Digital technology has given birth to a new generation of income-seeking second home owners.
We have been surveying second home markets for more than a decade. A lot has changed in that time.
New technology, coupled with economic change has continued to alter what is possible for both owners and renters. Accommodation can be searched for, let and managed in faster, cheaper and more effective ways. Platforms such as HomeAway are part of this digital revolution.
The availability of digital solutions and the ease of letting property have generated a new breed of second homeowners. Economic change has also made these owners more likely to want an income from their residential assets at home and abroad, as well as the lifestyle pleasures of owning an additional home.
In future, more sophisticated and new technologies – and, with them, changing attitudes and practices among holidaymakers and tenants – will continue to shake up the hospitality, short-let and residential markets.
These industries will continue to develop as new technology opens up new opportunities and creates different ways of doing things. It is possible the distinctions between each sector will become increasingly blurred.
This report highlights the ways international second homes have changed over the last decade. It shows what owners have available, what they want in their new purchases, how they finance them and what short-term tenants and holidaymakers are looking for. In doing so, it points the way that future trends might lead.
Source: Savills, Full Article Here