Second home buyers looking for accessibility, space and wellness amenities: Report

After over two years of pandemic-related lockdowns and hybrid or fully remote working, holiday destinations have seen a surge of second home buyers searching for space, an escape from city life, and a place to focus on themselves, according to a research by international property consultant Savills.
However, because many are still tied to their offices for a few days a week, ease of access to major world cities remains a priority. Hybrid working has been widely discussed, but the trend of ‘hybrid living’ – splitting time between a city-base and a second home – is beginning to take off, according to the study.

For many, Covid-19 shifted priorities for what people search for in their second homes. As in the market for primary residences, buyers are looking for accessibility, space and wellness amenities.

Owners are also splitting their time differently between their primary and secondary residences, often spending longer amounts of time in their second homes.

Many buyers seek destinations within 2-3 hours by plane, train and, more increasingly, by car from their main city base.

These shorter travel times enable owners to use their second home properties more frequently while also allowing for easy commuting to major cities, turning some more seasonal destinations into year-round communities.

Savills Research has examined three second home locations within easy access to a major world city and ranked them based on the residential offering, wellness amenities and connectivity.

“With the increased focus on personal health and wellness, second home locations have to pull double-duty by providing both the traditional sun, sea and countryside as well as the key amenities to promote personal wellness,” says Kelcie Sellers, associate, Savills World Research.

“The locations that excel are the ones that offer ample gyms, high numbers of golf and tennis courts and access to spas. Air quality is also a key element in the wellness score as well internet connectivity and the need to be close to a major world city.”

The Côte d’Azur features as the top destination for three World Cities. The depth of the property market, abundance of wellness activities and strong connectivity has kept this highly international destination on buyers wish lists for over a century.

In Italy, Tuscany is the top performing second homes location followed by Liguria. The latter popular with the Milanese.

For Spain, it’s the sun and sea that attracts buyers from across Europe and Dubai whilst Madrileños look to the northern coastal town of Galicia for cooler air and green space.

For residents of Asian world cities, the second home locations which stand out have ample access to nature, either sea, countryside, mountains or a combination of them all.

“Looking ahead, we expect some second home markets to become even more domestic and regional as buyers continue to value close proximity to their city base for easy commuting by train or by car,” said Sellers.

Companies and workers have become used to the flexibility brought on by the pandemic and are gradually adapting to a hybrid working model. Hybrid living will largely follow on from the hybrid working trend as people continue to take advantage of this increased flexibility and the ability to prioritise work-life balance.

Another effect felt in a post-pandemic world is that people have become more health conscious and are willing to change their lifestyles to stay healthy. A well- connected second home with access to nature and wellness amenities can contribute to this.

“We expect this shift in priorities to drive demand for second homes in the locations highlighted in this report. Buyers are likely to come from diverse demographic backgrounds; couples and families who adjust to the hybrid way of life and older retirees, which were an established pool of buyers even before the pandemic,” the report said.

In terms of destinations, some second home markets could become more domestic and regional in the near future, as buyers may increasingly focus on locations which are easily accessible.

Buyers will continue to value close proximity to their city base to allow for easy commuting. Destinations accessible by plane may potentially become less appealing as people focus more on their individual carbon footprints. Regardless of place, however, the increased year-round nature of many second home locations will have the added benefit of revitalising local communities and bringing increased economic activity to locations which used to be predominantly seasonal.

There are a few grey clouds on the horizon, however. Rising interest rates will make borrowing for a second home mortgage more expensive and could deter some buyers from purchasing an additional property.

New developments and several next-big-thing locations also have the potential to unseat some of the well- established markets studied here, as a broader demographic and income base of buyers look for second homes which have the trophy status of being at the head of the curve, fulfil wellness criteria, and have the potential to offer positive price growth as well.