Hungary ranks 3rd in Europe for ratio of homeowners

Hungary, with 91.3 percent, has the 3rd highest proportion of private home ownership in Europe, according to a survey published in Tuesday.

Owning an own home is a big step in anybody’s life but getting onto the property ladder seems to be getting increasingly hard, especially for first home buyers.

And while buying a home can be a challenge no matter where you live, the picture does vary quite drastically around the world.

They’ve taken a look at which European countries have the highest and lowest proportions of homeowners, as well as how this relates to the average property prices.

The ranks

With 96.1 percent, Romania ranks first, followed by Slovakia with 92.3 percent, the survey carried out by Compare the Market Australia found. Croatia shares third place with Hungary.

Germany, with 50.4 percent, has the lowest proportion of private home ownership.

Demand for private property is much higher in central Europe, while in western Europe there is generally more of a rental culture, the paper said.

Property and rental prices

Property prices per square meter in Hungary average 2,250 euros, putting it at the top of the region, while rental prices are also high, though Slovakia and Lithuania are ahead of Hungary in this regard.

Romania, Bulgaria, Latvia, Greece, Cyprus also have lower average prices per square meter than Hungary.

In Hungary a flat costs an average of 453 euros to rent, the survey says. Average rents in Romania, Bulgaria and Latvia are also lower than in Hungary.

Record-high rental prices in Budapest will continue to rise this summer. In the upcoming months, tenants will have to dig deep into their wallet if they want to rent an apartment in the Hungarian capital. Here are the details!