How much do apartments in new buildings cost in European countries?
The average price for new buildings in Europe continues to rise in 2022, surpassing previous figures. According to the Property Index report, Overview of European Residential Markets, published by international consulting company Deloitte, Israel has become the most expensive country, with a price per square meter of 5,701 euros. It is followed by Austria (4,925 euros/sq.m) and Germany (4,800 euros/sq.m).
However, there are also more affordable countries for purchasing new housing. The lowest prices are recorded in Bosnia and Herzegovina (1,237 euros/sq.m) and Greece (1,330 euros/sq.m). In these countries, real estate can be acquired at more accessible prices.
Average prices for new apartments in European countries in 2023
| Country | Average price per square meter in new buildings (EUR/sq.m) | Change in housing prices for 2022 (%) |
|---|---|---|
| Israel | 5,701 | 14.1 |
| Austria | 4,925 | 3.0 |
| Germany | 4,800 | 4.3 |
| France | 4,639 | -0.2 |
| Norway | 4,204 | 10.4 |
| Netherlands | 4,116 | 6.9 |
| United Kingdom | 3,980 | -18.8 |
| Czech Republic | 3,753 | 12.1 |
| Lithuania | 3,215 | 31.9 |
| Slovakia | 3,156 | 19.1 |
| Denmark | 3,104 | -9.7 |
| Estonia | 3,122 | 16.6 |
| Belgium | 3,102 | 8.0 |
| Ireland | 3,473 | 7.7 |
| Hungary | 2,300 | 14.6 |
| Spain | 2,663 | 2.3 |
| Italy | 2,371 | 3.1 |
| Croatia | 2,189 | 20.1 |
| Slovenia | 1,927 | 10.0 |
| Poland | 1,975 | 14.1 |
| Serbia | 1,785 | 17.4 |
| Portugal | 1,723 | 12.1 |
| Romania | 1,417 | 12.0 |
| Greece | 1,330 | 6.0 |
| Bosnia and Herzegovina | 1,237 | 27.0 |
It is interesting to note that prices for new housing in most European countries continue to rise. Among the main leaders in price growth are Lithuania (31.9%), Bosnia and Herzegovina (27.0%), and Croatia (20.1%). This indicates a stable and growing trend in the real estate industry, which has been observed for several years now.
When it comes to cities with the most expensive and cheapest housing, Paris and Munich cannot be overlooked. In these cities, prices per square meter exceed 10,000 euros. The cheapest housing can be found in Greek Patras (1,056 euros), as well as in Serbian cities Nis (1,270 euros) and Novi Sad (1,540 euros).
It is important to note that analysts have analyzed prices only in major cities, while housing prices in the provinces will always be lower. It is also worth considering that in some countries, such as Bosnia and Herzegovina, residency permits can be obtained through property purchases.
It is worth noting that in some countries, prices for new housing are falling. For example, in Denmark, prices are decreasing in cities like Copenhagen (-10.7%), Odense (-9.5%), and Aarhus (-8.6%). This may provide an opportunity to purchase property at more favorable prices.
Key facts from the article:
- The average transaction price for new housing in selected European countries in 2022 was higher than in the previous edition of the Real Estate Index.
- Israel became the most expensive country with a price of 5,701 euros per square meter. It is followed by Austria (4,925 euros/sq.m) and Germany (4,800 euros/sq.m).
- The lowest prices for new housing were recorded in Bosnia and Herzegovina (1,237 euros/sq.m) and Greece (1,330 euros/sq.m).
- The most significant price growth was observed in Lithuania (31.9%), Bosnia and Herzegovina (27.0%), and Croatia (20.1%).
- The average price for new housing increased in 22 out of 25 countries.
- The overall trend in prices for new housing is growing, similar to the previous year.
Overall, the new housing market in Europe continues to develop, with the average housing price increasing in most countries. However, there are options to purchase property at more affordable prices, especially in Eastern European countries such as Greece, Romania, and Portugal. Ultimately, the choice depends on individual preferences and each buyer’s possibilities.
