Romania is first in the European Union (EU) when it comes to the number of homeowners.
Over 96% of Romanians own the homes in which they live according to Eurostat statistics. Only 4% of the population (compared to 30% EU average) is living in rented houses.
In each EU Member State there are more homeowners than tenants, with Sweden ranking last, with a share of homeowners of 65%.
In Romania, the very high share of homeowners is determined by the high share of the rural population living (45%) and the fact that Romanians could buy the homes they lived in at very low prices after the fall of the communist regime in 1989. But the young generations also prefer owning their own home, although the real estate interest rates for mortgage loans are much higher in Romania than in Western Europe. Today, over 30% of young Romanians, between the ages of 18 and 25, are considering a loan for the purchase of a home while 13% of them have already taken such credits for periods of up to 30 years.
(Photo source: Pixabay.com)
Standard mortgage loans turned into the main instrument to finance the purchase of a dwelling, as they accounted for 70%...