After observing in Europe a true real estate bubbles´wave and a long period of unusually cheap credit available at the reach of arm, the decision to examine the ownership structure in the countries that use the Euro currency by the European Central Bank is not striking whatsoever. (…).
The results of the survey carried out by the ECB in these countries in 2010 and in case of Spain in 2008 show the following information:
1. In the Eurozone, 60.1% of families lives in their own houses, while 39.9% of them rents them.
2. The ownership rate in Spain is one of the highest and is equal to 83%. The number one, Slovakia, reaches 90% rate.
3. Obviously, Slovakia therefore leads in the smallest renting scope ranking, with 17.3%. Under Spain, there is only Slovakia and on the same level (18.2%), Slovenia.
4. Talking about regimes, 55.8% of the German prefer to rent a house rather than buy it, so think 52.3% of the Austrian, the French (44.7%) and the Dutch (42.9%).
5. In terms of second home ownership, Spain knocks spots off the other countries: 36.2% of Spanish households has got another dwelling. The number is only excelled by Cyprus (51.6%) and Greece (37.9%). On the other end one may find the Netherlands with (6.1%), Austria (13.4%) and Slovakia (15.3%). When it comes to the European giants, only 17.8% of German families, 24.7% of the French and 24.9% of the Italian owns a second home.
6. In Europe, 60% of families owns their homes, 40.7% has them entirely paid-off and the outstanding mortgages make 19.4% of all. In Spain, the proportion is 55.9% in case of paid homes and 26.8% refers to still unpaid mortgages. In the Netherlands, only 43.9% households are family-owned and in Cyprus only 35% of them.
It is noteworthy that the ECB has not taken into account possible factors that could modify data in each country, like culture, public policy in terms of property acquisition and rent or fiscal incentives, such as tax relief that is very popular in Spain. (…).
Original article: Cinco Días (Raquel Díaz Guijarro)
Translation: AURA REE