LONDON, December 4, 2018
LONDON, December 4, 2018 /PRNewswire/ --
Eastern Europe is the place to buy according to a recent study, with seven of the top 10 countries with the highest percentage of homeowners coming from the region.
The report put together by leading property buyers Property Rescue found that just 63% of properties in the UK are owned, compared to a staggering 96% in Romania, the country with the world's highest percentage.
The average cost of a property in Romania is just £836 per square metre compared to £2,678 per square metre in the UK.
Only Singapore, Cuba and India feature in the top 10 highest percentage of homeowners that are outside of Eastern Europe, with the former having the second highest at 90.8%.
A little closer to home, Ireland has a 69% ownership rate, while neighbours Belgium (71.4%) and the Netherlands (67.8%) also have a higher rate than the UK.
Danny Nieberg, Director at Property Rescue said, at Property Rescue said, "It's intriguing to see the percentages of homeownership across Europe and the rest of the world. What's clear is that the UK needs to do more to encourage buying."
Statistics show that the average UK wage ratio is much better against price per square metre than all the countries in the top 10, yet has been left behind when it comes to people owning property.
Mr Nieberg added, "The amount of property tied up with those aged 65-85 is significant. In many other countries, the number of owners having inherited their property is incredibly high, which has undoubtedly played its part in the figures."
Top 10 countries with the highest percentage of ownership:
Rank Country Ownership Percentage 1 Romania 96.4 2 Singapore 90.8 3 Slovakia 90.3 4 Cuba 90 5 Croatia 89.7 6 Lithuania 89.4 7 India 86.6 8 Hungary 86.3 9 Russia 84 10 Poland 83.5
The full study can be found on Property Rescue's blog at: https://www.propertyrescue.co.uk/useful-guides-articles/world-countries-highest-rates-homeownership/