Austria most expensive, Bosnia and Herzegovina cheapest for housing - Deloitte

Germany placed second with €4,700/m2, followed by France (€4,538/m2), but all three countries recorded lower prices compared to 2022.

Overall, 15 out of the 24 countries saw increases in average prices for new dwellings, the most important being in Hungary (+13.3%) and Poland (+12.2%), while significant decreases were noted in Italy (-10.7%), Denmark (-3.8%), Norway (-3.5%) and the UK (-3.3%).

On the other end of the scale, Bosnia and Herzegovina topped the list of European countries with the cheapest new housing (€1,315/m2), followed by Greece (€1,463/m2), and Romania (€1,504/m2).

Denmark was the most affordable country, as the Danes needed 4.7 gross annual salaries to purchase a new 70 m2 dwelling. Norway was second (4.8) and Italy third (5.3). The least affordable European country among those analyzed is the Czech Republic, with 13.3 gross annual salaries needed to buy a new home, followed by Slovakia (12.7 gross annual salaries).

Paris is still Europe's most expensive city for new apartments, with average prices reaching €14,900/m2, followed by Munich (€10,900/m2) and inner London (€8,018/m2) follow closely behind.

Romania (Cluj-Napoca), Belgium (Antwerp), Italy (Milan), Germany (Munich), and Spain (Barcelona) are among a group of selected countries where the capital city is not the most expensive for property.

London's rental market has surged three positions in the ranking, with the city claiming the top spot as Europe's most expensive rental location. According to the Deloitte study, average monthly rents in inner London have reached €33.80/m2. Dublin and Paris follow closely behind, with monthly rents of €31.50/m2 and €31.30/m2 respectively.

At the other end of the spectrum, Greece's Patra offers the most affordable rental options in Europe at €6.30/m2, with Bulgaria's Burgas coming in second at €6.90/m2.

The 13th edition of the Deloitte Property Index study was conducted in 24 countries and 69 cities in 2023.