New data shows where housing is most costly in Europe - and where people are willing to spend more on it.
ADVERTISEMENTThose in Finland spend the most on housing, followed closely by the British, according to the Resolution Foundation.
The British think tank found that people in Finland spend 24% of their total expenditure on housing - far higher than the EU average of 15%.
The data combined the cost of actual rent paid with an estimate of the cost of housing owners would pay if they rented their home on the open market - known as “imputed rent”.
Housing in Poland, by contrast, has the lowest share of spending of any OECD country, taking up 6% of expenditure.
Where is the price of housing highest?
The price of housing is highest in the UK, relative to the country’s overall price levels, followed by New Zealand, Australia and Ireland. Poland and Greece both rank well below the OECD average - with the low cost of housing partially explaining their high housing consumption.
In Europe, house prices have climbed the most in Turkey - with figures showing that Turkish house prices are 12 times higher than they were nine years ago in nominal terms. This puts a flat in Istanbul in close competition with the famously expensive Paris and London.
Among OECD member states, northern European countries such as Sweden and Finland have seen the smallest change, with more than 4% increases in nominal housing prices since 2015.
Turkey is followed closely by Hungary, where prices are 166% more than they were in 2015.
Fight against rising house prices
Soaring house prices and rents - largely down to increasing demand from foreign buyers and continued economic growth - is making it tougher for Greeks to get on or up the property ladder.
A recent poll by Euronews found the fight against rising prices was voters' biggest issue in the upcoming EU elections, with 68% of respondents calling it a priority.
The Foundation also charted the relationship between the overall prosperity of a nation, compared to the amount of housing services it consumes.
Poland’s housing consumption was highest, followed by Greece and the Czech Republic.
Households in the UK, relative to the country’s overall prosperity, consume far less housing than households than all other OECD economies except Colombia - by far the poorest member of the group.
