Home Ownership Rates Across Europe Show Significant Differences
There are significant differences in home ownership rates across Europe, despite the fact that housing affordability is a common issue throughout the region. Bruno Venditti from Visual Capitalist has created a graphic that illustrates the home ownership rate in various European countries in 2023, based on data from Statista.
Housing Supply and Home Ownership Rates
According to the data, Albania has the highest home ownership rate, with 96% of adults owning their homes. For instance, a two-bedroom apartment with 100m² in Tirana, the capital of Albania, can be purchased for approximately €287,000 ($315,000).
On the other hand, Switzerland has a significantly lower home ownership rate, with only 42% of people owning property. A similar-sized apartment in Zurich, Switzerland, is considerably more expensive, costing around CHF 1,095,000 ($1.28 million).
Home Ownership Rates in Different Countries
Here is a list of home ownership rates in various European countries:
- Albania: 96%
- Romania: 96%
- Slovakia: 94%
- Serbia: 92%
- Croatia: 91%
- Montenegro: 91%
- Hungary: 91%
- Lithuania: 89%
- Poland: 87%
- Bulgaria: 86%
- North Macedonia: 86%
- Latvia: 83%
- Estonia: 81%
- Norway: 79%
- Portugal: 76%
- Czechia: 76%
- Spain: 75%
- Slovenia: 75%
- Italy: 75%
- Malta: 75%
- Belgium: 72%
- Netherlands: 70%
- Greece: 70%
- Ireland: 69%
- Finland: 69%
- European Union (27): 69%
- Cyprus: 69%
- Luxembourg: 68%
- United Kingdom: 65%
- Sweden: 65%
- France: 63%
- Denmark: 60%
- Turkey: 57%
- Austria: 54%
- Germany: 48%
- Switzerland: 42%
Challenges in Housing Supply and Rental Market
Increasing populations in major cities and rising construction costs pose a significant challenge to housing supply. The rental market also plays a crucial role in home ownership rates. Countries with more mature rental markets, such as France, Germany, the UK, and Switzerland, tend to have lower home ownership rates.
Over the past few years, the percentage of homeowners among the population of all 27 European countries has remained relatively stable. On average, EU countries have a home ownership rate of 69%.
For more information on this topic, you can refer to a graphic that shows how the majority of Americans can no longer afford an average house.
Bottom Line
The variations in home ownership rates across Europe are quite stark, with factors such as housing supply, rental market maturity, and economic conditions playing significant roles. What are your thoughts on these differences in home ownership rates? Do you think there are other factors at play? Feel free to share this article with your friends and discuss. Don't forget to sign up for the Daily Briefing, which is delivered every day at 6pm.
