The various crises experienced in recent years have changed French habits. This evolution has also marked the real estate domain with the emergence of the semi-primary residence. This type of investment, halfway between the primary residence and the secondary residence, is growing rapidly in France. City dwellers are the main interested in this type of purchase. What exactly is a semi-primary residence?
What is a semi-primary residence?
A semi-primary residence is a dwelling inhabited during long stays, ranging from several weeks to several months per year. It differs from the secondary residence, usually used for short stays.
However, be careful! If you spend more than 6 months per year in your semi-primary residence, it becomes, in the eyes of the law, a primary residence. Therefore, it is not easy to give a precise definition to the semi-primary residence. From a strictly legal point of view, it's simply a residence inhabited by its owner during long stays, but less than 6 months per year.
Market evolution of the semi-primary residence
It is mainly the COVID-19 crisis that has led to the development of this phenomenon. Although it is not new, the concept of semi-primary residence represents a real market for nearly a year now. The massive development of remote work and the desire to enjoy an outdoor space while keeping a foothold in the city are the main triggers of this trend.
The semi-primary residence market has evolved over the last two years. It now attracts a larger number of buyers with different profiles. Singles, couples without children, and even families are interested. Previously, this lifestyle was reserved for retirees who liked to enjoy their family part of the year and, on the other hand, enjoy a moment of quiet in the mountains. Lately, market conditions have also facilitated purchases by younger investors, interested in a semi-primary residence.
Is the semi-primary residence still relevant?
It's a big yes! The real estate market dedicated to the semi-primary residence is attracting more and more French people. Online searches for a semi-primary residence have increased by 30 to 40% since 2019.
The semi-primary residence is not just a holiday home. Most investors live there for several months a year. Before diving into the purchase of a semi-primary residence, check that it meets all your expectations:
- Location : your property must be ideally located, in a quiet area, easily accessible, with a good internet connection, and at a reasonable distance from your primary residence.
- Comfort and work : ensure that you won't have to do major work in your semi-primary residence and that the comfort level can create a pleasant environment, conducive to using the dwelling.
Do you have a real estate project in Combloux, Megève or Demi-Quartier? Trust the expertise of Allard Cooke & Associates! Contact our agency.
