War, Winter and Poverty in the EU: The Unfolding European Housing Crisis

‘Property prices across almost all the 28 EU member states have increased and have grown faster than incomes. The price correction of the post 2008 era fizzled out due to zero interest rate policy by the global central banks. The price-income ratios are still not back in line, effectively creating another debt fuelled housing bubble.

The latest data available for poverty in the EU highlights that more than a third of the population is at risk of poverty or social exclusion in five EU Member States: Bulgaria (48.0 %), Romania (40.4 %), Greece (35.7 %), Latvia (35.1 %) and Hungary (33.5 %). At the other end of the scale, the lowest shares of persons being at risk of poverty or social exclusion were recorded in Sweden (16.4 %), Finland (16.0 %), the Netherlands (15.9 %) and the Czech Republic (14.6 %).

Housing is of course by far the most income consuming expenditure, followed largely by heating and food.’

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