The dream of homeownership resonates deeply across Europe, where approximately 69% of individuals own their residences. Many have gone beyond a primary home, with a significant 25% of homeowners possessing a secondary residence, as reported by Re/Max’s European Housing Trend Report. Bulgaria leads the pack, boasting nearly half (46%) of homeowners with a second property—far exceeding the European average. The trend is mirrored in Greece and Croatia, where 39% and 37% of homeowners, respectively, have additional residences. This high rate of ownership in Bulgaria correlates with a general contentment about living conditions; 82% of Bulgarians are satisfied with their housing, surpassing the European average of 76%.
However, the situation varies dramatically in the Netherlands, where only 8% of homeowners own second properties, despite 57% finding local real estate unaffordable. This dissatisfaction with affordability drives many Dutch citizens to consider moving abroad, with 29% expressing a desire for a more affordable lifestyle. Meanwhile, in Ireland, just 11% own a second home, largely due to financial barriers, with 71% of respondents indicating that properties are too expensive. The housing crisis appears particularly acute in Ireland, where 18% of residents report dissatisfaction with their living conditions.
For most homeowners, the desire to own a second property often leans toward leisure rather than a financial investment. Almost half of those with secondary residences utilize them as holiday homes, while 23% plan to retire in these properties. Practical reasons also motivate ownership, such as renting the property (both long-term and through platforms like Airbnb) and diversifying investment portfolios. Interestingly, 39% of second homes are located within the owner’s main country of residence, with those in colder climates more likely to have properties abroad. The aspiration for a secondary residence remains strong, with over 10% of homeowners who currently do not have one expressing intent to acquire one soon.
Despite the leisure-oriented nature of second-home ownership, challenges are emerging, particularly amid economic fluctuations. The trend surged during the COVID-19 pandemic, driven by remote working and the desire for flexible living arrangements. However, growing concerns about rising property prices and its impact on local communities have fueled discontent. Critics argue that high-net-worth individuals acquiring second homes push local housing prices beyond the reach of average citizens, contributing to shortages in affordable housing and fostering ‘ghost towns’ where properties are predominantly unoccupied.
Cities like Barcelona illustrate these tensions vividly. The transformation of long-term rental properties into lucrative short-term rentals has led to housing shortages, resulting in rising rents and discontent among locals. As a response, many cities are tightening regulations on second homeownership and short-term rentals to balance community needs and market dynamics. For example, Barcelona has announced a ban on new short-term rentals starting in April 2025, while France is introducing measures in specific regions to regulate the number of second homes and address housing shortages for first-time buyers.
In conclusion, the dream of owning property persists across Europe, with significant segments of the population investing in secondary residences for leisure and practical purposes. However, the associated challenges of affordability, community displacement, and rising market pressures necessitate a reevaluation of housing policies and regulations. As the drive for property ownership continues, finding equilibrium between individual aspirations and the broader social implications of second homeownership remains a pressing concern for many European cities.
