Research by the Global franchise chain of estate agents RE/MAX reveals that second home ownership is less prevalent in rich European countries than in poorer ones.
One in six Europeans owns a second home, but the prevalence of second-home ownership varies significantly by country, with low rates of ownership in some of Europe’s richest countries like Germany.
Paradoxically, European countries with low average wages have some of the highest rates of second-home ownership. In Greece, where the average gross monthly salary is just €1,064, 32.8% of the adult population owns a second homes, whilst in Germany, where the average monthly wage is €2,609, the rate is just 5.4%.
According to the research and surveys carried out by RE/MAX, there is a clear correlation between European wealth and coolness towards owning a second home, as illustrated by the chart above (prepared by the property portal idealista.com).