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It sounds incredible, but in this historical moment it is convenient to buy the second luxury home. And the market data confirms this
Until before the pandemic, the second home market did not contemplate luxury. High costs and a constantly growing real estate market prevented this type of investment. With the advent of Covid-19 the cards of the real estate deck have been reshuffled and today the second luxury home is no longer a habit but a much more structured idea. Here because.
The first reason: the lease
As mentioned several times in our blog, the pandemic has revolutionized the idea of home and livability. No more confined spaces that act as a support point for worldly life but are much more liveable that also integrate wellness areas. This is because the need to live in the house is much more sought after. For this reason, as highlighted by our Observatory 2022, the search terms put the “quiet zone” at the first place of users' wishes. And among those looking, it is known, there are numerous high-spending who are looking for a second luxury home that serves as an accommodation for the escape from the city.
The second reason: the economic stalemate
The post-Covid economic recovery has at times been imperative, even if today it carries with it some contraindications such as the economic recovery of the recovery. In this context, all in all, credit concessions for real estate mortgages still have affordable interest rates. The future scenario will see the European injections on the economy disappear and therefore it is likely that we will also see an increase in these parameters. In essence, buying a luxury property today, especially in terms of a second home, could be convenient, even from a pure investment perspective.
With regard to this topic it is worth highlighting another determinant: luxury homes are subject to a much slower devaluation, indeed, in most cases as their value remains unchanged for a long time.
The third reason: the second house can be rented
Those who think from a commercial perspective know very well that a second home can be an excellent opportunity to earn. Luxury properties purchased in the hottest areas can guarantee rental income that should not be underestimated. In fact, the tendency to rent villas or estates not only for holidays, but for the organization of parties, business meetings or conferences is increasingly marked. A trend that has regained strength with the end of the pandemic emergency.
