Despite high housing prices, Luxembourg has been found to have the highest proportion (71%) of homeowners in Europe.
These results come from the latest ING International Survey on Homes & Mortgages. The survey similarly showed that whilst most Luxembourg residents (over 80%) agreed that housing is too expensive, one-quarter (26%) leave home by the age of 25. In addition, over half (53%) did not consider sharing housing with their extended family an option.
Nevertheless, the Luxembourg housing market was revealed as the most unwelcoming to newcomers among all surveyed countries with 9 in 10 (91%) respondents agreeing it is increasingly difficult for newcomers to buy a house. The main issue was expensive housing. On the upside, only 12% reported having difficulties paying their rents or mortgages each month, which is half the European average. Most respondents in Luxembourg (86%) even agreed that ownership is more financially beneficial than rental, the highest proportion amongst the surveyed countries.
Despite an expensive, potentially harsh market, Luxembourg residents still valued their personal independence with 71% owning real estate – the highest proportion in Europe – and more than half stating they would not consider living with extended family. 26% similarly left home before the age of 26 and, on average, bought their first property before the age of 31, compared to the European average of 34.
