of the survey, focusing specifically on where buyers will look to when considering purchasing a second home or retreat should future outbreaks occur.
The Covid-19 pandemic and second home purchases
For some, the ability to work remotely, alongside incentives such as visas for digital nomads, and a desire to travel after a period of confinement, has boosted demand for a home-from-home.
Up from 26% last year, the pandemic has sparked a wave of second home demand with 33% of respondents saying they are more likely to buy a second home as a result of Covid-19. The enhancement of lifestyle and to use as a retreat was the key reason cited by home buyers.
Knight Frank data supports this view, with a surge in enquiries witnessed immediately after lockdown. Our researchers forecast a second wave of activity as rules start to ease and travel restrictions loosen - a trend already evident this summer across prime second home hotspots France and Italy.
Mirroring primary residences, buyers of second homes are prioritising outdoor space, a home study and greater privacy post-lockdown.
Of those looking to buy a second home, 23% say the pandemic has influenced where they want to buy with countries with advanced vaccine programmes or stringent lockdown measures topping the menu with an overwhelming 67% of respondents citing this as a major sway factor.
Countries such as Germany, Austria, Greece, the United Arab Emirates, Singapore and New Zealand may rate highly amongst second home buyers in the coming months; nearly two-thirds of buyers say when looking for a second home abroad they would be influenced by the government's handling of the Covid-19 crisis.
However it is the UK that came out on top with the most number of respondents considering a second home in the country.
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Here are five properties from the top 5 most preferred second home locations that feature desired amenities such as outdoor space, privacy or a 'Covid-secure' geo-location.
9-bedroom villa with chapel in Pontassiece, Florence, Tuscany
Asking Price: €3,700,000
An unusual hillside property - believed to have been built where once a fortress stood - with limonaia and a chapel as well as a wonderful panoramic tower from which to enjoy the incredible, far-reaching views of verdant hills towards Florence
5-bedroom villa in Rocio de Nagueles, Marbella, Spain
Asking Price: €3,295,000
A contemporary, 5-bedroom family villa close to Marbella with cinema room and gym with hammam.
3-bedroom apartment with views towards Sydney Harbour Bridge, Sydney, Australia
Price on application
Within the prestige Loftus Lane complex of Quay Quarter this three-bedroom apartment sits on the sharpest edge of contemporary design with spectacular views of the Sydney Harbour Bridge.
6-bedroom house for sale in Mulholland HWY, Hollywod Hills East, California
Asking Price: $5,895,000
Set in the Hollywood Hills just under the Hollywood Sign, 6161 Mulholland Hwy boasts jetliner city views and 6,000 square feet of quintessential Hollywood living spaces across three buildings.
2-bedroom flat for sale in Kensington, London
Guide price: £3,200,000
A stunning lateral 1st floor apartment forming part of an impressive listed building in Kensington Green
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Want more data? Why not download a copy of the latest Global Buyer Survey. Can we help you find your perfect second home?
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