Top European Cities with the Lowest and Highest Costs of Living
Deloitte Releases 14th European Property Index: Amsterdam Remains Least Affordable City for Home Ownership
Deloitte has published its 14th European Property Index, offering a comprehensive overview of the diverse housing market across multiple European nations and key cities. This year's index focuses more on the local character of housing, providing a more standardized overview of property prices.
The index reveals that Amsterdam is the least affordable city to own a home, with residents requiring 15.4 average gross annual salaries to purchase a 70 square-meter new home. Athens follows closely in second place, with a requirement of 15.3 average gross annual salaries. Prague completes the top three, with a need for 15 average gross annual salaries.
However, Turin stands out as the most affordable city in the index, with a requirement of just 4.9 average gross annual salaries. Odense and Manchester are close competitors, with requirements of 4.9 and 5.3 average gross annual salaries respectively.
Košice, Slovakia, Brno, Czechia, Banská Bystrica, Bratislava, Slovakia, Ljubljana, Slovenia, Thessaloniki, Greece, and Budapest, Hungary, also appear in the list of the most expensive cities to own a home.
The European Property Index is not only useful for real estate professionals and economists, but also for students, journalists, and policymakers. It provides a comparison of residential property prices and rental levels across Europe, helping to analyse the factors influencing housing markets while considering the varied economic and social contexts of each country and region.
It's important to note that the ranking is based on new homes of a certain surface, and may not always be representative of the entire housing market in a city. Some cities are known for having notoriously small homes, while others may not have many new builds, which can result in property prices differing from Deloitte's European Property Index.
In terms of the most expensive cities to buy an apartment, Luxembourg leads the way at 11,074 euros per square meter, followed by Munich (10,800 euros/m²) and Paris (10,760 euros/m²).
The way in which the Index was calculated remains unchanged from previous editions. Deloitte calculated the number of average gross annual salaries required to buy a standardized, newly-built, 70 square-meter apartment to determine the cheapest and most expensive cities for owning a property.
This year's index also includes Albania, Finland, and Turkiye, expanding the range of countries covered by the European Property Index.
The report provides both a broad overview and detailed benchmarks of the diverse European housing market, making it an invaluable resource for anyone interested in the property market in Europe.
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