Ger­many has the low­est lev­els of home-own­er­ship in all of Europe

Financial Mirror (Cyprus) - - FRONT PAGE -

Only 52.5% of the Ger­man pop­u­la­tion was liv­ing in their own home in 2014, whereas the av­er­age home-own­er­ship rate across Europe stood at 70.1%, ac­cord­ing to fig­ures re­leased by the Euro­pean Union’s sta­tis­tics of­fice, Euro­stat.

When mea­sured against the to­tal num­ber of house­holds in the coun­try, Ger­many’s home-own­er­ship rate falls fur­ther, to be­low 50%.

Ac­cord­ing to Euro­stat, the sit­u­a­tion in Ger­many has his­tor­i­cal roots and is strongly con­nected to post-World War Two re­con­struc­tion, which was only pos­si­ble be­cause it fo­cussed al­most ex­clu­sively on the con­struc­tion of large apart­ment blocks and multi-fam­ily hous­ing. Euro­stat’s rank­ing also re­vealed that the coun­tries with the high­est home-own­er­ship rates are the con­ti­nent’s poorer coun­tries. Ro­ma­nia has the high­est home-own­er­ship rate (96.1%). The EU’s richer na­tions all have lower rates.

Euro­stat also in­ves­ti­gated the af­ford­abil­ity of hous­ing. Some 11.4% of the pop­u­la­tion of the EU spend more than 40% of their dis­pos­able house­hold in­come on hous­ing. Any­thing above 40% is classed by Euro­stat as a “hous­ing cost over­bur­den.” 40.7% of Greeks are over­bur­dened by their hous­ing costs, fol­lowed by the Ger­mans (15.9%) and the Danes (15.6%). In con­trast, hous­ing costs are es­pe­cially af­ford­able in France (only 5.1% are over­bur­dened), Cyprus (4.0%) and Malta (1.6%).

Newspapers in English

Newspapers from Cyprus

© PressReader. All rights reserved.