Unlike the UK, countries such as Belgium, Italy and Spain charge annual taxes based on the imputed rental value of your property. These are in addition to the local property based taxes which are found in most countries in some form. There are other considerations too: for example, in Italy rent paid is tax deductable, while in France property inheritance laws can affect property ownership decisions.
According to Knight Frank, outside Europe, in the USA, Australia and Hong Kong, the picture more resembles the UK market, with most people seeking to own their own home as soon as they can. However, the density and extremes of wealth and poverty in cities such as New York and Hong Kong have led to comparatively few being able to achieve home ownership there; New York City has only an estimated 26% of its residential property in owner occupation.
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