Market

Holiday homes, buyers choose fixed rate

According to analysis by Kìron Partner, 96.3 per cent of those who bought a second home with a mortgage in 2024 opted for a fixed rate

10 September 2025

House model with real estate agent and customer discussing for contract to buy house, insurance or loan real estate background.

3' min read

In 2024, mortgages for the purchase of a second home represented a niche in the market, but with a growing trend. According to an analysis by Kìron Partner, the Tecnocasa Group's credit brokerage company, last year transactions for second homes accounted for 1.96% of the total managed by the network, up slightly from 1.61% in 2023.

The average amount disbursed for those buying a second home stands at EUR 109,543, which is lower than for the first home (EUR 118,551). This difference reflects the profile of buyers: those who buy a property for holiday, annuity or investment generally have more equity capital and require smaller loans.

Banks, however, assess second home mortgages as riskier than those for the main home. Indeed, in case of financial difficulties, a borrower is more likely to suspend payment of instalments on the second home than on the first. For this reason, institutions apply stricter access conditions and, in some cases, higher rates. Despite this, the choice of rate type remains almost unanimous: 96.3% of those who took out a second home loan opted for a fixed rate, compared to 95% of those who bought their first home. At a territorial level, the incidence of second home mortgages is highest in the South and Islands (2.30%), followed by the North (1.92%) and the Centre of Italy (1.69%).

The phenomenon of second homes in Italy is not limited to the sphere of financing. According to the Re/Max European Housing Trend Report 2024, 26% of Italians own a second home, a share that places the country among the highest in Europe.

The motivations are diversified: 44% use the second home as a holiday destination, 23% see it as an investment for retirement, 33% see it as an asset to pass on to their children. On the other hand, the income aspect has less weight in Italy than in other countries: the second home is perceived more as a family heritage and lifestyle than as an investment tool.

The European Comparison

Looking at the rest of Europe, second home ownership shows very different dynamics. Bulgaria leads the ranking with 46% of owners owning a second home, followed by Greece (39%) and Croatia (37%). By contrast, in the Netherlands only 8% of owners own a second home, in Ireland 11% and in France 11%. In Germany, where renting is culturally more widespread than buying, the share stands at 14%.

In general, according to Re/Max, 13% of European homeowners say they intend to buy a second home in the future, with peaks of 23% in countries such as Turkey. The prevalent use of second homes in Europe is similar to Italy: 44% as a holiday home and 23% as a future retirement residence. But the income component is not missing: 16% rent them on annual contracts and another 16% through short-term platforms such as Airbnb.

The social node

While the phenomenon of second homes fuels a dynamic segment of the housing market, it also raises growing social concerns. In many tourist locations, increased demand from wealthy families and investors has pushed prices beyond residents' means, reducing the supply of affordable homes.

The case of Barcelona is emblematic: from 2025 the city has banned short-term rentals and from 2028 will no longer renew existing licences. Restrictions have also been introduced in France to limit the number of second homes in certain areas with high housing pressure.

The Italian market reflects these dynamics well. In areas with a strong vocation for tourism - from the Tuscan coast to Sardinia, Sicily and Liguria - data collected by Tecnocasa and Scenari Immobiliari during the summer of 2025 confirm sustained demand for second homes, despite the uncertain macroeconomic context. Drivers are mainly Italian families with medium-high incomes and investors interested in earning income from property through seasonal or short-term rentals.

The consequences on prices are obvious: in many seaside and mountain resorts, values have held or increased, supported by the constant interest in holiday homes and an often limited quality offer.

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