Typical Spanish Home Buyer: 38 Years Old!

Posted by Ben on August 8, 2016

According to a recent study, the typical home buyer in Spain is 38 years of age and, in 51% of cases, has full time employment in the private sector. In addition, this “Home Buying Process” report, published last week by property portal, fotocasa, highlights that the home purchases are quite balanced with regard to the gender of the purchaser, with 53% of the purchases being made by females and 47% by males.

The report also shows that, although to a great extent the typical homebuyer has full time employment in the private sector, the second group of buyers are those who have stable work in the public sector.

In terms of the average income of the buyers, 25% of those surveyed revealed that they earned an annual salary of between 20,000 and 30,000 euros, while 24% earned between 10,000 and 20,000 euros and 21% indicated their income was between 30,000 and 50,000 euros per annum. It is worthy of note that a further 16% of the respondents earn more than 100,000 euros.

Moreover, receiving financial help from third parties such as relatives or friends is fairly common practice when it comes to buying a home, the survey showed, with four in every 10 home purchases being made with third party support, and the amount borrowed representing, on average, 25% of the total purchase price of the home.

According to the survey, some 56% of potential home buyers actually initially consider both new and second hand housing, although buyers mainly end up acquiring a second hand dwelling. Specifically, 69% opted for second hand homes, while 31% bought new housing. Fotocasa’s head of research, Beatriz Toribio, attributes these percentages to the fact that prices for second hand homes are more attractive as there is more potential for discounts, there are less taxes involved, more second hand homes on offer, and that these homes are usually located in central and better connected areas than new housing

During the purchase process, only 23% of the respondents considered both purchasing and renting, while for 77% of the home buyers, renting was not, and had never been, in their plans.

Looking at the characteristics of the homes most sold, some 69% of the purchases related to apartments, with an average area of 92 square metres, followed by 21% which were for villas (with 195 m2 on average), penthouse apartments accounted for 7% of the purchases (100 m2), studios accounted for 1% (43 m2) and 2% of the purchases were for other types of housing , with an average area of 126 square metres