In Switzerland, this is even more extreme and there are even fewer home-owners. The Swiss can deduct their mortgage payments from their income, but you are taxe

In Switzerland, this is even more extreme and there are even fewer home-owners. The Swiss can deduct their mortgage payments from their income, but you are taxed the virtual income of renting your house to yourself. Furthermore, the capital gains tax on real estate is up to 40% on short-term transactions (less than two years) and there is no capital gains tax on stocks. Furthermore, there's a wealth tax disincentivizing you from holding low-return assets such as real estate. And returns on real estate are very low (like 3% or so), mostly because it is seen as a safe investment by pension funds. All these factors add up.