
Finns spend the most on housing, closely followed by the British, according to the Resolution Foundation. The British study found that people in Finland spend 24% of their total expenditure on housing, much higher than the EU average of 15%.
The data combined the cost of actual rent paid with an estimate of the cost homeowners would pay if they rented their home on the open market known as "imputed rent." Housing in Poland, on the other hand, has the lowest share of expenditure of any OECD country, accounting for 6% of expenditure.
House prices are highest in the UK, compared to overall country price levels, followed by New Zealand, Australia and Ireland. Poland and Greece both rank well below the OECD average with low housing costs partly explaining their high housing consumption.
In Europe, house prices have risen the most in Turkey with figures showing that Turkish house prices are 12 times higher than they were nine years ago in nominal terms. This puts an apartment in Istanbul in close competition with expensive Paris and London.
Among OECD member countries, northern European countries such as Sweden and Finland have seen the least change, with more than 4% growth in nominal house prices since 2015. Turkey is closely followed by Hungary, where prices are 166% more than in 2015.
Rising house prices and rents mainly due to increased demand from foreign buyers and continued economic growth are making it harder for Greeks to get on or onto the property ladder.
A recent poll found that the fight against rising prices was the biggest issue for voters in the upcoming EU elections, with 68% of respondents naming it a priority.
The foundation also mapped the relationship between a nation's overall prosperity compared to the amount of housing services it consumes. Housing consumption in Poland was highest, followed by Greece and the Czech Republic.
UK households, relative to the country's overall prosperity, consume far less household housing than all other OECD economies except Colombia, the group's poorest member./ SCAN
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