RE/MAX Europe Report: Key Insights on the State of European Housing

With a presence in more than 110 countries and territories, the RE/MAX network has its finger on the pulse of real estate trends worldwide. Accordingly, RE/MAX Europe has released its first annual RE/MAX European Housing Trend Report, which identifies the forces shaping the housing markets throughout European countries and helps prepare local real estate professionals and consumers alike for what could lie ahead.

The report surveyed nearly 16,000 people across 22 countries, including: Austria, Bulgaria, Croatia, Czech Republic, England, Wales, Finland, France, Germany, Greece, Hungary, Israel, Italy, Malta, Netherlands, Poland, Portugal, Romania, Slovenia, Spain, Switzerland, and Turkey.

“While it is impossible to predict the future, it is incumbent on us to try to anticipate the likely outcomes to prepare as well as we can and help the residential property market respond to a rapidly changing scenario in Europe,” RE/MAX Europe said in the report.

Take a closer look at some of the key factors impacting real estate across European markets.

Homebuyers are still buying

Factors impacting daily life – like inflation, climate-related weather changes, and more – have slowed the pace of life for some real estate consumers. But regardless, homebuying and selling continues at a great frequency in Europe. In general, according to the report, rates of residential mobility are high at the moment.

The study also identified a net 22% increase in the number of people who intend to move in the next few years, compared to one year ago.

“While the overall picture indicates more activity in general, there are major differences from location to location,” the report revealed. “For example, in Portugal, there is a net increase of those intending to move of 39% compared to a year ago, whereas in the Czech Republic, there is a net decrease of 1.7%.”

One catalyst causing residential movement is for job and business opportunity. Though global economies continue to fluctuate, the seeming end of the COVID-19 pandemic has job opportunities returning and consumers – some of whose careers were impacted by the pandemic itself – are eager to secure them. The report shows that across Europe, one in 10 real estate consumers are looking to relocate due to new work, and one in 20 people are interested in moving to establish a new business.

Environmental impact is top of mind

Extreme weather changes – from wildfires to floods to droughts and more – have become more prevalent on a global scale. In addition to considering these weather factors when purchasing a home, European homebuyers are also conscious of their environmental footprint in their transaction, and in turn, their lifestyle.

The report cites that 31% of European people would downsize to a smaller property if it would benefit the environment.

In addition to many being environmentally conscious in day-to-day activities, plenty of Europeans have been searching for – and continue to seek – easier contact with nature. A phenomenon brought on in a bevy of locations by the COVID-19 pandemic, many people worldwide are leaving urban dwellings for rural options. While not true for all homebuyers – especially with the magnificence of Europe’s many vibrant and historical cities – some prefer more suburban and rural settings to be closer to nature, have more space, and enjoy increased levels of privacy. In Bulgaria, for example, 31% of people who live in urban areas want to move to rural locales.

The report cites that the top five countries where consumers are looking to move closer to nature are Slovenia, Austria, Czech Republic, Croatia and Bulgaria.

Technology can lead lifestyle

In today’s tech-driven world, digital connectivity has become a priority for many Europeans.

“Nearly half of Europeans would only move to a location if it had both excellent fixed line and mobile connectivity,” the report states.

The demand for connectivity, though strong across the board, is distinguishable by generation. Roughly 48% of consumers under the age of 26 would only consider moving to locations with good connectivity for both fixed line and mobile use, whereas a third of consumers between the ages 55-65 say digital connectivity is not a “make-or-break requirement” when searching for a new home.

Out of the 22 countries studied, Hungary led the ranking of consumers prioritizing digital connectivity in their home search. To illustrate, nearly three in five Hungarians are seeking a home with excellent fixed lines and mobile connectivity.

In 2023 and beyond, real estate consumers across Europe will navigate an everchanging market with their personal priorities at the forefront. And with RE/MAX agents located in rural and urban locations alike, consumers are sure to find a trustworthy professional to help them achieve their real estate goals.

To download the full 2022 RE/MAX European Housing Trend Report, click here.

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