La Méditerranée
Engel & Völkers Luxembourg Study - Summer Plans 2021
Résidence secondaire
Projets de vacances 2021
La côte d'Azur
Scientists and trend researchers are currently trying to analyse the effects of the Corona pandemic on people's lives worldwide. As the pandemic has a significant impact on people's living habits, Engel & Völkers Luxembourg has conducted a comprehensive survey with almost 200 participants to determine possible changes in Luxembourgers' living and housing preferences. The study will be evaluated and presented in three parts.
This article concerns the first part of the study, which deals with people's holiday mood. In this regard, it is clear that, despite the current situation, Luxembourgish people want to go on summer holiday in 2021. In fact, almost 80% of the participants long for a holiday, but where do they want to go and which regions will benefit? Are they willing to board a plane despite the current sanitary crisis? Will the trend have an impact on real estate markets in the various holiday destinations?
Sun, beach and the sea
Although the Grand Duchy's charm can seduce in any season, very few Luxembourgers want to spend their holidays in their own country. This goes against the trend observed in other European nations. Germans and Austrians, for example, are increasingly planning to spend their summer in their own country, compared to pre-Corona years.
The most popular destination for Luxembourgers remains southern Europe. Many long for a relaxing holiday on the Mediterranean coast. "This trend is also reflected in the search requests for real estate properties in our international network," reports Philipp Niemann, Managing Director of Engel & Völkers in Luxembourg. "Our colleagues on the Côte d'Azur, in Spain and in Italy report high and stable demand for holiday homes and second homes in such popular holiday regions."
Interest in holiday homes in the Mediterranean already rose to a record high last year. This year, property prices on the Balearic Islands in Spain, have risen by 14% compared to last year and Christoph Feigenbutz, Engel & Völkers Country Manager Italy, reports that demand from Northern and Central Europeans for popular second-home-regions in Italy has grown noticeably.
The French Riviera has long been the favourite holiday destination of Luxembourgers. With more than 300 days of sunshine a year, this region in the south of France is considered a very attractive market for second homes and holiday homes and makes the Côte d'Azur one of the most expensive real estate markets worldwide. Flats in Cannes currently reach prices of up to 40,000 € per square meter. The situation is similar in St Tropez, where villas are selling for over 30,000 € per square meter. "In general, the Côte d'Azur is considered to be a very stable real estate market. This can be clearly observed in the demand, which seems to be unimpressed by the pandemic," says David Scheffler, CEO Engel & Völkers France.
The desire for more flexibility
Given current uncertainties, when planning a holiday in another country, 40% of survey participants have indicated that they will travel by car. This is understandable as road trips guarantee more flexibility and, given current and unforeseeable restrictions, holiday destinations can be adapted more easily. From Luxembourg, it only takes about 8 hours to drive to the French Mediterranean coast. Indeed, this journey doesn't require air travel. 14% of respondents who have chosen a holiday destination in Northern Europe have also indicated a preference for road travel. Popular destinations in Belgium and the Netherlands can be reached from Luxembourg in just 2 to 3 hours by car.
Other cultures - distant countries
One-tenth of the participants are nevertheless drawn to distant countries and other continents. They are planning a trip overseas despite (or because of) the current restrictions in the Grand-Duchy. Another 15% are drawn to the most beautiful cities in Europe. Many feel the need to stroll through the streets of the most exciting cities to discover foreign art and culture.
To conclude, since the large majority of those surveyed plan to take a holiday this summer, whether near or far, those planning a trip should not have a guilty conscience. Indeed, the desire to travel seems to be in people's nature!
Other trends in everyday life resulting from the pandemic and relevant to real estate have also become apparent in Engel & Völkers Luxembourg's study: How has the need for space changed due to remote working habits? What do Luxembourgers think about moving to the countryside? These and other questions will be examined in the second and third parts of the Engel & Völkers study.
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