savills international research uk second homes overseas survey report 2011
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Savills Research | Residential Autumn 2011
SavillsResearch
savills.co.uk/research
UK secondhomes abroadSptligt
Eurig appeal
France has retained itspopularity with buyers
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Savills Resear | UK Second Homes Abroad
Tis puliati
This document was published in September 2011. The data
used in the charts and tables is the latest available at the time o
oin to press. Sources are included or all the charts.
This report is or eneral inormative purposes only. It may not
be published, reproduced or quoted in part or in whole, nor may
it be used as a basis or any contract, prospectus, areement
or other document without prior consent. Whilst every eort has
been made to ensure its accuracy, Savills accepts no liabilitywhatsoever or any direct or consequential loss arisin rom
its use. The content is strictly copyriht and reproduction o
the whole or part o it in any orm is prohibited without written
permission rom Savills Research. Savills (L&P) Limited
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There is a stron case or
investment in some locations that
have suered capital value alls
but still attract visitors and have
robust revenue streams.
The holiday home market
expanded sinicantly in the
mid-2000s but the economic
downturn exposed the
vulnerability o locations with hih
levels o new build development
and where investor buyers (asopposed to liestyle buyers) were
active. These areas saw bier
price alls than others.
SUMMARY
An overview o the market Traditional prime property hotspots
which attract wealthy, liestyle buyers
have been more resilient in terms o
capital values. They include areas o
southern France, the Alps, the Alarve,
Tuscany and hih-end locations in
Spanish islands such as Mallorca.
In areas where prices are thouht
to have bottomed-out, most notably
in selected US locations, investors
are lookin at the hih yield potential
and capital appreciation opportunitiesthat will come with recovery. This
demonstrates appetite or investment
has not disappeared.
Spotlight
UK SEcond hoMES AbRoAdRobust revenue streams support case or investment
Risin demand or holiday rental
properties enables owners to cover
their costs and enerate a prot. Both
liestyle buyers and holidaymakers
alike are drawn to quality product
in easily-accessible locations,
with access to tourist attractions,
such as the beach, in low-density
environments, oerin outdoor space
and the conveniences o home.
Autumn 2011
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50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
500,000
02000/01 2001/02 2002/03 2003/04 2004/05 e 2005/06 e 2006/07 e 2007/08 e 2008/09 e 2009/10 e
80
100
120
140
160
180
200
220
240
260
60
Frae
Spai
UK
Greee
Italy
neterlas
USA
Switzerla
Irela
Germay
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Savills Resear | UK Second Homes Abroad
Holiday home ownership by UK
nationals rew substantially throuh
the early to mid 2000s (see Fiure 1),
supported by easily available credit,
the rise in overseas travel and budet
airlines. Households saw second
home ownership as an opportunity
to capitalise on rapidly risin house
prices (Fiure 2).
The sub prime mortae crisisimpacted housin markets across
the world, and the holiday home
sector was hit particularly hard. Lack
o nance combined with shrinkin
condence in property investment
resulted in dramatically reduced
demand levels. Locations that
had seen hih volumes o newly-
developed properties, or whichdepended on investment rather
than liestyle buyers, witnessed
particularly acute price drops.
Fears o proloned house price
decline continue to decrease buyers
condence in todays holiday
home market. Eihteen per cent o
survey respondents indicated that i
recessionary conditions continue, they
will consider sellin their property.
This risk o liquidation and increased
supply is coupled with low demand as
limited nance options contribute tolow levels o purchasin activity.
The survey shows that annual take-up
in second homes has allen below the
pre-2000 level.
Were are UK uyersivestig?Fears o continued price decline mean
overseas buyers are stickin to sae
Demand during the recessionary period hasbeen for prime properties in prime locations.Charles Weston Baker, Savills International Residential
Data source: Enlish Housin Survey data and Savills Research E- estimate
FIgURE 1
numer UK usels tat w verseasprperties Ownership grew substantially in past decade
Data source: OECD
FIgURE 2
huse prie mvemet, selete Eurpea
utries a te USA
InTRodUcTIon
In 2011, HomeAway.co.uk andSavills Research conducted a
survey o almost 1,700 UK holiday
home owners rom a cross-
section o the market, who have
invested overseas over the last
decade and currently let their
properties to tourists.
Most owners o holiday homes
own and let their overseas property
in order to provide an additional
source o income. 86% o owners
all into this cateory while only
14% are proessional holiday
home providers usin a portolio o
multiple properties as both primary
and second income enerators.
This report sets out trends in
property buyin trends, includin
analysis o prices and avourite
destinations. Survey results are
complimented with commentary
on the prime market rom Savills
Residential International sales
experience, reviewin the impact
o the lobal credit crunch onthe industry.
Leisure property markets have
slowed under recessionary
conditions recently, but
international tourism is on the
rise. This drives demand or
holiday home rentals and enables
holiday home owners to enerate
income rom their investment:
A second survey o 1,000
holidaymakers usin HomeAway.
co.uk shows what they are
lookin or and where.
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2000/2008 2009/2011
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
Frae
Spai
USA & caaa
Prtugal
cyprus
Italy
cariea
oter Eurpe
oter n-Eurpe
%o
fpurchases
www.savills.co.uk/research 05
Autumn 2011
markets. Stable and easily accessible
France tops the list. For UK buyers,
France and Spain have traditionally
been the avourite destinations tobuy holiday homes. Althouh overall
investment in overseas property has
decreased, 2009-2011 sales data
shows that France, which is also
the worlds most popular tourist
destination (accordin to UNWTO),
has retained its popularity or buyers).
France did not see the dramatic
house price decline o neihbourin
Spain and its banks have continued
to lend on second homes thereby
stimulatin the market. The relative
stability o this market and its ease o
access rom the UK mean that buyers
remain condent to invest.
In contrast, the proportion o purchases
in Spain has reduced considerably.
Pessimistic press coverae o its boom
and bust has neatively impacted
condence and the early depreciation
o the sterlin aainst the Euro
compounded this. In contrast, dramatic
price alls in the US have been viewed
dierently to those in Spain.
The perception is that subsections o
this market have bottomed-out and
oer barains. Purchasin activity
has recently reinited, especially in
selected Florida sunbelt destinations
popular with both domestic and
international retirees.
This sinies that investors are keen
to acquire properties beore prices rise
aain and underlines the attraction
o a discounted market and that
appetite or property investment has
not disappeared. Elsewhere in Europe,results show Portual, Cyprus and Italy
remain on buyers radars, with Turkey
and greece hot on their heels.
Hih-end locations have been
more resilient to the downturn with
areas o southern France, Paris,
the Alps, Switzerland, Caribbean,
Portuals Alarve reion, Tuscany,
New York and the Spanish islands
o Mallorca and Ibiza continuin to
attract buyer interest.
Wat are UK uyerspriig pits?Holiday home interest durin the
recessionary period has been or
prime properties in prime locations,
with the market dominated by
wealthy individuals who are less
mortae-reliant.
Our survey analysis shows that over
the course o the decade, upward
pressure on prices has meant the
averae price paid or holiday homes
has increased each year. In 2002,
28% o buyers paid in excess o
200,000 or their holiday home,
(as shown in Fiure 4). By 2008,
they comprised 45% o the market.
In the 2009-2011 period, althouh
there were ewer transactions than
in previous years, investment perproperty actually increased on
averae compared to previous years.
Moderated prices have also meant
that buyers with spendin power
have been able to et more value or
money, and have also tended to buy
larer properties. At the same time,
some wealthier investors were makin
a Euro play, enjoyin the appreciation
o a Euro-denominated asset.
Durin the boom years (early to
mid 2000s), when investment intoproperties abroad increased, upward
pressure on house prices led to a
preerence or compact properties,
such as apartments, usually available
FIgURE 3
Were verseas prperty uyers iveste ere a aterte reessi France has retained its popularity with buyers
Data source: HomeAway.co.uk / Savills International Research survey
at much lower price points than
larer houses. By 2008 hal the
market bouht properties with two
bedrooms or ewer, compared to less
than 20% in 2002. In the 2009-11
period this tendency has reversed
aain. Buyers avour more spacious
units, in line with traditional overseas
property buyin trends. This refects
that todays buyers are motivated by
liestyle reasons rather than simply
the opportunity or nancial returns.
Hih income individuals have been
more active in the market since the
credit crisis. Less impacted by the
FIgURE 4
Prices paid for overseas second homesInvestment per property increases
graph source: HomeAway.co.uk / Savills International Research survey
750,000+
500,000 - 749,999
300,000 - 499,999
250,000 - 299,999
200,000 - 249,999
150,000 - 199,999
100,000 - 149,999
< 100,000
20%
40%
60%
80%
100%
0
%o
fpurchases
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Cash-rich, high-spend buyershave maintained the robustproperty values achieved intop holiday home destinations.Rebecca Gill, Savills Research
need or nancin and or meetin
the stricter criteria set by lenders,
they have had the advantae o
reater choice and the opportunityo increased value or money in this
climate. Cash-rich, hih-spend buyers
have maintained the robust property
values achieved in top holiday home
destinations today, such as the
French Riviera, Swiss ski resorts
and northern Sardinia (see Fiure 5).
Survey data shows a clear increase in
the proportion o buyers with incomes
in excess o 100,000 in the 2009-
2011 period compared to 2007.
This is not to say that all hih net
worth individuals are cash purchasers.
The survey ound that in 2009-2011,
60% o buyers used a loan or their
overseas property purchase. It would
appear that earin is a choice rather
than necessity in this market.
The use o mortaes to nance
the purchase o overseas holiday
homes has rown over time. Cheaply
available credit uelled the property
graph source: Savills International Research
graph source: HomeAway.co.uk / Savills International Research survey
Note: Excludes inherited or part-owned properties and those with no mortae borrowin
FIgURE 5
higest aieve pries i 2011 (/sqm) iselete liay me estiatis
FIgURE 6
Mrtgage la t value (LTV) use tfae verseas me purases
investment boom o the mid 2000s
(Fiure 6). The use o hih Loan
to Value (LTV) mortaes became
increasinly popular throuhout the
decade, acilitatin access to the
leisure market or those who are
normally priced out, and enablin
wealthy individuals to invest in
portolios o multiple properties. Over
a third o all survey respondents with
LTVs in excess o 50% have incomes
in excess o 90,000.
Most buyers tend to source
mortaes in the country where
the property is purchased. Survey
respondents cited a combination
o reasons or obtainin a local
mortae, primarily that it was the
easiest option and also that local
rates tended to be competitive.
Trends in nancin vary considerably
by country o purchase (Fiure 7).
More than hal o purchases in Italy
and France have used no nance.
In contrast, 60% and 68% o
properties bouht in Spain and the
US respectively are acquired usin
mortaes (approximately 80% o
which have been locally sourced). This
refects the wide rane o competitivemortaes products oered in both
countries durin the boom period.
Wat liay meuyers lk r?Preerence or low density
environments and ood accessibility,
higest aieve /sqm (apartmet)
/sqm
MoRocco MarakechALbAnIAVlore
PoRTUGAL Lagos
oMAn Muscat
SoUTh AFRIcA Hermanus Cape
SPAIn Mallra
PoRTUGAL Quita Lag
ITALY ciati
USA Sarasta
MonTEnEGRo buva
GREEcE cru
cYPRUS Pas
ITALY Veie
USA Miami
USA Miami
ITALY Prt cerv
SWITZERLAnd Verier
FRAncE St.Trpez
FRAncE cap dAties
FRAncE cap Ferrat
FRAncE Ma
bRITISh VIRGIn ISLAndS
bARbAdoS
AnTIGUA
10,000
20,000
30,000
40,000
50,000
60,000
Greater ta 90% 75% t 90% 50% t 75%
25% t 50%
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FIgURE 8
Wat is imprtat aut tisplae? Good restaurants are vital
FIgURE 9
Attratis a ativities itis plae Gol is an integral eature
graph source: HomeAway.co.uk / Savills International Research survey
proximity to beaches, and the
opportunity to sample local cuisine
and culture, are all actors infuencin
choice o holiday home destination.Almost 60% o holiday home
owners preer quiet rural and villae
environments to urban areas (22%).
19% o holiday home owners
have invested in properties in
purpose-built master-planned resort
communities, which have risen in
popularity in recent years. These
typically comprise hotels, holiday
homes, sports and recreational
acilities and benet rom onsite
property manaement companies.
When seekin a property abroad,
proximity to restaurants and bars is
one o the most important actors
denin choice o location accordin
to survey results (Fiure 8). Samplin
indienous cuisine and enain with
the local community and its culture
is important to most second home
owners. In this manner, not only do
home owners ain a more authentic
experience rom the destination, but
also local businesses and attractions
potentially benet rom spend
incurred by home owners in the area.
While it is important or home owners
to access supermarkets or roceries
and household items durin their stay,
proximity to hih street shoppin is not
a priority, underlinin that most want to
rest and relax durin their holiday.
With 78% o respondents choosin to
fy to their overseas property, airport
access is an important actor or many
holiday home buyers. The rest (22%)
choose to drive rom home to their
overseas property, and are primarilythose who have bouht in nearby
France. Typically 80% o overseas
properties are located within 60
miles o an airport, 85% o which are
serviced by low-cost airlines.
Beach access is one o the most
important actors overnin choice
o holiday home location, accordin
to survey results with 69% o holiday
homes benetin rom proximity to
the beach. Conversely, while
most buyers are neutral about theavailability o ol in the area o the
property, 70% report that they are
close to ol acilities (Fiure 9). This
indicates that while it is not hih
on most buyers priorities, ol is
increasinly seen as an interal eature
o any local tourism oer, contributin
to the wider appeal o a destination.
Wat type prperties uyers preer?Holiday home buyers have traditionally
preerred spacious detached
properties, but risin prices led to
rowth in apartment purchases in
recent years. Buyers tend to avour
properties with modern interiors
and multiple bathrooms showin
they seek at least the same level o
comort in their second home as in
their primary residence.
In 2002, 64% o buyers were lookin or
detached properties or converted arm
buildins, manor houses and chateaux
in preerence to smaller properties. Over
time thouh, there has been a risin
preerence or smaller, more price-
accessible properties, leadin to the
expansion o the apartment market.
By 2008, more than 60% o the
market was choosin to buy clustered
property types such as apartments
and townhouses. However, the advento the credit crisis saw a reversal o
this trend, with detached houses the
sinle most popular property type in
the 2009-2011 period. This renewed
preerence or larer, detached
properties underlines the liestyle-
driven nature o the current market.
The share o buyers specically
seekin ski properties has also
rown (Fiure 10). Demand is
primarily concentrated in France,
Switzerland and Austria, but also in
emerin Bularia, at a lower level.European ski resorts are increasinly
marketin themselves as year-round
destinations thereby lenthenin
the rental period and strenthenin
investment potential.
There is a marked preerence or larer
properties in France and Italy, while
buyers veer more towards apartments
in Spain. These trends refect the
supply o properties in these countries,
with a hiher proportion o older, rural
properties bein marketed in Franceand Italy, while Spain, Portual and
Cyprus have seen lare amounts o
new holiday apartment development
in recent years.
FIgURE 7
hw are purases fae?
Method varies rom countryIerite Mrtgage agaist mai resiee Mrtgage i
te reig utryPersally fae (no mortgage needed)
% o purchases
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
France
Portugal
Cyprus
Spain
USA
Italy
nt imprtat neutral Very imprtat
graph source: HomeAway.co.uk / Savills International Research survey
graph source: HomeAway.co.uk / Savills International Research survey
Restaurants and bars
Points o cultural interest
Childrens entertainment
Nightlie
High street shopping
Supermarkets
Other sports
Gol
Beach
Airport
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
% o respondents
Childrensentertainment
Ski
Lake
Marina
Beach
Gol
Cultural/historicalattractions
0% 10% 20% 30% 40% 50% 60% 70% 80%
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More than hal o properties bouht
in Spain and Portual, and over 80%
bouht in Cyprus and the US, are
modern buildins with modern interiors(see Fiure 11). This trend is reversed
in France, Italy and Switzerland where
buyers typically avour traditional styles
that are indienous to the area.
Oten, buyers in lon-haul and
or emerin destinations such
as the US, Brazil, Cape Verde or
Mauritius have invested in modern
properties. This could be or a
number o reasons, includin ease o
manaement rom aar. For emerindestinations, it could refect buyers
preerences or properties bettin the
taste and liestyles o western buyers
and tourists which may only be
available in new build schemes.
Some buyers have souht traditionally-
styled properties in countries such as
Morocco, where buyers and visitors
are particularly attracted to original
architectural styles.
Holiday home buyers seek the
same level o comort in their
second home as in their primary
residence. For example, more than
three quarters o holiday homes
have multiple bathrooms. Hal o
holiday homes now also beneft rom
internet access, mostly in long-haul
destinations including North America
and the Caribbean.
Connectivity is also high in emerging
destinations, particularly in Asia and
Arica, while it is ar lower in such
as France, suggesting the need orcommunication is highest when
a destination is least accessible.
Approximately hal o all holiday
homes have air conditioning, and
80% have swimming pool access.
Outdoor space in the orm obalconies and terraces is very
popular in holiday homes, as shown
in Figure 12. Buyers preerences are
almost evenly split between small
and large gardens: Just over hal
(55%) o holiday home owners report
having either small private gardens or
access to communal garden areas.
Compact garden space typically
appeals to owners who preer
hassle-ree property management
while away rom the property. The
rest (45%) indicate havin larer
outdoor spaces and include 17% that
report ownin in excess o one acre
o land. This shows or some buyers,
privacy and seclusion are important
eatures o their leisure property.
Wat are werslg term jetives?Lettins demand is on the rise and
holiday homes owners have the
opportunity to cover costs or make
a prot rom their rental income.
Most holiday home owners intend to
continue lettin their properties into theoreseeable uture.
Currently, 47% o the surveyed holiday
home owners anticipate continuin to
let their property into the uture as an
income enerator, while a third intend
to sell their property or prot. Almost
a th are plannin to eventually move
to their overseas home, while just
1% expect to make a ull time rental
business out o it.
Owin to the sheer number o buyers
in France and Spain, they are themost popular countries to retire
to. However, as shown in Fiure
13 a sinicant proportion (28%)
o those who bouht in Cyprus
expectin to retire there. Historical
ties, warm climate and ood tourism
inrastructure are bi attractions here.
The US is a capital rowth play or
many owners as more than 40% o
those who invested here aim to sell
their property or a prot.
For the vast majority who arecontinuin to let their property, there
is a stron rationale: Most (63%)
properties are let or up to 16 weeks
per annum ) and as set out in Fiure
FIgURE 11
Mer r traitial prperty styles? More than hal o propertiesbought in Spain and Italy are modern
Data source: HomeAway.co.uk / Savills International Research survey
FIgURE 10
Type prperty ugtThe apartment market has fourished
Data source: HomeAway.co.uk / Savills International Research surveyData source: HomeAway.co.uk / Savills International Research survey
castle r large utry/mar use
cversi (eg rom arm buildings)
detae use r villa Semi-etae use r villa
Terrae use r villa duplex (apartment over two oors) Apartmet
Ski apartmet r alet
2002 2003 2004 2005 2006 2007 2008 2009-2011
20%
40%
60%
80%
100%
0
%o
fpurchases
Mer exterir a mer iterir Mer exterir a traitial iterir
Traitial exterir a mer exterir Traitial exterir a traitial iterir
% o purchases
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Cyprus
Portugal
Spain
France
Italy
USA
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FIgURE 13
Wy uy? Investment remains aprime motivator or purchase
14, two thirds o holiday home rentals
enerate up to 10,000 in ross annual
rental income.
More than hal (55%) o our survey
respondents said income eneratedrom lettin their property partially
covered costs, helpin them to mitiate
aainst current lobal economic
conditions. More interestinly, almost
a third o respondents said that rental
income completely covered their costs
and 13% indicated it made them a
comortable prot.
Other positive news shows that rental
demand or holiday properties is on
the increase, with 43% o owners
sayin that 2010 saw rowth in lettins
compared to 2009. An additional39% o owners said the market had
stabilised showin similar returns to
the previous year.
The upward trend in perormance
refects a wider expansion in
international tourism markets, with
2011 expectin to see additional
rowth. There are a number o
positive indicators or the holiday
lettins market movin orward.
World Tourism Oranisation (UNWTO)ures show that with the onset o
the credit crisis international travel
and tourism declined by 5% in 2009.
growth returned in 2010, with a riseData source: HomeAway.co.uk / Savills International Research survey
Data source: HomeAway.co.uk / Savills International Research survey
Data source: HomeAway.co.uk / Savills International Research survey
o 7% in total international tourism
compared to the previous year,
countin 935 million tourists in total.
growth in lobal tourism continued
into 2011 in all world reions except
the Middle East and North Arica.Overall, 2011 tourism is expected to
be up 4%-5% compared to 2010.
Positive news or holiday home owners
with properties located in Europe
(equatin to more than 85% o our
survey respondents) as European
countries receive hal (51%) o the
worlds tourists, and this volume is
risin. growth in Europes tourism
industry is primarily driven by recovery
o the central and south-eastern
European markets, such as Turkey
and the Balkans.
Wat liaymakerslk r i a prperty?
A 2011 survey o more than 1,000
tourists who were lookin to rent
holiday properties showed similar
to overseas buyin trends, Spain,
France, the UK, Italy, Portual and
the US topped the list o avourite
destinations. They were ollowed
by Cyprus, greece and Turkey,
with Ireland in tenth place. These
are typically summer destinations,with almost 80% o holiday rental
requests bein or the months
April to September, with peaks in
July and Auust.
Expansion in international tourist marketshas boosted perormance and 2011will witness additional growth.Yolande Barnes, Savills Research
% o purchases
FIgURE 12
Yur prpertys eatures
Sharedswimming pool
Privateswimming pool
Cinema room
Private gym/ftness centre
Hot-tub
Airconditioning
Internet access
Balconies andterraces
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
T evetually mve/retire tere
T give up my ay j a ru a ull time retals usiess
T tiue lettig it as a ime geeratr
T sell it r prft
% o purchases
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 1 00%
Cyprus
Portugal
Spain
France
Italy
UnitedStates
% o homeowners
FIgURE 14
Average grss ime, 2010
4,000-6,000 tops list
0% 2% 4% 6% 8% 10% 12% 14% 16%
40,000+
30,000-40,000
25,000-30,000
20,000-25,000
16,000-20,000
12,000-16,000
10,000-12,000
8,000-10,000
6,000-8,000
4,000-6,000
2,000-4,000
1,000-2,000
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Savills Resear | UK Second Homes Abroad
important in holiday lettins, as a party
o our would typically choose a two-
bed property, a party o up to seven
people would typically choose a threebed property and so on.
Balconies, terraces, private swimmin
pools, air conditionin, internet
access and small private ardens are
most souht-ater eatures o rental
properties. Tourists preer modest
outdoor space compared to extensive
land area (see Fiure 15).
Ninety percent o holiday rental
requests are or periods o up to two
weeks: split almost equally between
demand or up to one week and up to
two weeks. Only 8% o demand is or
between three weeks and a month,
and just 2% or loner. Budets vary
accordin to destination, type o
property and season. Some tourists
indicate havin multiple thousands
to spend on their accommodation,
however, on averae they expect to
spend around 800/900 per week.
Stron demand indicators coupled
with lower house prices and expandin
rental markets mean that there are
opportunities or investors to seek
both lon term capital rowth as well
as rental income rom holiday homes.
Fiure 16 shows market opportunities
where low house prices and hih
rental income can enerate stron
yield potential, especially in areas
o the Caribbean, such as the
British Virin Isles and parts o
the US, South Arica, the Spanish
islands andin Portuals Alarvereion.Demonstratin that despite
comparably low capital values in
these locations, holiday home rental
demand supported by stron tourism
undamentals, remains stron.
The majority (70%) o those seekin
a holiday let are lookin or a
coastal holiday destination. 46% o
respondents are lookin or a quietcountry or villae environment, 34%
in urban environments and 20%
specically in resorts.
Tourists seek to reduce travel time
by choosin properties in proximity
to airports. Almost hal (48%) o
respondents said they would travel no
more than one hour rom an airport to
their holiday rental, and a urther 27%
said they would travel no more than
two hours.
A third (33%) o holidaymakers rentin
properties comprise couples, and a
urther 37% are parties o three to our
people, (usually immediate amily). The
remainder tend to comprise roups o
riends and extended amily roups.
Maximisin bed space per bedroom is
graph source: HomeAway.co.uk / Savills International Research survey
Note: calculated usin ross mid season holiday rental income and optimum lettins periods by location
FIgURE 16
Average prie per sqm a grss aual yielptetial (average tw erm apartmet)
FIgURE 15
Turists preerre ameities
% o holiday makers
Te Savills team
Please contact us or urther inormation
carles West bakerDirector
+44 (0) 207 016 3741
Jaa Leverett
Associate
+44 (0) 207 016 3811
Jelea cvjetkvi
Associate
+44 (0) 207 016 3754
0% 10% 20% 30% 40% 50% 60%
Cinema room
Additional land(1acre plus)
Gym/ftness room
Games room
Sauna & jacuzzi
Private garage
Large private garden
Access to a sharedswimming pool
Small private garden
Internet access
Air conditioning
Private swimming pool
Balconies andterraces
Average 2 bed apartment price (/sqm) Average gross annual yield (%)
Average/sqm
baras
Atig
ua
FRAn
cEcap
dA
tie
s
SPAInIiza
britis
Virg
iIsl
as
FRAn
cEcap
Ferrat
USAMi
ami
MoR
occo
Marrake
FRAn
cEStT
rpez
PoRT
UGAL
Lag
s
SWITZE
RLAndVe
rier
GREE
cEcrfu
USASa
rasta
ITALY
cia
ti
SPAIn
St
grae
Mon
TEnE
GRob
kabay
ALbA
nIAVl
re
ITALY
Prt
cerv
SoUT
hAFRI
cAcapeT
w
SoUT
hAFRI
cAGareR
ute
SPAInM
allra
cYPR
USPafs
ITALY
Vei
e
PoRT
UGAL
Quita
Lag
12%
10%
8%
6%
4%
2%
0%
12,000
10,000
8,000
6,000
4,000
2,000
14,000
16,000
18,000
0
Reea GillAssociate
+44 (0) 207 016 3740
Ylae baresHead o Research
+44 (0) 207 409 8899
Savills Resietial IteratialSavills Resear
graph source: HomeAway.co.uk / Savills International Research survey
Grossannualyield(%)
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8/3/2019 Savills International Research UK Second Homes Overseas Survey Report 2011
11/12
www.savills.co.uk/research 011
Autumn 2011
www.savills.co.uk/research 11
Wy Savills? ServiesSavills is a leadin lobal real estate service provider
listed on the London Stock Exchane. The company,established in 1855, has a rich heritae with unrivalled
rowth. It is a company that leads rather than ollows,
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Based in Berkeley Square in Londons West End, the
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and developers:
Consultancy
Market research, concept development, urban and resort
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Individual and multi-unit property sales services throuh
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About HomeAway.co.uk
Based in London and ounded in 1996, HomeAway.
co.uk connects holidaymakers with home owners and
property managers, providing access to a huge variety
o great value, unique accommodation worldwide.
The site oers the best choice o any UK holiday
rentals website, with over 250,000 properties which
holidaymakers can browse or ree and book with
confdence thanks to thousands o independent traveller
reviews. For holiday home owners and managers, thesite provides a simple, cost-eective way to market
their property and manage bookings, with unrivalled
worldwide exposure or a fxed annual ee.
Sara camers
HomeAway.co.uk
+44 (0) 20 3513 0734schambers@homeaway.
co.uk
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