1 in 5 spaniards own a second home

Photo: Barbara Walsh

1 in 5 Spaniards own a second home overseas, according to new figures.

The study, carried out by Re/Max Europe, found that one in six Europeans tend to have a second home, with Spain leading the way with over 20 per cent - the same proportion as Greece, Poland and Slovakia.

Information from Spain's Inland Revenue - obtained via the Modelo 720 asset declaration form - found that Spanish taxpayers own €9.2 million worth of property, located in France, the UK, Germany and Portugal.

Spanish taxpayers declared France as the place where their own the most property, with €1.73 million worth of real estate, followed by the UK (€1.38 million), German (€727.6 million) and Portugal (€672.3 million).

The Re/Max survey found that Spanish people prefer to own rural properties away from big cities as their second homes, with 37.3 per cent preferring to purchase in their hometown or where their family come from. Second homes are normally use for holidays or weekends away.

In comparison, just 1 in 20 German, Dutch and British homeowners also possess a second property.