Why do people buy second homes? A needs based review of second home purchase motives

Sacha Lategan, David Manase, Malawi Ngwira and James Sommerville

ERES from European Real Estate Society (ERES)

Abstract: Diverse purchase motives are reported in the second home research literature. Among these are utilitarian considerations, increased opportunities for recreation and leisure, urban escapism, housing investment and the compensation hypothesis, i.e. the greater the degree of a primary homeís urban density the more likely its owner will purchase a second home to compensate for this characteristic. The purpose of this paper is to apply the five level needs hierarchy proposed in Maslowís theory of motivation (1943; 1954) as a heuristic device to organise a narrative review of reported second home purchase motives. In accordance with the hierarchy, second home purchase motives can be conceptualised in terms of the satisfaction of psychological, safety, belonging, esteem, and self-actualisation needs. Once lower level needs are gratified, purchase motives are then motivated by higher level needs. Closer examination of second home purchase motives is merited as this provides an improved understanding of the demand forces that have driven the international increase in second home ownership since the 1950s. Additionally a behavioural needs based view of second home demand brings into focus that the decision to purchase a second home is, in most cases, driven by multiply motives.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2012-01-01
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