European Housing Trend Report

European Housing Trend Report

2023 Europe

2 | European Housing Trend Report 2023

Table of Contents European Overview . . . . . . . . . . . . . . . . . . . . . . . . . 3 Core Themes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Europe's Moving Trends: Housing Market Evolution . . . . . . . . . . . . . . . . . . . . . . . 5

The Heart of Homeownership: Family, Dreams, and Investments. . . . . . . . . . . . . . . . . 8 Dreams on a Budget: The Pursuit of Affordable Property . . . . . . . . . . . . . . . 10 Strength in Community: Europe’s Path to Collaborative Living. . . . . . . . . . . . . 12

Property Partnerships: The Emerging Trend of Co-Ownership. . . . . . . . . . . . 14 Designing the Future: Europe’s Sustainable Living Revolution . . . . . . . . . . . 16 15-Minute Cities: A Visionary Urban Transformation. . . . . . . . . . . . . . . . 18 Navigating the Housing Transformation: Finding the Right Guide . . . . . . . . . . . . . . . . . . . . . . . . 20

Country Summaries. . . . . . . . . . . . . . . . . . . . . . . . 22 Methodology. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 About RE/MAX. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46

European Housing Trend Report 2023 | 3

European Overview Europe’s housing market is undergoing a significant transformation. Amidst remarkable technological progress and the resilience displayed during the global pandemic, we are now navigating rising inflation, evolving social norms, and increased environmental awareness. In light of these dynamics, the latest RE/MAX European Housing Trend Report 2023 illuminates the inspiring shifts in lifestyle choices and housing preferences throughout the continent.

The RE/MAX European Housing Trend Report 2023 reveals the profound impact of these changes sweeping across the continent, based on a survey of over 22,000 participants. Embark on a captivating journey across 22 European countries and neighbouring regions where the RE/MAX brand flourishes, including vibrant markets such as Turkey and Israel. Discover how people are navigating the dynamic shifts in the real estate industry, from surging housing prices due to supply shortages to the rising demand for sustainable living and evolving notions of homeownership.

While some of these trends may be temporary, others could reshape the housing landscape forever. However, one thing is clear: people are reacting to this unique moment in Europe’s history in ways that the housing market hasn’t seen in many years – and possibly never has before.

Nearly 40% of Europeans interviewed indicate that they are gearing up for a move within the next two years.

Europe in Motion: The Housing Market Transformation A yearning for change is sweeping across Europe, with almost 40% of Europeans surveyed – both men and women equally – saying they anticipate a move within the next two years. Cities remain their main focus for this transformation, attracting both buyers and renters alike. Surprisingly, despite the backdrop of rising inflation, these decisions aren’t being driven by financial concerns. In fact, less than 20% of survey participants attribute their move to financial needs. Instead, the vast majority are motivated by personal aspirations, such as the desire for larger living spaces and better locations, as well as the growing need for dedicated home office spaces. Essentially, it’s the pursuit of a better way of life.

The Heart of Homeownership: Family, Dreams, and Investments Owning a home is a major aspiration for most Europeans; 67.3% of surveyed individuals already own a property, indicating a widespread trend. The survey results mirror the pan-European homeownership ratio of 75%, sourced from official market data.

Despite this average, official market stats showcase significant regional differences, ranging from nearly 95% in Romania to

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Over 50% of individuals aged 25 and above have intentions to purchase a property.

about 47% in Germany. Remarkably, this homeownership dream transcends generations, with more than half of survey participants aged 25 and above intending to buy property, with the highest levels of enthusiasm observed by those aged 35-55.* For many, the primary motivation to purchase property is to secure a personal haven, a space thoughtfully tailored to their unique needs. However, this journey is often guided by a noble motivation: the desire to provide a home for family and friends.

Moreover, for those who have yet to purchase property, the prospect of investing in real estate for rental income stands as an attractive opportunity for financial stability.

Dreams on a Budget: The Pursuit of Affordable Property While there is a strong desire for property ownership, affordability remains a significant obstacle due to increased property prices, rising inflation, and higher interest rates, especially affecting the younger generation. Regardless of their current plans to move, almost one-third (30.8%) of all Europeans surveyed worry that if they were forced to move within the next two years, they would be unable to find a property within their price range. Surprisingly, despite these concerns, fewer than half of Europeans are willing to give up the perfect location due to budget limitations. It underscores the lasting allure of finding the ideal place to call home.

Strength in Community: Europe’s Path to Collaborative Living To respond to these challenges, Europeans are turning to innovative approaches like co-living and co-ownership to share financial responsibilities, making property dreams more attainable.

Co-living is a unique concept that combines private living spaces with communal ones, fostering a sense of community while significantly reducing costs. It’s heartening to see that over half of Europeans surveyed (56%) find the idea of co-living genuinely appealing, with current renters exhibiting even higher enthusiasm at nearly 60%. This concept opens doors to shared experiences, unique amenities, and, most importantly, a more accessible path to comfortable living. * Eurostat 2022: https://ec.europa.eu/eurostat/web/products-eurostat-news/w/ddn-20230713-1

Certainly, co-living trends are particularly popular among younger generations who have historically leaned towards communal living.

What’s striking now is the genuine interest shown by older individuals, with nearly half of those over age 35 (49.4%) and more than 40% of retirees seriously considering co-living arrangements.

Similarly, co-ownership involves a collective effort, where individuals jointly purchase a property, sharing financial and legal responsibilities. Impressively, this model has garnered significant interest among Europeans we surveyed, with almost two-thirds (65%) indicating their willingness to consider it under the right circumstances. These collaborative approaches remind us that, in the face of adversity, the power of togetherness can illuminate new paths toward the dream of owning a home. Furthermore, with the rise in environmental awareness, people also tend to appreciate the sustainable effects provided by co-living, such as shared energy costs.

Designing the Future: Europe’s Sustainable Living Revolution As we look ahead to the future, urban areas are evolving to meet upcoming challenges, revealing two remarkable trends. First, a steadfast commitment to sustainability shines as bright as ever, with both property owners and renters embracing eco-friendly living practices. This reflects a shared commitment to safeguarding our environment, and one of the most significant transformations is the widespread adoption of LED lighting. In fact, LED lighting ranks as the top environmental change made in all but one of the locations examined in this report.

Simultaneously, the concept of 15-minute cities is reshaping urban planning, aiming to bring life’s essentials closer to home, reduce commutes, and nurture a stronger sense of community. It’s inspiring to note that over 40% of survey participants believe that the creation of 15-minute cities could result in environmental benefits by significantly reducing the need for extensive daily travel. These dual trends reflect our evolving desires to create a more sustainable, convenient, and inclusive future in European real estate.

Now as we shift our focus to the core themes uncovered by our research, we’ll explore remarkable insights into the forces defining the European real estate landscape, including the challenges and hopes that shape our collective story.

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Core Themes Europe's Moving Trends: Housing Market Evolution Change is life’s only certainty, and it’s the driving force behind why people move, as families grow and dreams evolve, shaping the course of their housing journeys. Across Europe and other regions we surveyed, including Turkey and Israel, this dynamic is evident as almost two-fifths (39.3%) of those we surveyed anticipate a move within the next two years, with little variation between men (38.8%) and women (39.7%). In some countries, such as Turkey and Israel, this represents a significant surge, with nearly every second person planning to move, especially those currently residing in flats. While in contrast, countries like Austria and the Czech Republic show a smaller inclination to move, with fewer than 30% of residents considering a move in the upcoming two years.

Age plays a pivotal role in shaping these relocation plans, reflecting the full spectrum of life experiences. The survey, which included participants from ages 18 to 65, revealed that half of those under the age of 35 expects to move within the next two years, while roughly one-fifth (21.6%) of those aged 56-65 intends to move. Unsurprisingly, students are the most likely to move, with over half those surveyed planning to relocate, while nearly 80% of retirees plan to stay in their current homes. The professional occupation status also plays a significant role, with about 40% of the working population anticipating a move.

Home ownership preferences also differ across age groups. More than half of those aged 25 and older plan to buy property. This desire to own a home is most prominent among those aged 3555, where an impressive 73% aim to become property owners.

However, for the youngest group aged 18-24, less than 40% plan to buy property. With limited available finances, many in this age bracket are looking at rental opportunities, with roughly 30% considering long-term rentals, while 20% opt for short-term leases.

About 16% are still unsure about their housing choice.

The Heartbeat of City Life: Embracing the Urban Pulse The attraction of city life remains as strong as ever, with more than 50% of buyers and an even more remarkable 60% of renters actively seeking urban properties. It’s a timeless attraction that transcends borders, but age does influence these preferences.

Among the younger crowd of 18-24-year-olds, nearly 40% gravitate towards the bustling energy of urban flats, while those aged 25-55 lean towards suburban houses, with half of this age group opting for that tranquil charm. The oldest survey participants, however, favour the serenity of rural living, a choice shared by only one in ten individuals under age 25.

Urban living holds a strong appeal in many of the countries in our survey. Israel, Turkey, and Bulgaria stand out as shining examples, with more than half of potential buyers expressing a strong preference for city flats. This trend reinforces the urban concentration in these countries, where already more than 85% of survey participants indicate that they currently reside in urban areas.

Crossing over to England and Ireland, those currently living in urban areas display a clear inclination towards city-centre houses.

Astonishingly, nearly eight in ten English participants (76.5%) and nearly two-thirds of those in Ireland lean towards city houses.

In Portugal, the landscape appears to be evolving, as suburban houses gain prominence, signalling a potential shift away from bustling city life. Surprisingly, this occurs even though almost four out of five (82.8%) of the Portuguese survey participants currently reside in urban areas.

Over two-thirds of Europeans interviewed already own at least one property.

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Shifting Priorities: The Evolving Reasons to Relocate With living costs skyrocketing everywhere, it would be easy to assume that financial needs are behind decisions to relocate.

However, financial motives to move are still comparatively low across Europe, and people are much more likely to move for personal reasons. Of those surveyed, two-thirds (66%) of respondents are driven by personal or lifestyle-related motivations for moving, compared to less than one-fifth (18.5%) moving for financial reasons and just over 15% for work or study-related factors. Surprisingly, the reasons for moving remain remarkably consistent between property owners and renters.

Over the last few years, evolving work patterns and the need for dedicated home office spaces have shifted housing priorities, as have the challenges of an aging population and the rise of single-person households. As a result of these social transformations, improved living space and better locations are the top personal reasons for moving, while the proximity to work leads for employment-related decisions.

However, the story shifts when we dive deeper into the motivations of students and older individuals. Among students, the motivations are fairly balanced between moving for work and personal reasons, both hovering around 40%. In contrast, personal reasons significantly dominate the choices of older individuals, with at least 60% saying personal reasons are behind their decision to move. Italians and Turks are more likely to move for work or study reasons, surpassing the average across all countries surveyed, while personal reasons are particularly important in the Czech Republic, Bulgaria, and Poland, with around 70% of respondents in each country citing that as a motivation to move.

Interestingly, the French prioritise larger properties, with close to one-third (31.1%) seeking spaciousness, while nearly a quarter of Italians and English surveyed emphasise convenience and safety (24.6%) in their housing decisions.

Why would you move?

Share of all movers

Move to a bigger property

25.9%

Move to a more convenient or safer area

25.9%

Have more outside space

19.6%

Accommodate a growing family

13.5%

Change in my relationship status

10.4%

Be closer to friends or family

10.2%

Be closer to my job and reduce commuting time

6.4%

Starting a new job

6.0%

Move to a cheaper property and reduce mortgage or rental payments

5.4%

Move to a more affordable area

5.4%

The most common reasons for moving include moving to a larger property, a more convenient or safer area and having more outside space.

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Cash, Costs, and Choices: Financial Motivations to Move While it is quite surprising that the motivation to move for financial reasons is relatively low, it still significantly influences some individuals. Specifically, around 20% of full-time employees are motivated by these factors, often with one clear goal: easing the burden of regular housing expenses, whether in the form of rent or mortgage payments. This is true across nearly all age groups, with around 6% of all respondents aged 25-65 focused on reducing housing costs. At the same time, affordability does emerge as a more prominent concern among renters, as just over 8% of flat renters seek to trim their expenses.

Across Europe, financial considerations carve out a more prominent role in certain regions. Over 20% of respondents in Greece, Spain, and the Netherlands say financial motivations are behind their decision to move – while close to 10% of individuals in Switzerland, Finland, Portugal, and Ireland have concrete plans to move in order to reduce their housing expenses of either rental or mortgage payments.

In Turkey and Israel, over 50% of the people desire to move by 2023.

Meanwhile, in Austria and the Czech Republic, less than 30% plan to move.

The Desire to Move The table below compares 2023 and 2022 survey results regarding the desire to move. Note that the 2023 survey asked about moving within the next two years, while the 2022 survey combined responses about moving within two and three years to determine overall willingness to move.

Country/Region

2023

2022

Turkey

54.0%

51.4%

Israel

50.6%

51.6%

Romania

45.4%

39.4%

Malta

44.7%

34.7%

United Kingdom (excluding Scotland)

44.5%

43.4%

Wales

43.9%

36.4%

Ireland

42.3%

N/A

France

42.0%

37.0%

Spain

41.2%

36.5%

Finland

40.4%

44.6%

Portugal

40.1%

38.8%

Switzerland

40.0%

35.1%

Italy

39.8%

30.4%

Bulgaria

37.8%

38.6%

Hungary

37.7%

34.2%

Greece

36.6%

37.2%

Netherlands

35.5%

31.4%

Poland

34.8%

22.2%

Slovenia

34.2%

28.7%

Croatia

32.3%

25.6%

Germany

31.4%

31.9%

Czech Republic

29.7%

23.8%

Austria

29.5%

28.4%

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Two-thirds of property owners are primarily motivated by the desire to create a personalized home that meets their individual needs.

The Heart of Homeownership: Family, Dreams, and Investments The dream of calling a place your own knows no boundaries – it universally unites hearts across Europe. In fact, astonishingly, over two-thirds of survey participants across Europe and other regions we surveyed (including Turkey and Israel) already own at least one property, and this deep-rooted desire for property ownership extends to those with future relocation plans. More than half (52.9%) of those planning to move within the next two years are driven by the dream of becoming homeowners themselves.

Yet, the dream of homeownership also reveals subtle diversity.

Men, at more than 70%, are slightly more likely to own property than women, who represent roughly 64% of property owners.

Employment also makes a difference, with full-time employees and self-employed individuals showing the highest ownership rates, both standing at a remarkable 74%. In contrast, nearly 70% of retirees and just over 60% of part-time employees own a house or flat. Finally, as we journey across the continent, we see ownership rates vary, with Bulgaria, Italy, Greece, and Romania standing out, where an astonishing 80% of the surveyed residents proudly call a property their own.

Navigating the Ownership Path: Independent and Shared Pursuits Like any journey in life, many choose to share the path of homeownership. Among the current property owners we surveyed, a little more than half (51.6%) have chosen to navigate this path together with their partner or spouse, while less than one-fifth (18%) have collaborated with other family members in their property investments. A smaller percentage of individuals have chosen to buy property with friends, with Irish citizens displaying the highest inclination at slightly over 6%, followed by the Finns and the Swiss at around 3%.

Amidst these shared dreams, the choice to buy property alone is a distinctive trend, accounting for roughly one-third (34.2%) of property ownership. Notably, among the surveyed Greeks, nearly 55% proudly own property independently, showing a reduced inclination for joint purchases with partners or friends. This spirit of independence is also shared by the Portuguese, Turkish and Slovenians participating in our survey, with ownership rates among respondents in those countries ranging from 43% to 40%.

From House to Home: The Soul of Property Ownership At the very core of property ownership lies the dream of creating a personal sanctuary to live in yourself – a place where every brick and beam reflects your true nature. In fact, two-thirds of property owners we surveyed express this intention. This desire

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to own a personal space crosses generations, with almost 80% of those over age 56 seeking a place to call their own, and around 60% of individuals aged 25-35 sharing the same goal.

How Ownership Rates Differ by Country* GREECE

84.1%

ITALY

83.4%

ROMANIA

82.2%

BULGARIA

81.5%

CROATIA

79.6%

POLAND

79.6%

HUNGARY

79.3%

SLOVENIA

78.6%

SPAIN

78.1%

Young Investors, Big Dreams: Generating Rental Income

TURKEY

75.6%

PORTUGAL

73.9%

For some, the dream of ownership extends as property transforms into an investment, becoming a source of rental income that echoes with the footsteps of tenants. However, this path is less common, with fewer than one in ten current homeowners surveyed purchasing property as a source of rental income.

Surprisingly, it’s the younger generations who have embraced real estate investment most enthusiastically, with more than 17% of 18-24-year-old homeowners and nearly 13% of those aged 25-35 having purchased property for this reason.

CZECH REPUBLIC

71.4%

Yet, there’s another heart-warming motivation driving property ownership – a desire to extend the warmth of home to family and friends. This generosity is shared by 15% of homeowners, with men (15.7%) slightly more likely to buy property for their family compared to women (14.2%). This sentiment takes deep root in Bulgaria, where an impressive 34% has bought property to accommodate family and friends, followed closely by Greece, France, and Croatia (ranging from 29.5% to 20%). Even those who do not currently own property are open to purchasing property for friends and family. Roughly one in five prospective homeowners would buy property for this reason, with the highest willingness found in Bulgaria, Turkey, France, and Romania, ranging from 35% to 27%.

Even more surprisingly, it’s those who don’t yet own property that show the greatest interest in properties with the potential for rental income. Among them, nearly 30% of prospective homeowners are considering buying property to generate rental income. Once again, the interest is greatest among the younger generations, with more than 36% of 18-24-year-olds and over 32% of 25-35-year-olds considering buying for this reason. As we cross borders, we see this interest at its peak in Poland and Israel, where over 40% of aspiring property owners are drawn to the prospect of rental income. This attraction further extends to more than one-third of Czechs, Finns, and Germans, all sharing the dream of inviting tenants into their property.

NETHERLANDS

62.1%

ISRAEL

60.3%

FRANCE

59.6%

MALTA

58.0%

AUSTRIA

55.4%

WALES

55.3%

FINLAND

54.8%

UNITED KINGDOM

54.1%

IRELAND

51.1%

GERMANY

41.2%

SWITZERLAND

41.0%

* Please note that the home ownership rates above are based on the pan-European consumer survey, which was conducted in July 2023 with over 22,000 participants.

Why would You Buy a Property?

Property Owners

67.0%

Non-owners 27.7%

2.8%

6.8%

For tax benefits

68.2%

5.3%

12.6%

Create a diversified real estate portfolio/ long-term investment

9.8%

Generate rental income

15.0%

18.9%

Offer a place for family members or friends to reside

As a home

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Dreams on a Budget: The Pursuit of Affordable Property Transitioning from the motivations behind property ownership, we now turn to a crucial concern among Europeans: the affordability of properties. Rising prices and inflation have placed property ownership out of reach for many young individuals, leading to fears that they might not find an affordable place to live in case they need to relocate quickly.

These fears are widespread. Regardless of their current plans to move, nearly one-third (31%) of respondents in Europe and other regions we surveyed (including Turkey and Israel) worry that if they were forced to move within the next two years, they would be unable to find a property within their price range. This concern is even stronger for those currently living in a rented house or flat. Around 35% of renters worry that they would struggle to purchase an affordable property in the short term, compared to roughly 25% of homeowners who share this worry.

Cross-Border Concerns: Affordability Anxieties While these concerns are expressed across various age groups, it’s the younger generation that bears the heaviest burden of anxiety when it comes to affordability. Among those under 35, around a third express deep-seated worry about finding an affordable place to live. These concerns are shared by only slightly lower numbers among those aged 36-45 and 46-55, at around 30% for each group. In contrast, older Europeans are relatively less worried, with only one-fourth (25.1%) of those over age 56 expressing these concerns. This age-related difference may be a result of the greater stability older age groups typically enjoy, making them less inclined to consider moving.

As we take a closer look at these concerns, we can see how they vary across countries. Notably, Finland, Greece and Spain stand out as countries where survey participants express comparatively less concern about property affordability. In these countries, just under 30% of respondents express concerns about property prices, a figure lower than their counterparts in the survey. In contrast, more than 35% of survey participants in Portugal expressed concerns about affordability, a sentiment surpassed only by respondents in Turkey, Malta and Israel (ranging from 44% to 36%).

Various concerns come to the forefront across Europe. For instance, in Ireland, Greece, France and Spain, the predominant fear is securing listings in preferred locations. However, budget constraints pose potential challenges in all countries when searching for new housing.

Compromising for Cost: Affordable Solutions Surprisingly, despite these affordability concerns, it’s interesting to note that fewer than half of all Europeans surveyed are open to compromising on their preferred location. When asked about factors that could influence their decision to choose a less attractive area, approximately 20% mentioned government subsidies or financial support as motivating factors. Additionally, just under 12% cited the appeal of tax breaks.

However, what’s intriguing is how the impact of these incentives varies by country. In Croatia, nearly 30% find government incentives appealing, with Slovenia closely following at over a quarter (25.8%). On the other hand, tax breaks are a more significant attraction for nearly a quarter of Italians surveyed (24.4%) with Swiss and Romanian participants expressing similar interest (21.5% and 18.2%, respectively).

Around 30% of Europeans interviewed fear they couldn't afford a new place if they had to move in the next two years.

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Concern about limited availability of property in preferred location

Concern about the availability of affordable property

Strong aim to lower mortgage and rental expenses

Austria

9.7%

32.1%

7.8%

Bulgaria

8.5%

35.4%

2.2%

Croatia

11.9%

30.0%

4.2%

Czech Republic

13.5%

31.9%

4.0%

Finland

9.6%

24.4%

9.1%

France

18.4%

26.9%

3.7%

Germany

17.4%

32.5%

3.4%

Greece

19.2%

25.0%

6.5%

Hungary

8.0%

35.4%

3.7%

Ireland

19.6%

28.7%

9.0%

Israel

15.6%

36.4%

7.2%

Italy

13.1%

27.9%

4.8%

Malta

7.3%

43.0%

6.0%

Netherlands

11.2%

26.5%

4.7%

Poland

10.6%

28.3%

3.2%

Portugal

15.0%

35.6%

9.4%

Romania

11.4%

30.9%

3.9%

Slovenia

13.4%

30.9%

2.0%

Spain

17.5%

26.4%

4.6%

Switzerland

17.1%

27.6%

9.7%

Turkey

15.0%

44.3%

4.1%

United Kingdom (excl. Scotland)

11.8%

28.4%

5.8%

Wales

14.1%

28.4%

3.8%

highest value in category 2nd highest value in category 3rd highest value in category lowest value in category 2nd lowest value in category 3rd lowest value in category

12 | European Housing Trend Report 2023

Over 50 % of respondents across Europe find the concept of co-living genuinely appealing.

Strength in Community: Europe’s Path to Collaborative Living As housing affordability concerns continue to grow, Europeans are turning to innovative and collaborative solutions. Co-living and co-ownership, once mainly associated with secondary property purchases, are now emerging as practical answers to the challenges of affordable housing.

Co-living: A Modern Housing Revolution Co-living is a housing trend that encourages sharing spaces to redefine the way people live. In a co-living setup, each resident enjoys a private living area while sharing communal facilities like kitchens, living rooms, or even collaborative workspaces. This ingenious model not only allows buyers to pool resources and share ownership risks but also offers the enriching experience of living among like-minded individuals.

Living Together, Thriving Together: The Growing Interest in Co-Living Interest in co-living is sweeping across Europe and other regions we surveyed (including Turkey and Israel), capturing the attention of more than 56% of respondents who find the concept genuinely appealing. This enthusiasm isn’t confined by gender, as nearly 60% of men and more than 53% of women express openness to co-living under certain conditions. Interestingly, current renters seem more eager, with almost 60% embracing the idea, slightly surpassing the 55% of homeowners who share this sentiment.

Age seems to be no barrier when it comes to the attraction of co-living, which signals a profound shift in housing preferences.

Traditionally, younger generations have leant towards communal living, but what’s striking now is the genuine interest shown by older individuals, with nearly half of those over age 35 (49.4%) and more than 40% of retirees now seriously considering coliving arrangements. This trend is expected to accelerate as the current working generation approaches retirement, with more

than half of all full-time employees, self-employed individuals, and part-time workers that were surveyed expressing their readiness to embrace co-living under the right circumstances. However, it's essential to note that over half of those surveyed in the Czech Republic, Hungary, Malta and the Netherlands remain uninterested in transitioning to co-living arrangements.

Shared Spaces, Enriched Lives: Co-Living Community Benefits Co-living is rapidly gaining popularity throughout Europe. It goes beyond cost-sharing, offering an array of extra amenities like game rooms, gyms, and workspaces, which are typically absent in traditional rentals. These additional perks hold significant appeal, with nearly a quarter of surveyed Europeans expressing interest in co-living due to these value-added features.

Access to quality facilities at an affordable price appeals across all age groups, though its importance decreases with age. It is most appealing to those under 25, where more than 35% see it as a top motivator, while less than 20% of 56-65-year-olds appreciate those amenities. Instead, community becomes increasingly vital for survey participants in that age bracket, with almost 20% considering co-living as a means to reduce loneliness and isolation – far surpassing the percentage of Europeans surveyed who prioritise community and collaboration as a primary motivation for choosing co-living, which stands at just over 12%.

In Austria, one-third of respondents are enthusiastic about the affordable access to facilities provided by co-living spaces.

Following closely behind are Germany, Finland, Ireland, Slovenia, Spain, Switzerland, Turkey, and Wales, where nearly three in ten individuals are excited about the improved facilities available through co-living. Intriguingly, both Ireland and Wales reveal that as many as one in four individuals would readily opt for co-living to combat feelings of isolation.

However, the appeal of community and collaboration varies significantly across countries. In Turkey, it leads the way with more than 22% of respondents considering it a key benefit. Similarly, Germans and Austrians express strong interest in the collaborative potential of co-living, with just under 18% of individuals in these countries identifying it as a compelling reason to embrace this lifestyle.

Freedom and Flexibility: The Gateway of Co-Living For many, co-living isn’t just about sharing space – it’s a pathway to flexible living. More than 16% of our survey see co-living as

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a chance to split their time between different locations, granting them the freedom to alternate between bustling cities, serene rural settings, or even across borders.

This benefit is most popular across South-eastern Europe, with approximately one-fifth of those surveyed in Croatia, Turkey, Bulgaria, Greece, and Romania similarly drawn to the idea.

Unsurprisingly, this flexibility is particularly appealing to younger generations, with more than 24% of those under age 25 and nearly 20% of 25-35-year-olds expressing a desire to split their time between two places. However, this desire decreases somewhat among 36-45-year-olds, at just under 17%, and further still among those over age 56, with only 11% considering this lifestyle choice.

Co-living is also seen as a way to open doors to upscale neighbourhoods that may be financially out of reach for many. However, this appeal primarily resonates with younger individuals, as more than 18% of those under age 25 find this benefit of co-living appealing. In stark contrast, around 8% of those aged 56-65 share the same sentiment.

Countries Most Open to the Idea of Co-Living (% can imagine sharing a co-living space)

TURKEY 76.3%

ROMANIA 64.1%

IRELAND 60.4%

BULGARIA 60.3%

CROATIA 59.3%

SWITZERLAND 58.9%

POLAND 58.5%

SPAIN 58.2%

ITALY 58.1%

GREECE 57.5%

Primary Benefits of Co-Living

Greater flexibility of living location, e.g., time can be split between two different cities

Cost-effectiveness and access to shared facilities at a lower cost 25.3%

Reduced feeling of isolation and loneliness 21.2%

16.6%

Convenience of having fully furnished spaces 15.0%

Opportunity to live in an affluent neighbourhood that would otherwise Not Be affordable

Access to a ready-made community/Options for collaboration

15.0%

12.2%

14 | European Housing Trend Report 2023

Property Partnerships: The Emerging Trend of Co-Ownership In the search for affordable housing, co-ownership emerges as another innovative alternative. Similar to co-living, co-ownership involves a collective effort where a group of individuals, including friends, colleagues, or even strangers, come together to purchase a property. This model not only distributes the financial responsibilities but also opens doors to property ownership, offering hope to those who might otherwise find it financially out of reach.

Embracing Co-Ownership: Europe’s Collective Housing Vision Co-ownership is gaining momentum as a viable housing option across Europe and other regions we surveyed (including Turkey and Israel). Among those surveyed, 65% say they would consider it under the right circumstances – with nearly identical interest from both homeowners (65.5%) and renters (64.9%). Not surprisingly, those who already live with friends or family are most open to co-ownership. An impressive three-quarters (74.2%) of this group would consider co-ownership, a sentiment shared by more than 66% of people owning property with their partner and by sole owners.

Eastern and South-eastern Europeans are most open to the concept of co-ownership, with nearly 80% of respondents in Turkey expressing interest, followed by Romania, Slovenia, and Poland each with over 70% of respondents interested in the idea. While showing slightly less enthusiasm, the numbers across other parts of Europe are no less significant, with more than 50% of those surveyed in Austria, England, France, Germany, Hungary, and the Netherlands interested in co-ownership.

However, age plays a significant role in shaping attitudes towards co-ownership. Younger individuals, particularly those under 25, show the highest interest in co-ownership, with over 80% viewing it as a viable option. This enthusiasm gradually tapers off with age, as nearly 50% of those over age 56 cannot imagine co-owning a property under any circumstances.

Achieving Affordability: Europe’s Co-Ownership Solution For many across Europe, co-ownership isn’t just an alternative means of buying a home, but it often represents the only means of buying a home. In fact, one in five Europeans surveyed see co-ownership as the key to purchasing property that they would otherwise not be able to afford. What’s more, although co-ownership has traditionally been associated with second homes, it is gradually gaining traction among those under 35 who see it as a means to bridge the gap between their housing dreams and financial realities.

This financial appeal of co-ownership is especially attractive in areas where property affordability concerns are particularly pressing, such as Malta and Ireland, where more than a quarter of respondents in those countries find co-ownership appealing as a way to purchase property that might otherwise be out of reach.

Sharing Responsibilities: A Collaborative Approach to Risks Co-ownership is about more than sharing property – it’s about sharing risks and responsibilities too. This is especially true for younger and middle-aged survey participants, where over a quarter (26%) of those aged 18-24 and 20% of those aged 36-45 express a strong interest in sharing the legal and financial risks associated with property ownership. However, among older respondents over age 56, only 12.7% share this sentiment – while interestingly, men (20.6%) are slightly more risk averse than women (18.7%). This desire to share risks aligns with the inclination to distribute financial responsibilities, a trend especially prominent in markets where property affordability is a significant concern.

In countries like Ireland and Malta, approximately one-quarter of those surveyed view it as a notable benefit.

Sharing the burden of maintenance costs is another major draw of co-ownership, especially for younger individuals. Roughly 30% of 18-24-year-olds embrace the idea of sharing maintenance responsibilities. However, this collaborative approach to maintenance is less appealing to older individuals, where only 20% of those aged 56-65 are attracted to co-ownership for this reason.

Building Wealth Together: Co-Ownership as Investment For many, co-ownership is also a strategic move to diversify their property investment portfolio. Around one in eight Europeans surveyed see co-ownership as a way to achieve their investment goals, a percentage closely mirroring those who are motivated to buy property in general for the same reason (12.6%). Interestingly, survey participants in Turkey and Romania show a higher interest in co-ownership for its investment potential than others across Europe.

European Housing Trend Report 2023 | 15

Countries Most Open to the Idea of Co-Ownership (% can imagine co-owning a property) TURKEY 79.9%

ROMANIA 75.6%

SLOVENIA 72.3%

POLAND 71.2%

BULGARIA 71.0%

CROATIA 70.5%

IRELAND 68.5%

PORTUGAL 67.4%

GREECE 67.0%

One out of every five Europeans is contemplating co-ownership to afford otherwise elusive property dreams.

Primary Benefits of Co-Ownership

Reduce the burden of maintenance costs

Own a second or holiday home 24.5%

24.8%

Live in a property that would otherwise be unaffordable 21.6%

Live in an area that would otherwise be unaffordable 17.0%

Diversify property portfolio by investing in mutliple properties 12.7%

Reduce financial or other risks associated with owning a property 19.7%

ISRAEL 66.5%

16 | European Housing Trend Report 2023

Designing the Future: Europe’s Sustainable Living Revolution In an era defined by the climate crisis, property owners are embracing innovative trends to reduce their ecological footprint and nurture a greener future. Two of these trends – sustainable upgrades and the visionary concept of 15-minute cities – reflect a larger shift towards making conscious choices for a more responsible and forward-looking world.

Drive for Sustainability: Shaping Tomorrow’s Homes With the urgent call to protect our environment, property owners across Europe and other regions we surveyed (including Turkey and Israel) are taking bold steps towards sustainable living with eco-friendly upgrades to their homes. These upgrades aren’t just motivated by ethics, they’re also driven by a wave of regulations that aim to achieve net-zero emissions by 2050. From energy to building materials, these changes are transforming the future of real estate.

Energy and Efficiency: Powering Greener Homes One of the most significant sustainability trends gaining momentum is the shift to renewable energy sources. Almost 19% of property owners surveyed have already installed solar panels on their properties, and 43% are considering the switch to solar energy in the near future.

However, the energy efficiency of homes is also a key priority for property owners, with a growing emphasis on enhanced insulation.

One in four homeowners has already taken steps to improve their property’s insulation, with a similar proportion planning to do so in the coming years. Recent revisions to EU legislation are accelerating efforts to create energy-efficient, decarbonised buildings, adding to the motivation for property owners to insulate their homes.

This pressure is particularly pronounced in countries like Italy, where an older property portfolio poses unique challenges.

Furthermore, the focus on energy upgrades sets the stage for wider adoption of heat pumps. Among the property owners surveyed, around 15% have already installed heat pumps in their homes, with Finland leading the way at more than 43%. In Southern Europe, many homeowners are also considering heat pump installation, possibly driven by the benefits of efficient air conditioning.

Waterwise Living: Embracing Eco-Conscious Practices As environmental awareness continues to grow, Europeans are increasingly mindful of their water consumption. In fact, more than 40% of property owners we surveyed have taken steps to install low-flow taps, showers, and low-flush toilets. These water saving upgrades consistently rank among the top five changes implemented by homeowners across many countries.

However, while water-saving fixtures have gained popularity, the practice of capturing and reusing wastewater from various sources has yet to see widespread adoption. On the other hand, rainwater harvesting is gaining traction, with significant interest expressed by survey participants in England, Germany, Ireland, the Netherlands, and Switzerland. Interestingly, southern countries show less enthusiasm for rainwater harvesting, with Turkey being the notable exception.

Eco-Makeover: Transforming Homes with Green Upgrades Sustainability upgrades don’t have to be complicated or costly.

Many property owners are already working towards greener living by adopting simple, budget-friendly changes with minimal disruption. LED lighting, for instance, has emerged as a prime example of this trend, illuminating homes in 22 of the 23 areas examined in this report. While the transition to LED lighting seems to have peaked, around one-quarter (26.5%) of homeowners still plan to change to LED lighting in the coming years.

Additionally, there is a growing interest in choosing durable materials like wood, bamboo, and recycled or reclaimed resources, along with sustainable construction methods, to enhance properties and appeal to environmentally conscious buyers and renters.

European Housing Trend Report 2023 | 17

Environmental improvements

Implemented

Considered

Install LED lighting

62.5%

26.5%

Switch to more energyefficient appliances

48.6%

38.0%

Conserve water, e.g., installing low-flow shower heads

46.1%

35.7%

Improve insulation

40.9%

39.3%

Use more sustainable materials

27.0%

40.2%

Capture rainwater

25.3%

32.7%

Switch to a renewable energy provider

24.1%

42.9%

Use more sustainable construction methods

19.5%

36.4%

Install solar panels

18.7%

43.2%

Capture wastewater, e.g., from sinks, showers, and washing machines

17.1%

29.1%

Install a ground or air source heat pump

14.9%

31.1%

Install non-solar forms of home electricity generation, e.g., wind turbine

12.3%

32.1%

Install geothermal heating

9.6%

26.0%

Roughly one in four homeowners has already taken action to enhance their property's insulation.

18 | European Housing Trend Report 2023

15-Minute Cities: A Visionary Urban Transformation The 15-minute city concept emerges as a visionary solution that places people at the forefront of urban planning, fostering a more sustainable and progressive urban environment. The innovative concept aims to decentralise cities to ensure that essential services, including workplaces, shops, schools, leisure amenities, and healthcare facilities, are all within a 15-minute walk or cycle from one’s doorstep. The key lies in enhancing infrastructure to make walking, cycling, or using public transportation effortless, reducing reliance on cars. While property prices in these areas may rise, 15-minute cities also create opportunities for co-living and co-ownership, aligning with the growing trend of shared living in sought-after locations.

Visions of the Future: Awareness of 15-Minute Cities The concept of 15-minute cities is sparking curiosity across Europe and other regions we surveyed (including Turkey and Israel), but awareness levels vary. While 31% of respondents have heard of the innovative idea, younger respondents are more likely to be aware of it, with 41% of those aged 18-24 familiar with the concept. Older generations are less acquainted with the concept, with only a quarter of those aged 46-65 aware of 15-minute cities.

Notably, Turkey leads in awareness, with nearly two-thirds of respondents there well-acquainted with 15-minute cities. In contrast, just over 20% of Dutch and French respondents had heard of the concept. This is surprising, especially considering Paris mayor Anne Hidalgo’s endorsement and Utrecht in the Netherlands already achieving such accessible living for 94% of its residents within a 10-minute journey.

Commuting and Convenience: A Transformative Urban Experience Reducing daily commute time stands out as a significant benefit of 15-minute cities, particularly for those newly introduced to the concept, with 55% of Europeans surveyed seeing this as a substantial benefit. Austrians and Germans are particularly eager to shorten their commutes, although this sentiment is also shared by the Finns, Greeks, and Israelis we surveyed.

Convenience is another compelling selling point, with over half of respondents in Finland, Greece, Malta, Bulgaria, and Israel seeing the benefit of easily accessible amenities. Nevertheless, it’s important to note that almost half of all respondents (46.7%) say that for certain neighbourhoods it may be challenging to provide the full range of services – such as universities or hospitals – within a 15-minute perimeter. Those who were already familiar with the concept are most likely to see this as a challenge.

Greening Europe’s Heart: The 15-Minute City Promise The promise of environmental benefits from 15-minute cities appeals to more than 40% of survey participants, who say that creating 15-minute cities could cut the need for extensive daily travel. The Austrians surveyed were most likely to recognise the environmental advantages, with more than 53% appreciating the potential reduction in environmental impact, followed by survey participants from Croatia, Italy, Malta, and Portugal.

Furthermore, 40% of respondents welcome the increased access to green spaces that 15-minute cities could provide. However, this was again seen as difficult to achieve for areas where green space is already low, with around 40% of all respondents sharing this concern, whether they had previously been aware of 15-minute cities or not.

Community Ownership: Shaping the Neighbourhood of Tomorrow The concept of 15-minute cities places a strong emphasis on community engagement, encouraging residents to actively participate in local decision-making and take ownership of their neighbourhoods. Surprisingly, only 16% of Europeans see this increased community involvement as a benefit, which ranks as the least significant benefit of 15-minute cities for most respondents. One notable exception is Turkey, where just under a quarter (23.6%) of those surveyed express a desire for more involvement in community planning, just above the benefit of support for local businesses.

European Housing Trend Report 2023 | 19

Countries with the Highest Level of Awareness of the 15-Minute City Concept (% awareness) TURKEY 64.5% ROMANIA 45.4%

IRELAND 44.8%

CROATIA 42.7%

WALES 42.7%

SLOVENIA 42.1%

UNITED KINGDOM 41.4%

SPAIN 41.2%

MALTA 40.0%

FINLAND 31.0%

Nearly one third of Europeans are already aware of the concept of 15-minute-cities.

Biggest Challenges in Creating 15-Minute Cities

Most Important Benefits of 15-Minute Cities

Some neighbourhoods may not be able to accommodate specialised services like hospitals, universities, or large shopping centres easily or practically

Reduced commuting distance to places and services used regularly

46.7% Poorer cities may struggle to establish and maintain the full range of services and amenities in all neighbourhoods

45.5% Difficult terrain or limited space could make building 15-minute cities challenging, e.g., a lack of green space

39.6% Increased property values may contribute to gentrification

28.9% Working close to residential areas could be impractical, particularly in industrial zones or business districts

27.4% Adapting to the concept of a 15-minute city may be difficult, especially for those used to driving everywhere

23.7% Construction work or transport developments could cause potential disruptions as new 15-minute cities are created

23.7%

55.0% Convenience of important services and amenities being close to home

53.0% Lower environmental impact due to reduced travel

44.8% Easy access to green spaces

44.2% Access to an efficient and accessible public transport network

36.5% Equal access to services and amenities and reduced inequality

29.4% Increased support for local business

25.0% Involvement in community planning and decision-making

16.6%

20 | European Housing Trend Report 2023

Navigating the Housing Transformation: Finding the Right Guide The European housing market is in the midst of a profound transformation, with a surge in Europeans planning to move within the next two years, driven not just by finances but by personal dreams, family needs, and job opportunities. Over half of those surveyed across Europe (as well regions such as Turkey and Israel) say they are determined to buy property, making homeownership a central goal. However, affordability remains a significant challenge, casting doubt on these dreams. Real estate professionals emerge as invaluable guides in this time of transformation, helping individuals and families navigate complex housing solutions, negotiate favourable terms, and turn dreams into reality.

In response to affordability hurdles, Europeans are turning to innovative approaches like co-living and co-ownership, sharing

financial responsibilities to make homeownership more accessible. Environmental consciousness is also in the spotlight, as eco-friendly practices and the use of sustainable building materials gain traction. Finally, the concept of 15-minute cities is producing an urban planning shift to bring essential services closer to home, promoting access to green spaces and enhancing convenience. Real estate professionals are not just guides but also champions of these innovations. They provide expertise on legal and financial aspects of co-living and co-ownership, connecting like-minded individuals. Additionally, they assist clients in identifying properties aligned with sustainability goals.

These evolving trends in real estate are reflections of shifting housing preferences and a collective commitment to a brighter future in European real estate. Real estate professionals stand as the guardians of this transformation, leveraging their expertise to navigate the changing landscape. They address affordability concerns and embrace new living concepts, acting as essential facilitators of change.

As we explore each country’s unique perspectives in the Country Summaries below, we’ll reveal the evolution of housing preferences and the collective commitment to a more sustainable, convenient, and inclusive future in European real estate.

Real estate professionals serve as guides for innovative concepts including co-living and co-ownership, offering expertise in legal, financial, and environmental aspects.

European Housing Trend Report 2023 | 21

Country Summaries

22 | European Housing Trend Report 2023

AUSTRIA

RAL ICONS

Comparison with European average

Key facts Own at least one property

55.4%

-11.9

Live in a property they own

43.5%

-13.1

Would consider co-living

56.3%

+0.2

Would consider co-ownership

59.9%

+0.8

Looking to move within the next 2 years

29.5%

-9.8

Worried about availability of property in desired location

9.7%

-3.9

Worried about affordability of property

32.1%

+1.3

Reasons for buying property

Property owners

Nonowners

As a home

72.0%

71.9%

Offer a place for family members or friends to reside

12.9%

19.9%

Generate rental income

6.3%

31.0%

Create a diversified real estate portfolio/ long-term investment

6.3%

16.1%

For tax benefits

2.5%

4.7%

In contrast to the broader European trend, Austria is experiencing a relatively modest wave of relocations, with nearly 30% of surveyed Austrians planning to move within the next two years.

Their primary motivation is the desire for more space. Specifically, 30% are in search of larger properties, and over 23% are seeking expansive outdoor areas. Among these potential movers, renters, in particular, are focusing on urban and suburban locations, with over three-quarters considering short-term or long-term leases for apartments in these areas.

The dream of homeownership is strong for Austrians, with just over 40% of those surveyed saying they are considering purchasing property. City flats are the top choice, however nearly 30% of potential buyers are interested in purchasing houses in rural areas. In contrast, only a small fraction, fewer than 5%, are enticed by the prospect of purchasing houses in towns or cities.

Affordability emerges as a key concern in Austria, where survey respondents are slightly more cautious than some of their European neighbours. In fact, one-third of those surveyed say they see a limited market with no suitable properties available within their price range, and another third would be reluctant to move within the next two years, citing that their current homes meet their needs.

Austrians are also open to embracing innovative living arrangements, with an eye toward accessing more for less. Just over half (56.3%) of Austrians would consider co-living and nearly 60% would contemplate co-ownership, driven by the prospect of accessing shared facilities for a lower cost. Additionally, many view co-ownership as a pathway to owning a holiday home (25.8%) or as a means to attain a property that might otherwise be out of reach (22.0%).

European Housing Trend Report 2023 | 23

BULGARIA

RAL ICONS

Comparison with European average

Key facts Own at least one property

81.5%

+14.2

Live in a property they own

69.1%

+12.5

Would consider co-living

60.3%

+4.2

Would consider co-ownership

71.0%

+6.0

Looking to move within the next 2 years

37.8%

-1.5

Worried about availability of property in desired location

8.5%

-5.1

Worried about affordability of property

35.4%

+4.6

Reasons for buying property

Property owners

Nonowners

As a home

54.0%

56.2%

Offer a place for family members or friends to reside

34.0%

35.3%

Generate rental income

7.7%

21.4%

Create a diversified real estate portfolio/ long-term investment

3.3%

8.5%

For tax benefits

1.0%

5.0%

Fewer Bulgarians are contemplating a move in the near future as compared to our survey’s European average, with less than 38% expecting to relocate within the next two years. Interestingly, this could be attributed to the fact that over one-third of Bulgarians invest in property with the generous goal of providing homes for friends and family, rather than looking for property that meets their own personal needs.

However, if they were forced to move in the next two years, more than one-third of Bulgarians surveyed (35.4%) believe they would face difficulties in finding a property within their budget. Interestingly, nearly a quarter of Bulgarians (24.8%) say that they would be willing to consider moving to less attractive areas if there were government subsidies encouraging such moves, compared to just over 7% who would be motivated by tax breaks.

Co-living has a strong appeal for Bulgarians, with 60% of Bulgarians embracing the idea. The innovative concept of shared living space appeals for a variety of reasons, with nearly 24% drawn by the promise of reduced isolation, and 20% enticed by the flexibility to split their time between different locations. This is a reflection of the evolving notions of community and connection in the modern world.

Meanwhile, co-ownership emerges as a popular concept, embraced by 71% of Bulgarians as a viable option for property ownership. For more than a quarter those surveyed (26.4%), it’s the gateway to a second or holiday home, while a slightly smaller group (21.2%) view co-ownership as a means to share maintenance costs, reducing the burdens of property ownership. Additionally, just under 20% of those surveyed are willing to explore co-ownership as a way to unlock the doors to properties that would otherwise be beyond their budget, turning dreams into tangible reality.

24 | European Housing Trend Report 2023

CROATIA

RAL ICONS

Comparison with European average

Key facts Own at least one property

79.6%

+12.3

Live in a property they own

73.2%

+16.6

Would consider co-living

59.3%

+3.2

Would consider co-ownership

70.5%

+5.5

Looking to move within the next 2 years

32.3%

-7.0

Worried about availability of property in desired location

11.9%

-1.7

Worried about affordability of property

30.0%

-0.8

Reasons for buying property

Property owners

Nonowners

As a home

70.7%

77.6%

Offer a place for family members or friends to reside

20.0%

23.3%

Generate rental income

5.9%

20.5%

Create a diversified real estate portfolio/ long-term investment

2.7%

10.5%

For tax benefits

0.7%

3.8%

While less than one-third (32.3%) of Croatians are actively planning a move within the next two years, the motivations for those considering relocation are diverse. The majority, two-thirds, are moved by personal reasons, with almost 40% of this group looking for larger properties. Work and study also drive change, with one in five (18.7%) moving for work or study, over half of these because they are starting a new job. It’s worth noting that more than half of those expecting to move want to buy property (52.9%), while around 20% want to rent, and a similar proportion remains undecided.

Homeownership is remarkably balanced in Croatia, with almost equal ownership of flats and houses. This balance carries over to the preferences of potential buyers, where more than 56% show interest in flats and nearly 44% are looking for houses. The spotlight remains firmly on urban and suburban areas, with just 11% of potential buyers looking for property in a rural area. This is true for renters as well, with over half of them looking for urban properties and relatively few considering rural locations.

The concept of co-living holds great promise in Croatia, provided these spaces offer a diverse range of facilities. Nearly a quarter of those surveyed (24.5%) consider the cost-effective access to shared amenities as the primary attraction of co-living, while slightly fewer (22.5%) appreciate the flexibility to be able to split their time between different locations. Furthermore, almost 20% see co-living as a potential solution to reduce isolation and loneliness, reflecting a growing commitment to communal living.

Croatians are most likely to consider co-ownership as a way to buy a second or holiday home, with close to one third (32.4%) identifying this as a benefit to co-ownership. However, the appeal of sharing maintenance costs is equally attractive, with 30% expressing interest in this aspect of co-ownership.

European Housing Trend Report 2023 | 25

CZECH REPUBLIC

RAL ICONS

Comparison with European average

Key facts Own at least one property

71.4%

+4.1

Live in a property they own

64.0%

+7.4

Would consider co-living

47.4%

-8.7

Would consider co-ownership

62.6%

-2.4

Looking to move within the next 2 years

29.7%

-9.6

Worried about availability of property in desired location

13.5%

-0.1

Worried about affordability of property

31.9%

+1.1

Reasons for buying property

Property owners

Nonowners

As a home

83.4%

66.0%

Offer a place for family members or friends to reside

5.1%

6.9%

Generate rental income

8.1%

36.8%

Create a diversified real estate portfolio/ long-term investment

2.5%

14.2%

For tax benefits

0.8%

7.3%

Relocation plans are deeply personal in the Czech Republic, as nearly three-quarters (74.9%) of those who expect to move in the next two years are driven by personal motivations. These range from the desire for more outdoor space (24.1%) to the pursuit of a more convenient and secure neighbourhood (22.1%), or the simple need for a larger, more accommodating home (21.1%). In the rental market, there’s a notable bias toward urban flats, with almost 62% of long-term renters and nearly 59% of short-term renters actively seeking city flats. This preference toward city living reflects the convenience and accessibility offered by bustling urban centres.

Furthermore, nearly half of those planning to move are considering buying property. Urban flats top the list, capturing the focus of more than 30% of potential buyers. Yet, there’s also a notable attraction to houses in rural (22.0%) and suburban (20.6%) areas, reflecting the diversity of housing desires in the Czech Republic.

Interestingly, age plays a role in these preferences, with younger buyers gravitating toward city flats, while those in their late 40s and early 50s display equal enthusiasm for rural houses and urban flats. However, urban living regains its appeal for those aged 56 and above, suggesting the desire to explore urban leisure opportunities as children leave home, as well as the greater convenience and accessibility cities offer to those with disabilities or mobility challenges.

In the pursuit of a stronger sense of community and connection, almost one in five (18.4%) of Czechs surveyed would consider a co-living space to alleviate feelings of loneliness and isolation.

This sentiment becomes even more pronounced, rising to more than 22% among those aged 25-35. Beyond combating isolation, financial incentives also serve to make the concept of co-living more attractive, with over 16% saying they would consider co-living for access to superior facilities at a lower cost, while 15% view it as a means to live in neighbourhoods they wouldn’t otherwise afford.

Impressively, the majority of Czechs surveyed (62.6%) are open to the concept of co-ownership, inspired by various motivations. Over one-third see co-ownership as a path to purchasing a second or holiday home, while an equal proportion sees it as an attractive strategy to reduce maintenance costs or to buy property that would otherwise be financially out of reach.

26 | European Housing Trend Report 2023

UK – ENGLAND

RAL ICONS

Comparison with European average

Key facts Own at least one property

54.1%

-13.2

Live in a property they own

43.3%

-13.3

Would consider co-living

53.0%

-3.1

Would consider co-ownership

58.3%

-6.7

Looking to move within the next 2 years

44.5%

+5.2

Worried about availability of property in desired location

11.8%

-1.8

Worried about affordability of property

28.4%

-2.4

Reasons for buying property

Property owners

Nonowners

As a home

63.4%

66.7%

Offer a place for family members or friends to reside

16.6%

20.8%

Generate rental income

10.0%

23.0%

Create a diversified real estate portfolio/ long-term investment

0.2%

8.6%

For tax benefits

3.8%

2.6%

The survey was conducted within specific regions of the United Kingdom (England and Wales). For clarity and to provide a comprehensive understanding of the housing trends in these distinct areas, this report presents the results separately for each of these regions.

At more than 44%, the proportion of English people looking to move is relatively high compared with many of their European neighbours. Among these potential movers, two-thirds of them say their move is driven by personal reasons, while nearly 18% say that financial reasons play a role in their decision, echoing trends seen in other countries. Work-related reasons, particularly the prospect of starting a new job, factor in for almost 17%, which surpasses rates seen in many other European countries.

Of those considering a move, the majority (55.3%) are looking to buy a property, while more than a quarter (25.4%) are contemplating a long-term lease. Urban landscapes dominate the dreams of most potential buyers, with more than 28% wanting to buy a house in a city or town and 22% wanting to buy an urban flat.

Renters, too, favour urban settings, with over 40% considering urban flats.

However, as with many individuals considering a move, affordability looms as the biggest challenge for English respondents if they were compelled to move suddenly. Nearly 30% of those surveyed in England express concerns about finding properties within their budget, although this figure remains slightly below the European average.

The spirit of community and shared living thrives in England, with almost one-quarter (23.6%) open to co-living arrangements that grant access to more facilities at a lower cost, while a similar proportion (23.4%) sees it as a remedy for loneliness and isolation. Furthermore, three in five English residents surveyed say they would consider co-ownership, driven by a desire to reduce the risks associated with property ownership (23%) or the ability to buy property that might otherwise seem financially out of reach (22.4%).

European Housing Trend Report 2023 | 27

FINLAND

RAL ICONS

Comparison with European average

Key facts Own at least one property

54.8%

-12.5

Live in a property they own

43.9%

-12.7

Would consider co-living

56.1%

=

Would consider co-ownership

66.2%

+1.2

Looking to move within the next 2 years

40.4%

+1.1

Worried about availability of property in desired location

9.6%

-4.0

Worried about affordability of property

24.4%

-6.4

Reasons for buying property

Property owners

Nonowners

As a home

68.1%

70.1%

Offer a place for family members or friends to reside

12.5%

14.9%

Generate rental income

12.7%

36.5%

Create a diversified real estate portfolio/ long-term investment

4.5%

12.5%

For tax benefits

2.2%

7.7%

Location plays a pivotal role in Finland, where over 40% of its residents are contemplating a move in the next two years. Moving to a bigger property is by far the most important motivation, with more than 27% expressing their desire for a larger home as a key driver, followed by nearly 23% who say they are motivated by the prospect of residing in a better area. However, perhaps surprisingly, 24% of respondents say they might be tempted to choose a less attractive area if they were offered a government subsidy or some other form of financial support.

For those who expect to move in the next two years, nearly 40% are looking to buy property and more than a quarter are looking to rent long-term (25.6%), while over 27% have not yet decided whether to buy or rent. It’s worth noting that the proportion of Finns surveyed living in properties they own (43.9%) falls below the European average, as does the percentage seeking to buy property so that they can adapt it to their own needs and wants.

Generating rental income seems to have more appeal, with almost 13% of current property owners and more than 36% of potential buyers expressing interest in acquiring property to rent it out.

Urban flats are in highest demand, with over 40% of potential buyers looking for city flats. This preference eclipses the next popular choice, with only 17% expressing a desire for suburban houses. Meanwhile, prospective renters align with the urban trend, with over three-quarters favouring urban or suburban flats, underscoring the vibrant appeal of city living.

Co-living is an attractive option in Finland, but only if it promises genuine cost-effectiveness, with nearly 30% of those surveyed looking for superior facilities at a lower cost. Nearly one-third of Finns surveyed (32%) would consider co-ownership of a property to share maintenance costs, highlighting the practicality co-ownership presents. Others view it as a way to purchase a second or holiday home (25.6%) or a property that would otherwise be financially out of reach (25.3%).

28 | European Housing Trend Report 2023

FRANCE

RAL ICONS

Comparison with European average

Key facts Own at least one property

59.6%

-7.7

Live in a property they own

48.5%

-8.1

Would consider co-living

50.8%

-5.3

Would consider co-ownership

56.6%

-8.4

Looking to move within the next 2 years

42.0%

+2.7

Worried about availability of property in desired location

18.4%

+4.8

Worried about affordability of property

26.9%

-3.9

Reasons for buying property

Property owners

Nonowners

As a home

54.3%

54.9%

Offer a place for family members or friends to reside

22.5%

29.6%

Generate rental income

9.9%

27.3%

Create a diversified real estate portfolio/ long-term investment

7.9%

16.2%

For tax benefits

5.4%

9.8%

Change is on the minds of many in France, where around 40% of respondents are contemplating a move within the next two years, and this desire for change is primarily fuelled by the pursuit of a better location or lifestyle. For nearly a third who plan to move (31.1%), the goal is to find larger homes, while more than 18% are considering a move for work-related factors, mainly job changes.

Financial reasons are the driving force for 17%, often in pursuit of more affordable areas or to reduce mortgage or rental expenses.

Among these moving for financial reasons, over 19% say that their current property needs too much renovation and the burden of costs that would be associated with the work are a key motivation behind their decision to move.

Property ownership is an important goal in France, with just over half of those planning to move (50.1%) interested in buying property. Within this group, more than a quarter (25.3%) have their sights set on rural houses, while 23% are drawn to suburban properties. Long-term renting is the next favoured choice, although it trails behind at less than 28%, highlighting the strong desire for property ownership.

The French are open to exploring innovative living arrangements, with almost 19% willing to consider moving to a less attractive area in exchange for the benefits of a 15-minute city or co-living experience. However, it’s worth noting that just under half of those surveyed (49.2%) are not interested in co-living under any circumstances. Among those under age 25, particularly students, 27% are more likely to consider co-living to combat isolation, compared to just over 24% of the wider sample. As for co-ownership, 26% find it appealing as a strategy to share maintenance costs, indicating a willingness to explore diverse property ownership models in pursuit of their housing goals.

European Housing Trend Report 2023 | 29

GERMANY

RAL ICONS

Comparison with European average

Key facts Own at least one property

41.2%

-26.1

Live in a property they own

32.7%

-23.9

Would consider co-living

54.1%

-2.0

Would consider co-ownership

55.6%

-9.4

Looking to move within the next 2 years

31.4%

-7.9

Worried about availability of property in desired location

17.4%

+3.8

Worried about affordability of property

32.5%

+1.7

Reasons for buying property

Property owners

Nonowners

As a home

70.9%

70.6%

Offer a place for family members or friends to reside

10.2%

16.4%

Generate rental income

9.0%

33.9%

Create a diversified real estate portfolio/ long-term investment

6.4%

13.0%

For tax benefits

3.6%

8.8%

Although less than one-third (31.4%) of Germans surveyed are considering a move in the next two years, larger space holds an important attraction. Among those considering a move, over 23% are looking for larger properties, recognising the value of room to stretch out and breathe. Equally captivating is the call of the outdoors, as 20% are motivated by the prospect of having more outdoor space to explore and enjoy.

Potential movers are just as likely to rent as to buy. About 38% are looking to purchase a property, with roughly the same amount considering renting, as nearly 32% are considering a long-term lease and almost 7% are contemplating a shorter rental period.

What’s noteworthy is the nearly 24% who remain undecided, a relatively high figure compared to other European countries in our survey. This hesitancy is most pronounced among older age groups, with 26% of those aged 46-55 and 35% of those aged 56-65 uncertain about the nature of their next move. These individuals are also contemplating the transition from houses to flats – although space remains an important consideration for those in their 40s and early 50s.

Affordability has begun to cast a shadow over the housing dreams of many Germans, with more than 32% of all respondents indicating that budget constraints would pose a challenge if they were forced to move within the next two years.

Despite these challenges, Germans are open to exploring alternative living arrangements. Just over half of Germans surveyed (54.1%) would consider co-living, with the concept proving more attractive to younger generations. The most significant draw of co-living, according to respondents, is the promise of superior facilities at a lower cost. Similarly, co-ownership appeals to Germans, with almost 24% considering it as a means to gain access to properties that would otherwise be financially out of reach.

Sharing maintenance costs (22.4%) and mitigating the risks associated with property ownership (21.1%) are also seen as attractive benefits of this ownership model. However, having a second or holiday home holds less appeal, with less than 18% considering it a motivating factor for co-ownership.

30 | European Housing Trend Report 2023

GREECE

RAL ICONS

Comparison with European average

Key facts Own at least one property

84.1%

+16.8

Live in a property they own

62.2%

+5.6

Would consider co-living

57.5%

+1.4

Would consider co-ownership

67.0%

+2.0

Looking to move within the next 2 years

36.6%

-2.7

Worried about availability of property in desired location

19.2%

+5.6

Worried about affordability of property

25.0%

-5.8

Reasons for buying property

Property owners

Nonowners

As a home

51.3%

60.5%

Offer a place for family members or friends to reside

29.5%

27.8%

Generate rental income

13.6%

29.6%

Create a diversified real estate portfolio/ long-term investment

3.3%

4.3%

For tax benefits

2.3%

6.8%

Within Greece’s vibrant housing market, over one-third (36.6%) of Greeks surveyed expect to move within the next two years, and their housing choices are distinctly urban. Whether buying or renting, over 60% of these prospective movers are setting their sights on urban flats.

A quarter of those expecting to move are motivated by financial factors, a proportion that ranks among the highest in Europe.

Within this group, nearly 8% are in search of more affordable areas, while over 6% aim to reduce their mortgage or rental expenses. At the same time, 26% are seeking larger properties, and one-quarter are drawn to the greater convenience and safety that other neighbourhoods can offer.

Surprisingly, despite over 80% of Greeks already being property owners, those looking to move say they are likely to rent their next property. Over 31% are seeking long-term leases, while almost 11% are exploring shorter rental periods. Only one-third (33.9%) have their sights set on purchasing properties. A quarter of potential buyers are considering houses, with a preference for urban or suburban settings. Interestingly, providing housing for friends and family is the motivating factor for nearly three in ten Greeks surveyed who are considering property ownership.

Co-living is on the rise in Greece, driven by its community-oriented advantages. What entices Greeks most about co-living is the cost-effective access to shared facilities (26.7%) and reduced isolation (22.7%). Additionally, around 20% of those surveyed are drawn to this concept for its flexibility, enabling them to divide their time between multiple locations. Co-ownership has also gained significant attention, with 67% of Greeks expressing their interest in this shared path to ownership. For many, it represents a way to share maintenance costs (30.1%) and gain access to properties that would otherwise be financially out of reach (24.9%). Meanwhile, for just under one-quarter of respondents (24.4%), co-ownership offers an appealing means of securing a second or holiday home.

European Housing Trend Report 2023 | 31

HUNGARY

RAL ICONS

Comparison with European average

Key facts Own at least one property

79.3%

+12.0

Live in a property they own

73.4%

+16.8

Would consider co-living

43.7%

-12.4

Would consider co-ownership

55.1%

-9.9

Looking to move within the next 2 years

37.7%

-1.6

Worried about availability of property in desired location

8.0%

-5.6

Worried about affordability of property

35.4%

+4.6

Reasons for buying property

Property owners

Nonowners

As a home

78.6%

81.3%

Offer a place for family members or friends to reside

13.8%

9.1%

Generate rental income

4.8%

19.7%

Create a diversified real estate portfolio/ long-term investment

1.9%

6.3%

For tax benefits

1.0%

7.2%

Around 40% of those surveyed are expecting to move over the next two years. However, only 20% of those are considering renting, particularly looking at the stability of a long-term lease.

For these potential renters, the city has a strong attraction, with 65% of long-term renters and a striking 96% of short-term renters looking for an urban flat. Location is a high priority, with more than 29% expressing a desire for a more convenient or safer area, while over 23% are in pursuit of more space.

Hungarians continue to value home ownership, with almost 80% of survey respondents owning at least one property and over 62% of those who plan to move in the next two years expecting to buy. Urban flats stand out as the preferred choice for more than 34% of potential buyers, while approximately one-quarter (23.7%) are considering a rural house, showcasing the diversity of housing preferences in Hungary.

However, one of the major concerns looming over potential movers is the challenge of finding the right property at the right price, with more than 35% expressing worries about the availability of budget-friendly options. Government subsidies could be a motivating factor for over 22%, potentially swaying them to consider relocating to areas that might otherwise be less attractive.

The concept of co-living has attracted interest in Hungary, with one in five (21.3%) saying they would consider co-living if it provided access to more facilities at a lower cost. This is nearly twice as many as those singling out other benefits, where nearly equal amounts of people would consider co-living to combat feelings of loneliness (12.2%), for the chance to move to a more affluent neighbourhood (12%), enjoy a fully-furnished home (12%), or split their time between different locations (12.1%). Co-ownership, on the other hand, holds a stronger appeal for Hungarians, with over half those surveyed (55.1%) expressing openness to buying property with a group of people. The most popular motivations for co-ownership are to share maintenance costs (23.3%) and gain access to a second home (23.1%).

32 | European Housing Trend Report 2023

IRELAND

RAL ICONS

Comparison with European average

Key facts Own at least one property

51.1%

-16.2

Live in a property they own

41.4%

-15.2

Would consider co-living

60.4%

+4.3

Would consider co-ownership

68.5%

+3.5

Looking to move within the next 2 years

42.3%

+3.0

Worried about availability of property in desired location

19.6%

+6.0

Worried about affordability of property

28.7%

-2.1

Reasons for buying property

Property owners

Nonowners

As a home

68.6%

68.1%

Offer a place for family members or friends to reside

13.6%

23.4%

Generate rental income

10.9%

20.0%

Create a diversified real estate portfolio/ long-term investment

4.6%

9.8%

For tax benefits

2.3%

3.8%

More than 42% of survey participants in Ireland expect to move in the next two years, and among those, over half who don’t currently own property are planning to move. Many of these potential movers say they will continue to rent, with 29% looking for a long-term lease and over 12% opting for a short-term rental.

Location is a key factor for a significant portion of those who plan to move (26.4%), as they aim to find a more convenient or safer dwelling, ideally in an urban or suburban area.

Among those who expect to move but don’t currently own property, almost 44% hope to buy. This compares with almost 73% of existing property owners that expect their next move will be to buy another property. In this context, 27% of potential buyers are actively looking for a house in an urban area, while over 19% are looking for an urban flat. Suburban and rural areas are still in demand, with more than 23% interested in a suburban house and over 21% looking for a rural home.

Nevertheless, whatever their current plans, uncertainty looms for almost 29% of Irish respondents who worry that if they had to move for any reason over the next two years, it would be difficult to find an affordable property. As a result, financial incentives might encourage some to consider less attractive areas, with 19% expressing willingness to relocate if offered a government subsidy.

Irish residents are slightly more open than their European neighbours to innovative living models, with almost 16% considering the prospect of relocating to a less attractive area to experiment with co-living or embrace the concept of a 15-minute city. Within these considerations, the Irish would be more likely to explore coliving or co-ownership if it allowed them to purchase a second or larger property in a better area, while helping to keep service and maintenance costs low.

European Housing Trend Report 2023 | 33

ISRAEL

RAL ICONS

Comparison with European average

Key facts Own at least one property

60.3%

-7.0

Live in a property they own

45.5%

-11.1

Would consider co-living

50.5%

-5.5

Would consider co-ownership

66.5%

+1.5

Looking to move within the next 2 years

50.6%

+11.3

Worried about availability of property in desired location

15.6%

+2.0

Worried about affordability of property

26.4%

+5.6

Reasons for buying property

Property owners

Nonowners

As a home

65.4%

68.8%

5.4%

9.7%

Generate rental income

22.0%

43.6%

Create a diversified real estate portfolio/ long-term investment

5.3%

20.2%

For tax benefits

2.0%

8.0%

Offer a place for family members or friends to reside

More than half (50.6%) of Israelis surveyed are planning a move in the next two years. Financial considerations top the list, with one in five looking to make a change primarily to reduce mortgage or rental expenses. For around one-third (31.3%), a bigger and better home is the dream, while over 30% are on the hunt for a more convenient or safer neighbourhood. Those moving for workrelated reasons (12.7%) are mainly aiming to cut down on their daily commute.

When it comes to their upcoming moves, over 40% of Israelis are in the market to buy property, and 26% are seeking a long-term lease. Unsurprisingly, the city is the hotspot for potential movers, with more than 64% of buyers and nearly 80% of renters setting their sights on urban flats. This trend aligns with Israel’s current residential landscape, where nearly 90% of the population calls towns and cities their home.

However, the rising property prices are causing concern among Israelis. More than 36% of respondents said that if they had to move within the next two years, they worry that they could not find anything within their budget, and almost twice as many felt that they would not find anything quite as suitable as their current property. Consequently, almost a quarter (24.9%) of participants said that they might be persuaded to relocate to a less attractive area if offered a government subsidy or other financial incentive.

Opinions on co-living among survey participants are divided, with just over 50% open to the concept, particularly if it proves to be a more cost-effective way to access the facilities they wanted.

Notably, however, the remaining half (49.5%) said they could not ever see co-living as an option. When it comes to considering co-ownership, Israelis are just as likely to consider it as a means to acquire a second or holiday home (27%) as they are to share maintenance costs (26.2%). For more than 23%, it offers a way to reduce the risks associated with property ownership.

34 | European Housing Trend Report 2023

ITALY

RAL ICONS

Comparison with European average

Key facts Own at least one property

83.4%

+16.1

Live in a property they own

70.0%

+13.4

Would consider co-living

58.1%

+2.0

Would consider co-ownership

64.2%

-0.8

Looking to move within the next 2 years

39.8%

+0.5

Worried about availability of property in desired location

13.1%

-0.5

Worried about affordability of property

27.9%

-2.9

Reasons for buying property

Property owners

Nonowners

As a home

68.0%

63.6%

Offer a place for family members or friends to reside

11.4%

16.8%

Generate rental income

9.3%

23.1%

Create a diversified real estate portfolio/ long-term investment

6.4%

13.9%

For tax benefits

4.8%

8.7%

The idea of moving is on the minds of nearly 40% of those surveyed in Italy, with various motivations driving their decisions.

Financial considerations play a significant role, motivating almost 22% of potential movers. Among this group, around 43% hope to relocate closer to their workplaces, potentially fuelling a demand for urban living. Meanwhile, almost 13% of those expecting to move are planning to rent, with half of them looking for an urban flat. A small percentage of those who plan to move, under 6%, remain undecided whether to purchase or rent their next home Around one in five Italians is looking to buy a property within two years, attracted principally by the idea of having a place that they can design and adapt to their personal taste and needs. City flats are the top choice, with nearly 40% of potential buyers looking for a flat in an urban area – double the amount looking for a house in the suburbs, the next popular choice.

Financial incentives are powerful motivators for Italians when it comes to relocation decisions. Nearly a quarter of survey participants in Italy (24.4%) are open to the idea of moving for tax advantages, while a nearly equivalent percentage (23.6%) could be persuaded to explore less attractive locations if offered government subsidies or other forms of support.

Notably, younger Italians are showing a keen interest in co-living, with over three-quarters of those under 25 willing to embrace it if it proves to be a more cost-effective option. This enthusiasm gradually decreases with age, with approximately 60% of older age groups willing to embrace this model. Furthermore, co-ownership attracts the attention of 28% of Italians surveyed, primarily driven by the prospect of securing a second or holiday home. Just over a quarter (26.1%) would consider co-ownership as a means to share the burden of maintenance costs.

European Housing Trend Report 2023 | 35

MALTA

RAL ICONS

Comparison with European average

Key facts Own at least one property

58.0%

-9.3

Live in a property they own

49.3%

-7.3

Would consider co-living

46.7%

-9.4

Would consider co-ownership

60.0%

-5.0

Looking to move within the next 2 years

44.7%

+5.4

Worried about availability of property in desired location

7.3%

-6.3

Worried about affordability of property

43.0%

+12.2

Reasons for buying property

Property owners

Nonowners

As a home

78.2%

66.7%

Offer a place for family members or friends to reside

10.3%

19.8%

Generate rental income

8.0%

27.0%

Create a diversified real estate portfolio/ long-term investment

3.4%

8.7%

For tax benefits

0.0%

4.8%

Moving is on the horizon for approximately 45% of survey participants in Malta who expect to relocate within the next two years.

Their decisions are motivated by personal reasons, with the top priority being the search for greater convenience and safety (30.6%), followed closely by hopes for a larger property (25.4%), or the need to accommodate a growing family (21.6%). Surprisingly, just under 10% are in search of more affordable housing options.

Currently, over 80% of Maltese survey participants live in cities or towns, while a substantial 66% live in flats. So, it comes as no surprise that half of the prospective property buyers and longterm renters are primarily in the market for urban or suburban flats. However, it’s worth noting that around 12% of potential buyers are considering the idea of a rural house.

Affordability emerges as a notable concern, with nearly one in five (19%) willing to consider a move to a less attractive area if encouraged by government subsidies. Likewise, around 16% of respondents are open to moving for innovative housing concepts like the 15-minute city or co-living spaces.

Although co-living appears to have somewhat limited appeal in Malta overall, with less than 47% expressing openness to this lifestyle, the younger generation shows much more interest. Over 80% of individuals aged 18-24 view co-living as a viable option.

Almost half of this group (46%) are drawn to the prospect of accessing better facilities at a lower cost, while 40% of this age group see it as a way to reduce loneliness, compared to around 26% and 18% of the wider sample, respectively. Co-ownership has broader appeal, with 60% of all respondents considering it a possibility, rising to 80% of those under age 25. Of those interested in co-ownership, almost 27% see it as a means to purchase property that would otherwise be unaffordable, and nearly 24% see it as an opportunity to have a second or holiday home.

36 | European Housing Trend Report 2023

NETHERLANDS

RAL ICONS

Comparison with European average

Key facts Own at least one property

62.1%

-5.2

Live in a property they own

49.2%

-7.4

Would consider co-living

45.5%

-10.6

Would consider co-ownership

51.0%

-14.0

Looking to move within the next 2 years

35.5%

-3.8

Worried about availability of property in desired location

11.2%

-2.4

Worried about affordability of property

26.5%

-4.3

Reasons for buying property

Property owners

Nonowners

As a home

68.4%

76.2%

Offer a place for family members or friends to reside

11.8%

12.8%

Generate rental income

6.2%

12.8%

Create a diversified real estate portfolio/ long-term investment

7.5%

15.2%

For tax benefits

6.1%

9.9%

Within the next two years, more than 35% of Dutch respondents are considering a move. Among this group, over half (54.7%) expect to buy, while around 23% are looking for a long-term rental.

Interestingly, among those aged 25-45, a substantial 60% are considering home ownership, while older age groups, particularly those aged 55 and above, are less likely to have decided whether buying or renting is the right option for them.

Among potential property buyers, 60% are looking for a house, slightly down from historic levels. This aligns with the current property landscape, where approximately 77% of existing property owners live in houses. Urban locations are most in demand, attracting almost a quarter (24.5%) of potential buyers in search of urban flats and an equal number looking for urban houses.

However, beyond the bustling city limits, over 20% are looking for rural homes and almost 18% for suburban areas. Meanwhile, the city is still a strong attraction for the rental market, with more than 43% of potential long-term renters and nearly 53% of short-term renters looking for urban flats.

Co-living is not yet a popular concept, with over half (54.5%) of the Dutch respondents saying they cannot imagine adopting co-living arrangements. However, for those willing to explore coliving, almost 17% see it as a good solution to reduce loneliness.

This sentiment is particularly strong among the younger demographic and those aged 46-55. Meanwhile, survey respondents aged 36-45 view co-living as a means to achieve greater flexibility in their choice of residence. Across all age groups, there’s a shared appreciation for the potential benefits of co-living, particularly the prospect of accessing superior facilities at a more affordable cost, a sentiment endorsed by over 20% of respondents.

Co-ownership is gaining more interest in the Netherlands, with many Dutch residents viewing co-ownership as a viable option for various reasons. These motivations include being able to purchase otherwise unaffordable properties (21.2%), sharing maintenance expenses (19.5%), reducing the risks associated with property ownership (16%), or purchasing a second home (16%).

European Housing Trend Report 2023 | 37

POLAND

RAL ICONS

Comparison with European average

Key facts Own at least one property

79.6%

+12.3

Live in a property they own

71.8%

+15.2

Would consider co-living

58.5%

+2.4

Would consider co-ownership

71.2%

+6.2

Looking to move within the next 2 years

34.8%

+1.5

Worried about availability of property in desired location

10.6%

-3.0

Worried about affordability of property

28.3%

-2.5

Reasons for buying property

Property owners

Nonowners

As a home

75.5%

59.3%

Offer a place for family members or friends to reside

7.5%

10.3%

Generate rental income

7.3%

41.2%

Create a diversified real estate portfolio/ long-term investment

6.3%

15.2%

For tax benefits

3.4%

7.4%

Driven by a desire for more space, almost 35% of Polish respondents are considering a move in the next two years. However, potential movers are divided in their preferences, with nearly 42% looking for urban flats, and an almost equal 41% looking for houses in urban or suburban areas. Personal reasons drive these motivations, with 28% of movers prioritising convenience and security, 26% looking for larger homes, and around 18% wanting more outdoor space. A relatively small number of respondents say they are motivated by work (14.9%) or financial factors (12.1%).

Unlike in many other countries, cost reduction is not the main financial motivation to move for Polish respondents. In fact, onethird of those considering a move based on financial reasons have managed to secure an increased budget, making it more feasible to move to a bigger property, which highlights the strong appeal of extra space for Polish buyers. However, almost 19% of respondents express an openness to the prospect of moving to a less attractive area if encouraged by government incentives.

Co-living is seen as a financially beneficial approach in Poland.

Almost 27% of respondents said co-living would be an option if it promises more cost-effective access to facilities, and 36% said sharing maintenance costs would be a benefit.

However, co-ownership emerges as a considerably more attractive prospect in Poland compared to many other European countries. In fact, over 70% of respondents would consider the idea of co-owning a property with a group of individuals, even though less than 1% of current property owners have already engaged in such arrangements with friends, and only 17% have done so with family members other than their partners or spouses. Moreover, nearly 30% are open to co-ownership, particularly with the goal of buying a second or holiday home.

38 | European Housing Trend Report 2023

PORTUGAL

RAL ICONS

Comparison with European average

Key facts Own at least one property

73.9%

+6.6

Live in a property they own

64.1%

+7.5

Would consider co-living

55.4%

-0.7

Would consider co-ownership

67.4%

+2.4

Looking to move within the next 2 years

40.1%

+0.8

Worried about availability of property in desired location

15.0%

+1.4

Worried about affordability of property

35.6%

+4.8

Reasons for buying property

Property owners

Nonowners

As a home

75.9%

79.1%

Offer a place for family members or friends to reside

7.4%

9.1%

Generate rental income

9.5%

28.5%

Create a diversified real estate portfolio/ long-term investment

4.3%

11.4%

For tax benefits

2.9%

3.8%

In Portugal, the prospect of moving within the next two years is a reality for about 40% of survey participants, a number that leaps to around 55% for those under 35 years old. Among this group of potential movers, nearly 27% are aiming to upgrade to a property that offers them more space.

Interestingly, those aged 25-35 appear to be experiencing the most financial difficulties, with over one-quarter (27.4%) saying they are motivated to move for financial reasons, primarily to reduce their rent or mortgage payments. Costs are on the minds of other potential movers, as nearly 30% hope to move to a more budget-friendly area, while an equal proportion believe their current property requires too much costly renovation work.

Regardless of their current intentions to move, respondents are concerned about the price of property. Over one-third (35.6%) worry they won’t find anything that fits their budget if they had to move within the next two years. Furthermore, almost 20% would consider moving to a less attractive area if government subsidies were available.

However, 23% would also consider moving to a less attractive area to take advantage of the benefits of a 15-minute city or a co-living living. A quarter of the Portuguese surveyed see cost-effective access to shared facilities as the primary benefit of co-living, followed closely by the prospect of combating loneliness (19.6%) and the flexibility to reside in multiple locations (18.8%).

Furthermore, a substantial number are open to co-ownership, with around 30% viewing it as a strategy to make purchasing a second or holiday home more financially attainable, while 20% see it as a way to reduce the financial and other risks associated with property ownership.

European Housing Trend Report 2023 | 39

ROMANIA

RAL ICONS

Comparison with European average

Key facts Own at least one property

82.2%

+14.9

Live in a property they own

72.9%

+16.3

Would consider co-living

64.1%

+8.0

Would consider co-ownership

75.6%

+10.6

Looking to move within the next 2 years

45.4%

+6.1

Worried about availability of property in desired location

11.4%

-2.2

Worried about affordability of property

30.9%

+0.1

Reasons for buying property

Property owners

Nonowners

As a home

65.4%

58.9%

Offer a place for family members or friends to reside

19.0%

25.0%

Generate rental income

7.6%

23.9%

Create a diversified real estate portfolio/ long-term investment

5.7%

11.1%

For tax benefits

2.3%

7.2%

Romania is experiencing a wave of change, with more than 45% of those surveyed there expecting to move within the next two years. At the heart of this movement lies the pursuit for space, in the form of both larger properties and more outdoor space, coupled with the desire for a more appealing neighbourhood – motivations shared by nearly three in ten prospective movers.

With relatively high rates of home ownership in Romania compared to other European countries, it comes as no surprise that approximately 70% of those planning to move are looking to buy a property within the next two years. Only 8% are considering a move to a rental property, while a small percentage remains undecided whether to buy or rent. Among the eager potential buyers, nearly 57% are looking for a house, with urban areas being particularly attractive. The pull of urban flats is evident too, drawing in almost 39% of potential buyers, while nearly six in ten renters favour urban flats.

Affordability is a concern for Romanians, and almost 31% said that if they had to move within the next two years, they would not be able to find a property to fit their budget, a sentiment in tune with the European average. Consequently, 18% said tax incentives would be likely to influence location choices.

Co-living is also considered attractive, with almost two-thirds indicating that they could imagine moving to a co-living space under the right circumstances, typically to access better facilities for lower cost. Moreover, three-quarters of Romanians would consider co-ownership, especially if it allowed them to purchase a second or holiday home (29.4%) or facilitates sharing maintenance costs (26.5%).

40 | European Housing Trend Report 2023

SLOVENIA

RAL ICONS

Comparison with European average

Key facts Own at least one property

78.6%

+11.3

Live in a property they own

70.3%

+13.7

Would consider co-living

56.2%

+0.1

Would consider co-ownership

72.3%

+7.3

Looking to move within the next 2 years

34.2%

-5.1

Worried about availability of property in desired location

13.4%

-0.2

Worried about affordability of property

30.9%

+0.1

Reasons for buying property

Property owners

Nonowners

As a home

72.6%

73.0%

Offer a place for family members or friends to reside

13.0%

23.7%

Generate rental income

4.8%

24.7%

Create a diversified real estate portfolio/ long-term investment

6.3%

10.2%

For tax benefits

3.3%

2.3%

A dynamic shift is on the horizon in Slovenia, with one-third (34.2%) of survey participants expecting to move within the next two years – and buying property is the top choice. Among these prospective buyers, nearly 60% are looking for houses, with urban, suburban, and rural locations proving equally popular.

Interestingly, those looking for flats – either to buy or rent – show a clear preference for town and city locations, especially younger individuals who are about to start university or looking to be closer to their jobs.

Within the 25-35 age bracket, concerns about property affordability in the event of an unexpected move are most pronounced, with nearly 35% harbouring such worries, compared to almost 31% of the broader population. Government incentives have the potential to sway choices, as a quarter of all Slovenians surveyed (25.8%) would consider moving to less attractive areas if enticing subsidies were on offer.

While novel living arrangements like 15-minute cities or co-living may not be a consideration for nine out of ten respondents, co-living emerges as attractive alternative among the younger generation, embraced by a more than 86% as a potential option.

Among this group, almost 53% view it as a cost-effective way to access desired amenities.

Co-ownership, however, is well-accepted in Slovenia, mirroring trends in other parts of South-east Europe. An impressive 72% are open to the idea, with the prime driver being the allure of sharing maintenance costs (32.5%), a particularly enticing prospect for those aged 25-35, who may be navigating the landscape of first-time property purchases or the demands of a growing family.

Beyond this, those surveyed see co-ownership as a means to buy a property that would be otherwise unaffordable (24.8%) or to reduce the risks associated with sole property ownership (21.8%).

Furthermore, for 21%, co-ownership represents the potential for owning a second or holiday home.

European Housing Trend Report 2023 | 41

SPAIN

RAL ICONS

Comparison with European average

Key facts Own at least one property

78.1%

+10.8

Live in a property they own

66.6%

+10.0

Would consider co-living

58.2%

+2.1

Would consider co-ownership

63.2%

-1.8

Looking to move within the next 2 years

41.2%

+1.9

Worried about availability of property in desired location

17.5%

+3.9

Worried about affordability of property

26.4%

-4.4

Reasons for buying property

Property owners

Nonowners

As a home

69.4%

77.4%

6.8%

11.7%

Generate rental income

15.4%

25.7%

Create a diversified real estate portfolio/ long-term investment

4.6%

7.8%

For tax benefits

3.8%

7.4%

Offer a place for family members or friends to reside

More than 40% of Spaniards surveyed have plans to move within the next two years. The driving forces behind these moves vary, with the majority (57.9%) making the decision for personal reasons, while 23% cite financial motives. Location and space play important roles as well, with around 27% of prospective movers aiming to upgrade to a more favourable area, and 17% seeking outdoor space. Approximately 6% of all prospective movers are looking for more budget-friendly locations, while almost 5% are aiming to reduce their rental or mortgage payments.

For those expecting to move, more than half (57.9%) are looking to buy, in contrast to almost 23% seeking long-term rental properties and nearly 7% interested in short-term leases. Urban areas hold widespread appeal for all groups, with around 48% of potential buyers eyeing city flats, a figure that climbs to 70% among long-term renters. Younger house-hunters tend to gravitate toward urban living, while suburban areas become more attractive as age advances beyond 46 years.

Rising property costs are causing concerns, as around 26% fear they may struggle to find a property within their budget, whether they plan to move or not. More than 20% would be tempted by government subsidies to relocate to less attractive locations, while a similar proportion (19.4%) would be intrigued by the prospect of exploring innovative living arrangements like co-living or 15-minute cities.

A staggering 80% of individuals aged 18-24 view co-ownership as a viable option, and 87% are open to the idea of co-living.

This enthusiasm fades with each age group, with fewer than 40% of those over age 56 expressing interest in either model. This compares with other countries where there is a marked decline in interest in both models among consumers in their mid-30s and beyond.

42 | European Housing Trend Report 2023

SWITZERLAND

RAL ICONS

Comparison with European average

Key facts Own at least one property

41.0%

-26.3

Live in a property they own

28.7%

-27.9

Would consider co-living

58.9%

+2.8

Would consider co-ownership

65.6%

+0.6

Looking to move within the next 2 years

40.0%

+0.7

Worried about availability of property in desired location

17.1%

+3.5

Worried about affordability of property

27.6%

-3.2

Reasons for buying property

Property owners

Nonowners

As a home

57.4%

64.0%

Offer a place for family members or friends to reside

15.3%

22.2%

Generate rental income

12.6%

30.3%

Create a diversified real estate portfolio/ long-term investment

9.0%

17.3%

For tax benefits

5.8%

16.5%

The next two years will see around 40% of survey respondents in Switzerland embarking on a move. The majority of these movers are driven by personal factors, including the desire to move to more convenient or secure areas or to find larger living spaces.

For almost 22% of respondents, relocation plans are driven by financial reasons, with a keen focus on reducing rent or mortgage payments.

The level of property ownership in Switzerland is among the lowest in Europe, with fewer than three out of ten individuals living in homes or flats they own. Renting remains the preferred option for those expecting to move, with almost 40% of this group considering long-term leases and nearly 11% looking at short-term rentals. However, almost 19% remain undecided about the form of their next move.

Regardless of whether they plan to move, around 27% of Swiss respondents have concerns about finding a suitable property within their budget if they had to relocate. Consequently, property choices could be influenced by incentives, with more than 21% saying they could be encouraged to move to a less attractive area if there were tax benefits to do so, more than would be lured by government subsidies (15.7%) or new forms of living (13.7%).

Overall, Swiss interest in innovative housing models, such as co-living and co-ownership, aligns with the European average.

What’s more, given the country’s high property prices, almost a quarter (24.7%) would contemplate co-ownership if it meant being able to purchase a property that would otherwise be financially out of reach, and a similar amount (24.6%) would consider co-ownership to share maintenance costs.

European Housing Trend Report 2023 | 43

TURKEY

RAL ICONS

Comparison with European average

Key facts Own at least one property

75.6%

+8.3

Live in a property they own

64.6%

+8.0

Would consider co-living

76.3%

+20.2

Would consider co-ownership

79.9%

+14.9

Looking to move within the next 2 years

54.0%

+14.7

Worried about availability of property in desired location

15.0%

+1.4

Worried about affordability of property

44.3%

+1.4

Reasons for buying property

Property owners

Nonowners

As a home

49.9%

68.6%

Offer a place for family members or friends to reside

19.3%

32.7%

Generate rental income

16.7%

24.5%

Create a diversified real estate portfolio/ long-term investment

11.7%

16.3%

2.4%

2.9%

For tax benefits

Impressively, more than half of Turkish respondents are considering a move within the next two years. Of this group, almost two-thirds (63.9%) are looking to buy property. The demand for flats significantly outweighs that for houses, with almost 76% of potential buyers looking for a flat and nearly a quarter (24.9%) preferring a house. However, for both groups, urban areas remain the most attractive.

Affordability plays a crucial role for Turkish survey respondents, with 44% expressing concerns that budget constraints would pose a challenge if they were forced to move within the next two years. However, given this concern, only 17% say that government incentives would influence a move to relocate to less attractive areas. Nearly twice that amount (36.1%) would consider moving to different areas to embrace new living models, such as co-living or the concept of a 15-minute city.

Many are interested in co-living, with almost 30% finding co-living appealing because it promises better access to facilities at reduced costs, followed closely by the convenience of moving into a fully furnished property (28.6%). Additionally, for nearly 23%, co-living represents flexibility, offering the potential to split their time between city and countryside or even between two different cities.

Given the importance of property ownership in Turkish culture, it is not surprising that the vast majority would consider co-ownership. For around 37%, co-ownership offers the opportunity to own a second or holiday home, while almost 29% see it as a means to diversify their property portfolio and invest in multiple properties. In contrast to many other countries surveyed, where affordability is a primary motivator for co-ownership, only 16% say they would consider co-ownership as a way to move to an area they couldn’t otherwise afford or to purchase a property that would typically be out of their price range.

44 | European Housing Trend Report 2023

UK – WALES

RAL ICONS

Comparison with European average

Key facts Own at least one property

55.3%

-12.0

Live in a property they own

48.7%

-7.9

Would consider co-living

55.9%

-0.2

Would consider co-ownership

62.9%

-2.1

Looking to move within the next 2 years

43.9%

+4.6

Worried about availability of property in desired location

14.1%

+0.5

Worried about affordability of property

28.4%

-2.4

Reasons for buying property

Property owners

Nonowners

As a home

70.1%

67.6%

Offer a place for family members or friends to reside

13.8%

18.2%

Generate rental income

9.2%

20.9%

Create a diversified real estate portfolio/ long-term investment

3.8%

7.8%

For tax benefits

3.1%

1.8%

The survey was conducted within specific regions of the United Kingdom (England and Wales). For clarity and to provide a comprehensive understanding of the housing trends in these distinct areas, this report presents the results separately for each of these regions.

Around 40% of survey respondents in Wales are planning to move within the next two years, and the majority (58.4%) are setting their sights on property ownership. Notably, the Welsh favour houses over flats, as an astounding 90% of current property owners surveyed in Wales have chosen houses as over flats. This preference for houses extends to potential buyers, where over 80% are looking to buy a house.

However, affordability is an important concern, with around 28% of Welsh respondents saying they would struggle to find a property in their budget if they were forced to move in the next two years. Government incentives could influence their housing decisions, with 17% expressing a willingness to relocate to less attractive areas if such incentives were available. Comparatively, a slightly smaller proportion, more than 13%, would consider moving to a less attractive area to experience co-living or other new housing arrangements.

Co-living is an attractive option for Welsh respondents, with nearly 56% viewing it as a viable choice. The appeal is especially strong among the 18-24 age group, with an impressive 85% willing to consider co-living. However, interest wanes with age, dropping to just 50% among those aged 36-45 and falling below 40% for those over 46.

Co-ownership also attracts considerable interest, as almost 27% express readiness to explore co-ownership if it means accessing otherwise unaffordable properties. Sharing maintenance costs appeals to 22% of respondents, while 21% see co-ownership as a smart strategy for reducing the financial risks associated with property ownership. An additional 21% see it as an opportunity to relocate to areas that would otherwise remain financially out of reach.

European Housing Trend Report 2023 | 45

Methodology Please be aware that the findings presented in this report are derived from a comprehensive consumer survey conducted in July 2023. We do not assume liability for any developments or alterations that may have occurred since that time.

The survey for the “2023 RE/MAX Europe Housing Trend Report” was conducted with over 22,000 participants as a multiple-choice online interview (CAWI) in Austria, Bulgaria, Croatia, Czech Republic, Finland, France, Germany, Greece, Hungary, Ireland, Israel, Italy, Malta, Netherlands, Poland, Portugal, Romania, Slovenia, Spain, Switzerland, Turkey, and the United Kingdom (excluding Scotland and Northern Ireland).

The survey participants (males & females between 18 and 65 years of age) were chosen according to national representative quotas on age, gender, and region.

The research institute entrusted with the survey used its own proprietary panels as well panels from their partner network.

(The panel was used in, France, Poland, Germany, Italy, and Spain. In Romania, Hungary, Austria, Czech Republic, Finland, Portugal, Turkey, Switzerland, Ireland, Greece, and the Netherlands they used their panel and added external panels from network partners. External panels were used in Bulgaria, Croatia, Israel, Malta, and Slovenia) n = 1,000 in Austria, Bulgaria, Croatia, Czech Republic, Finland, France, Greece, Germany, Hungary, Ireland, Israel, Italy, Netherlands, Poland, Portugal, Romania, Slovenia, Spain, Switzerland, Turkey, United Kingdom (excluding Scotland and Northern Ireland) n = 300 in Malta The 2023 RE/MAX Europe Housing Trend Report was written by PIABO PR, on behalf of RE/MAX Europe.

46 | European Housing Trend Report 2023

About RE/MAX

European Housing Trend Report 2023 | 47

The RE/MAX Europe franchise network is one of the largest in the industry. The brand is represented by over 30,000 real estate professionals across 2,400 offices in 40 countries across the continent. With more than 50 years of experience, RE/MAX has grown into a huge global network. Never one to rest on its past successes, RE/MAX Europe continues to build on its history of innovation to transform the way real estate is bought and sold across the continent.

For more information, contact us today!

RE/MAX Europe PMSCS Real Estate Franchising Inc. Alpenstraße 15 6302 Zug, Switzerland E marketing@remax.eu W remax.eu

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