New research has found that investors are driving up house prices in European cities.
Institutional investors are buying up property at rapid rates and currently own about €150bn worth of housing in Europe.
Blackstone owns around $230bn in real estate posted record profits in October 2021,
A spokesperson for the group said: “The significant undersupply of housing across the globe is the cause of rental rate increases.
“Blackstone owns a tiny fraction of the tens of millions of rental properties in Europe. Given our ownership levels, we have no ability to impact broader rent trends and anyone suggesting that such a small player could influence rental rates is engaging in a wilful misunderstanding of how the market works.
“We are proud to be responsible custodians of rental housing and we are committed to our residents, which is why we have implemented programs to help residents facing financial difficulties.”
Kim van Sparrentak is a Green MEP who commissioned the study. They commented: “This study shows how large investors are playing Monopoly with our homes, focusing only on returns, rather than providing a place to live.
“The EU needs to recognise that the housing crisis is not just about building more housing and that it needs to play its role in ensuring affordable housing as a fundamental right. Instead of addressing this problem, EU rules are actually facilitating this trend. We need strict regulations to counter large investors from taking over our housing stock.”
