Real estate: exorbitant prices throughout Europe

Rising prices in the real estate market have ups and downs, imposing new standards of living on citizens.

As the pan-European RE/MAX study has shown, cohabitation is now becoming a “one-way street” for an increasing number of households, with all the ensuing consequences for the choice of where to live.

Real estate price research
European consumers, although they face limited housing affordability, rising inflation and interest rates, as well as increasing property maintenance costs due to stricter environmental regulationscontinue to search with unflagging interest for real estate in order to cover their basic needs, whether buying or renting, at an affordable price.

Based on a recent study conducted by RE/MAX Europe in 22 countries EUwith 22,000 consumers participating, interested buyers confirm that prices are rising and the desire to move to Europe remains stable.

At the same time, those who cannot find affordable housing are turning to innovative solutions such as co-living and increasingly favoring areas with developed urban infrastructure. Findings from the study include, but are not limited to:

• Four in ten Europeans (39.3%) plan to move in the next two years.
• Two in ten Europeans (18.5%) move due to financial difficulties.
• Three in ten Europeans express concerns about future moves, with concerns that they won’t be able to find a home they can afford within their budget.
• 65% of Europeans surveyed said they would consider co-owning a property with a group of people consisting of friends, colleagues or even strangers.
• 24.8% of consumers are attracted to the idea of ​​shared ownership because of the benefits they will receive from sharing costs. One in five report that joint ownership results in the purchase of property that would otherwise be financially out of reach, while also providing an overall shield of protection against the financial and legal risks associated with sole ownership.
• 24.5% of consumers in Europe are interested in purchasing a second home.
• 21.2% of respondents consider cohabitation as a way to reduce feelings of loneliness and isolation.

Although interest in cohabitation is currently higher among younger Europeans, who have always been inclined to do so, older people are also beginning to seriously consider the idea of ​​cohabitation. Almost half of the respondents (49.4%) are aged over 35 years of age are thinking about moving to permanent residence and living together.

Of the ten retirees who were asked about the possibility of moving and living with other people, four said they would consider it because communication is an important motivation for them. In addition, shared ownership is no longer found only in secondary homes and holiday homes, but is also a means of acquiring more expensive primary residences.

Almost a third of Europeans (31.7%) have heard of the 15-minute city concept. The idea is that all important services, including hospitals, workplaces and schools, are within 15 minutes of residents’ homes on foot or by bike.

Overall, 55% of Europeans think it would be a big benefit if daily commutes were shorter, while nearly five in ten respondents (44.8%) believe that creating “15-minute cities” will bring environmental benefits. Europeans are also interested in direct access to green spaces (parks, squares located near their homes), especially after the pandemic.

The Green Deal and EU 55 Fit for 55 EU programs will put sustainability at the top of homeowners’ list of priorities. Today, property owners have focused on simple solutions such as LED lighting installation. However, failure to invest in home energy production, as well as insulation and energy efficiency measures can lead to reduction in property values.

The transition to renewable energy sources is an important trend in sustainable development. Almost one in five Europeans (18.7%) have already installed solar panels, and more than 40% of property owners plan to install solar panels (43.2%) in the near future. Almost the same number want to see greater use of environmentally friendly materials in building construction (40.2%) and use environmentally friendly construction methods (36.4%).

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