Housing Costs Skyrocket Across Europe, Forcing Young People Out of Homeownership
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Portugal's youth homeownership rate has plunged 50% over 2 generations, leaving young people struggling to afford homes. The government is being urged to assist first-time buyers.
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In Turkey, rents have soared over 100% in the past year, causing conflicts between landlords and tenants. The government has implemented rent increase caps, but problems persist.
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Even wealthy Luxembourg is facing housing strife, with residents unable to afford sky-high rents and property prices. Many are forced to live across the border.
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In Luxembourg's capital, new apartments cost over €13,000 per sq meter and houses average €1.5 million. Rents rose 6.7% from 2022-2023.
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The housing crisis has become a major election issue in Luxembourg, with parties pledging action.