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Thursday, 18 November 2021

Europe: Housing market demand to remain high

 

According to the European Central Bank (ECB), property demand is expected to remain high in the coming months, as 4.5% of households plan to buy in the near term.


“Families' decision to buy a home depends on many factors, including job and financial stability, income and wealth, their expectations of the overall level of home prices and housing conditions. mortgage,” pointed out a report by Christine Lagarde, head of the ECB.


The report goes on to say that “intent to buy a home varies according to families' incomes”. The data show that this intention is much higher in high-income families - around 6.5%, while for lower-income households the result is below average, which is less than 4 %. Enjoyed this post? Never miss out on future posts by following us.


“Families with higher incomes are more likely to express an intention to buy a home and, as a result, they tend to be more favorable to housing demand,” the ECB economic bulletin said. In addition, “the dynamics of expected income also play an important role in investment decisions in a home: respondents who intend to buy a home in the next 12 months tend to have higher growth expectations.” income is significantly higher than those who do not plan to do so".


Household savings - at the highest level in Portugal - also influence home buying decisions. ECB, people's savings during the pandemic "could continue to stimulate demand for housing in the short term", as about 44% of frugal families claim to have "a desire to save enough". money to make big money. purchase in the future (like a house or a car)”.


There are still other reasons that home ownership demand will continue to grow for the foreseeable future. Besides household savings, the ECB also pointed out that the housing segment is becoming increasingly attractive for investment. There are also positive expectations that mortgages will continue to offer favorable and attractive terms for families - with interest rates at historically low levels.


The International Monetary Fund recently pointed out that "house prices have risen faster than wages in more than half of the 35 countries" belonging to the Organization for Economic Cooperation and Development (OECD). For Portugal, house prices have risen faster than household incomes, posing potential problems for low-income families looking to access the housing market.


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