Hard up?? We own 2 homes
Figures out this week suggest that the advancement of the middle classes is faster than thought. According to an official report by Survey of Income and Living Conditions 2013, a total of 90,006 Canarian families have second homes – 10,000 more than in 2007.
The report, published by the Instituto Canario de Estadística (ISTAC), shows that 11.23% of the total households (801,779) recorded in the archipelago have a second residency.
It was thought that the property bubble bursting, and the worldwide financial crisis would see the figure plummet.
But this is not the case, although what the report doesn’t show is how those with second or third properties are doing with the extra burden.
Interestingly, the increase in this type of property ownership has been parallel to population growth and, therefore, of primary residences. In total, there are 801,779 households in the Canary Islands. Six years ago there were 707,824.
Tenerife, as the most populated island, leads the way with second homes, with 37,143 families having second places. This tops Gran Canaria (29,216); Lanzarote and Fuerteventura (15,397); La Palma, La Gomera and El Hierro (8,250).
Also, most people buy another house without going far, as demonstrated by 68.06% of “second housers” being on the same island, 9.7% in another island of the archipelago and 22.1% in the Peninsula or abroad.
Meanwhile, the old adage of sea and sunshine holds firm for foreigners who buy a second home.
The Canary Islands and Mediterranean coast are easily the most popular places still. Baleares (30.78%), Valencia (24.83%) and Canary Islands (24.60%) are the three communities where most foreigners buy property. Only 3.86% buy in Madrid, and just 3.64% in Catalonia.
And of the foreigners buying in the Canaries, Brits still lead the way (18.98%), followed by Germany (14.39%), Belgium (13.3%), Italy (10.66%), Russia (5.47%) , Norway(3.78%), France (3.36%), China (2.2%) and Sweden (2.11%).