Where are the most expensive houses in Europe and how much are people willing to spend?

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According to the Resolution Foundation, Finns spend the most on housing, followed closely by Brits.

According to a British think tank, people in Finland spend 24% of their total expenditure on housing, much higher than the EU average of 15%.

This data combines the actual cost of rent paid with an estimate of the cost homeowners would pay if they rented their home on the open market, known as “imputed rent.”

In contrast, Poland’s housing expenditure share is the lowest among OECD countries, accounting for 6% of expenditure.

Where are the highest home prices?

House prices are highest in the UK relative to national price levels, followed by New Zealand, Australia and Ireland. Both Poland and Greece are well below the OECD average, with low housing costs partially explaining high housing consumption.

In Europe, the biggest rise in house prices was in Turkey, where figures show house prices are now 12 times higher in nominal terms than nine years ago. This puts Istanbul apartments in competition with Paris and London, which are famously expensive.

Among OECD countries, Nordic countries such as Sweden and Finland have seen the smallest changes, with nominal housing prices rising by more than 4% since 2015.

Turkey is closely followed by Hungary, with prices up 166% compared to 2015.

Fighting soaring housing prices

Rising house prices and rents are mainly due to increased demand from foreign buyers and continued economic growth, making it even more difficult for Greeks to get on or climb the property ladder.

Recent Euronews poll Combating price rises has been found to be the biggest issue for voters in the upcoming EU elections, with 68% of respondents saying it is a priority.

The foundation also charted the relationship between a nation’s overall prosperity and the amount of housing services it consumes.

Poland had the highest housing consumption, followed by Greece and the Czech Republic.

Relative to the country’s overall prosperity, British households spend much less on housing than in all other OECD countries except Colombia, the poorest in the group.