Why Spanish pensioners sell their homes but stay in them
Recently, advertisements for expensive apartments in prestigious areas have often attracted attention on real estate portals in Spain. The owners of the property are pensioners who sell their homes with the condition of living in them until death. This is a new trend in the real estate market in Madrid and other large cities in Spain. The prices for these properties are significantly lower than their market value.
An example of such a deal is the story of Ana Maria from Madrid. Having owned an apartment in the capital of Spain for 20 years, she does not want to move. However, recently Ana Maria and her husband have encountered financial difficulties associated with the maintenance of such a large home. They decided to sell it and use the money to live comfortably in old age. The buyer benefits from such a deal, acquiring real estate at a large discount, which depends on the age of the seller.
This offer is a great opportunity for pensioners to improve their well-being and continue living in familiar conditions. As a result, the popularity of such transactions is growing year after year. Especially many ads for the sale of real estate with the condition of residence are recorded in expensive areas of large cities in Spain.
Experts note that for many Spaniards, housing is the main capital. Many elderly Spaniards own apartments worth more than a million euros. But such people often live in poverty, since most of their income goes to maintaining such huge apartments. Sometimes children who are unable to care for their elderly parents and do not plan to live in this housing after their death insist on selling the housing. The money received from the sale is used to start their own business by the children of pensioners.
This new type of transaction has become particularly popular in the Spanish property market, and last year a fair of properties with conditions for the former owners to live in was held in Madrid. 500 properties were presented at a discount of 40-90% of the market price. Most of the sellers at the fair were pensioners aged 75 to 80, who planned to continue living in their homes, but did not have sufficient funds to do so. Such fairs will be held annually in the capital.
