Who is buying in the Mediterranean?
Nearly two thirds of investors buying luxury homes in the Mediterranean are baby boomers with most sales recorded being under 1.5 million euros, according to data collected by broker Savills.
Figures presented recently by Daniel von Barloewen, Director of Savills International Development Consultancy, show that demand for luxury homes in the Mediterranean is strongest for 2-3 bedroom apartments and four-five bedroom villas.
Among those buying properties, 63% are baby boomers (aged between 50-70), with just under one-third being Generation Xers (aged between 35-50).
The figures also show that 80% of all sales are under 1.5 million euros and that 49% of investors are spending under 500,000 euros. Six percent of buyers are spending between 3 million to 5 million euros.
A big change has been noted in the reason why investors buy in the Mediterranean.
The data shows that 36% of all buyers are driven by an investment angle - either as a pure investment or for some personal use and letting to generate income - increasing by 50% since 2015.