Germans Need 5 Years, Croats 13 Years To Buy Apartment

Out of all European Union citizens it is the Germans who have the ability to purchase real estate in the shortest period. For an average priced 90m2 apartment in Germany, the average family working for the average wage needs to work 5 years to pay for it, whilst Croatians need to work 13 years, writes Jutarnji list.

The research is based on if all earnings were put aside to purchase property. Romanians need to work 14 years for an average 90m2 apartment in Romania, Slovenes need to work 12 years for the same sized average apartment in Slovenia, whilst Italy was the leader when it came to price per square metre (10,000 euros in the centre of Rome, 500 euros more than London or Paris).

The best off in Europe were Scandinavian and nordic nations, with its citizens earning above average salaries and having some of the lowest interest rates in the EU. According to the research Finland have the lowest interest rates on mortgages with a 2.5% average, whilst Croats pay close to 3 times more. Hungary, Romania and Bulgaria all have higher interest rates than the EU average with rates close to 10%.