How many years do you have to work for your own flat?
Ten post dostępny jest także w języku: polski
The research published by Deloitte shows that the average Polish resident has to work his own flat for a little over 7 years – this result places Poland in the middle of the European countries.
Taking into account the average gross annual salary in a given country, the Portuguese and Belgians can afford their own apartment the fastest: after 4 and 4.1 years of work, respectively, they would be able to afford a 70 sqm flat. In turn, the inhabitants of the Czech Republic have to save their gross salary in full for eleven years and four months. In Poland, it takes just over 7 years, which places us in the middle of the field. It should be remembered that the actual purchasing power may differ depending on the burden on gross wages in different countries, however, for the purposes of the study, an assumption was made that allows for comparison.
An important indicator in the real estate market is debt related to taking out mortgage loans and comparing their volume to GDP. The values of this indicator differed significantly in individual countries. The country with the lowest level of debt last year was Bosnia and Herzegovina (15.1%). The remaining Central European countries: Poland, the Czech Republic and Latvia are included in the group of countries (including Italy) where the debt levels are below 50%, but in the case of Poland it is 34.6%. The highest indebtedness was observed in the stable and saturated housing markets of the Netherlands and Denmark, with functioning mortgage systems.
In which countries can residents expect the lowest mortgage rates? In 2019, it was Portugal, where loans had an average interest rate of 1.1%. In the case of Poles, it was on average 3.8%. The Hungarians had to take into account the highest, 4.6% of mortgage loans.