Europeans considering co-ownership due to affordability issues
Europeans are broadly more open to forms of co-ownership due to rising affordability issues.
A survey carried out for RE/MAX Europe found that nearly one in five Europeans (18.5%) have chosen to relocate due to financial constraints.
Looking ahead, just over 30% express concerns about future moves, fearing they won’t find affordable housing within their budget.
In the face of declining affordability, people are considering co-ownership.
Around two-thirds (65%) would consider co-owning a property with a group of unrelated people, such as friends, colleagues, or even strangers.
Nearly a quarter (24.8%) find allure in co-ownership for its cost-sharing benefits, surpassing those drawn to it for acquiring a second home (24.5%).
Co-ownership serves as a pathway to properties that might otherwise be financially out of reach (21.6%), while also providing a shared shield against the financial and legal risks associated with sole ownership (19.7%).
Michael Polzler, chief executive of RE/MAX Europe, said: “Europe’s evolving real estate landscape showcases the resilience and adaptability of its people and property market. Amidst the complexities of affordability, Europeans are moving towards fresh models of property ownership and communal living. This isn’t just about adapting to challenges; it’s about reshaping how and where we live.
“We’re committed to guiding our clients through this new terrain, ensuring that their housing aims align with their financial realities. The message is clear: despite challenges in the property market, Europeans remain committed to finding the right home that fits their needs and aspirations.”
Over half of Europeans (56.1%) could imagine living in a co-living space, which would offer them a private living space and shared access to other amenities.
But only if there is a variety of facilities available, as Europeans want cost-effective access to a good range of amenities, such as a shared workspace or games room (25.3%). They also see co-living as a way to reduce loneliness and isolation (21.2%).
While interest is currently highest among younger Europeans, who have always been more inclined towards communal living, elderly individuals are taking the idea of co-living seriously.
Almost half (49.4%) of over 35s would consider moving to a co-living space. Around four in 10 (40.4%) retired people would consider co-living. Companionship is a bigger motivator for older generations.