Second-Home Owners: Escaping, Investing or Retiring?
Abstract:This article employs the 2006 EU Survey on Income and Living Conditions to examine the characteristics of second-home owners in the Republic of Ireland. Its purpose is to explore the relevance to the Irish case of the three key demand-side drivers of second-home ownership which are most prominent in this literature. These are: compensation - the view that households purchase second homes in order to compensate for deficiencies in their primary residence; life cycle - which links second-home ownership to retirement or future retirement plans; and affluence - which links second home purchase to wealth, the availability of mortgage credit and investment concerns. It finds that the recent growth in second-home ownership has been driven primarily by affluence and that compensation and lifestyle are less relevant drivers in the Irish case.
Document Type: Research Article
Affiliations: School of Applied Social Science, University College Dublin, Dublin, Ireland
Publication date: 2010-11-01