savills international research uk second homes overseas survey report 2011

8/3/2019 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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02

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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www.savills.co.uk/research 03

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


4/12

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

04


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


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


6/12

06


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


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%


7/12


Autumn 2011

FIgURE 8

Wat is imprtat aut tisplae? Good restaurants are vital

FIgURE 9

Attratis a ativities itis plae Gol is an integral eature


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



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%


8/12

08


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


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


9/12


Autumn 2011

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



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


10/12

10


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


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

[email protected]

Jaa Leverett

Associate

+44 (0) 207 016 3811

[email protected]

Jelea cvjetkvi

Associate

+44 (0) 207 016 3754

[email protected]

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

[email protected]

Ylae baresHead o Research

+44 (0) 207 409 8899

[email protected]

Savills Resietial IteratialSavills Resear


Grossannualyield(%)


11/12


Autumn 2011


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,

and now employs over 19,000 sta in 200 oces and

associates throuhout the Americas, Europe, Asia Pacic,

Arica and the Middle East.

A unique combination o sector knowlede and

entrepreneurial fair ive clients access to real estate

expertise o the hihest calibre. We are rearded as an

innovative-thinkin oranisation backed up with excellent

neotiatin skills. Savills chooses to ocus on a dened

set o clients, thereore oerin a premium service to

oranisations with whom we share a common oal. The

Savills name is synonymous with a hih quality serviceoerin and a premium brand, takes a lon term view on

real estate and invests in strateic relationships.

Based in Berkeley Square in Londons West End, the

International Residential Department provides an extensiverane o property services or international property owners

and developers:

Consultancy

Market research, concept development, urban and resort

master plannin, nancial investment and structurin,

proramme manaement coordination, brandin, sales

and marketin services.

Aency

Development sales and market services or international

developments and resorts. This includes both on-site and

o-site sales operations and lobal sales road-shows.

Our Alpine Homes Division a leadin specialist in the saleso ski property or pleasure and prot.

Network

Individual and multi-unit property sales services throuh

an international network o Savills and associate oces

around the world. We also oer a bespoke o-market

property sales service.

Research

Knowlede o both local and international market dynamics,

throuh Savills lobal presence and research capabilities.

Includes reular reportin on local market conditions and

research reports tailored to clients specic requirements.

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


12/12

Lansdowne House57 Berkeley SquareLondon W1J 6ER020 7499 8644

savills.co.uk

savills international research uk second homes overseas survey report 2011

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