_HOME SWEET (SECOND) HOME
Desire for second homes still running high
Survey 1 reveals that this percentage remains high in 2023. 60% of our respondents will use a home they buy this year as their main home, implying that 40% are second home buyers, of those, 23% are planning to use their unit as a holiday home.
54% of buyers looking to make their property a primary residence are looking to purchase villas, with a further 28% looking to purchase large apartments with three to four bedrooms.
Amongst existing homeowners who are planning to purchase an additional property, only 33% are looking to buy within the next 12 months, while the remaining (67%) are looking to purchase within the next five years. Additionally, the majority of second-home buyers (49%) are looking to purchase off-plan properties, compared to 27% of first-home buyers or those looking to use the property as their primary residence.
Interestingly, Survey 1 reveals that women are more interested in buying holiday homes (61%) when compared to male respondents (39%). Culturally, it is very common that women, especially when married, perceive their husband’s house as their own; therefore, anecdotally, any additional home purchase is likely to be used as a holiday/second home instead of their primary residence.
The majority of second-home buyers are looking to purchase a property in Jeddah, as it has historically been known as a domestic holiday destination. Riyadh (35%) ranks second, while Makkah (17%) is placed third.