MySweetImmo, June 23rd 2023

Real estate crisis: The second home market is holding up better

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The years of confinement (2020-2022) were record years thanks to a new, more flexible lifestyle between town and country, resulting in the emergence of semi-main/semi-secondary residences.

“During this exceptional period, we had unprecedented activity, particularly in markets traditionally popular for second homes. Now exceptional real estate is leveling off and this phenomenon also applies to the second home market. On the other hand, this slowdown, which is a natural phase in the market cycle after 3 record years, is much less pronounced in our segment than for the new and classic market", explains Alexander Kraft, Chairman and CEO of Sotheby's International Realty. France-Monaco.

This phenomenon can be explained by the fact that buyers of second homes are less affected by the rise in rates than buyers of main homes, and particularly first-time buyers and average households.

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