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Secondary property ownership in Europe: contributing to asset-based welfare strategies and the 'really big trade-off'
[journal article]
Abstract This paper examines the role of secondary property ownership (SPO) in Europe (EU). Focusing predominantly on residential properties used as rental-investments, it explores their role in the political economy of housing and welfare, contributing to respectively newer and older literatures about housi... view more
This paper examines the role of secondary property ownership (SPO) in Europe (EU). Focusing predominantly on residential properties used as rental-investments, it explores their role in the political economy of housing and welfare, contributing to respectively newer and older literatures about housing wealth and asset-based welfare and the ‘really big trade-off’ between outright homeownership and generous pensions. Both have hitherto largely been viewed as related to ownership of the primary residence. The empirical part of this paper is based on the Household Finance and Consumption Survey (HFCS), carried out by the European Central Bank in 2014, and providing information about property ownership by samples of households in 20 member states of the EU. The results show that the total wealth held in the form of SPO is considerable while also varying considerably from country to country. SPO held as an investment in the form of landlordism is most prevalent in countries characterised as corporatist-conservative or liberal welfare regimes. In the corporatist-conservative countries, SPO can be seen as a since long established proactive asset-based welfare strategy that compensates for the limitations of their fragmented pension systems, especially for the self-employed. In liberal welfare states, the recent upswing of buy-to-let landlordism is a manifestation of the concentration of housing wealth and limited access to homeownership for starters, which makes SPO an ever more attractive investment.... view less
Keywords
landed property; rent; apartment ownership; Europe; life career; right of ownership; welfare; pension; real estate; assets
Classification
Income Policy, Property Policy, Wage Policy
Free Keywords
EU-SILC
Document language
English
Publication Year
2020
Page/Pages
p. 25-52
Journal
International Journal of Housing Policy, 20 (2020) 1
Issue topic
Multiple Property Ownership in Times of Late Homeownership
DOI
https://doi.org/10.1080/19491247.2019.1573961
ISSN
1949-1255
Status
Published Version; peer reviewed
Licence
Creative Commons - Attribution-Noncommercial-No Derivative Works 4.0