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The European housing market is a diverse landscape, offering a wide array of accommodation options, from bustling city centers to tranquil suburban areas. Recent developments have brought about significant fluctuations in house prices across European Union (EU) countries. A recent report by Eurostat indicates a 1.1 percent decrease in house prices during the second quarter of 2022. Meanwhile, rental prices have steadily risen over the same period, marking a shift in the real estate market.
Let's explore a comprehensive list of house prices across Europe with data sourced from Statista, Immigrant Invest, and Eurostat.
Austria
Austria presents a range of options for homebuyers. The cost of a new house in Austria averages around €492,500. Data from Statista reveals that prices per square meter vary, with new houses at around €4,925 per square meter and existing houses at approximately €3,737 per square meter. This translates to around €373,700 for existing houses. Foreigners with a residence permit can purchase property, provided they have a monthly income of at least €4,000. For those without a residence permit, the process can be more challenging, involving permission from authorities and various conditions, including residing in the same property for at least three years. Vienna and its suburbs are among the most expensive locations, while small towns offer more affordable real estate.
Belgium
In Belgium, the cost of houses averages approximately €310,200, with a price per square meter of around €3,102 for a 100-square-meter house. Prices tend to be higher in densely populated provinces such as Brabant, Antwerp, and Brussels, where square meter prices can reach around €4,000.
Bulgaria
Bulgaria stands out as one of the more affordable options in Europe, with house prices as low as €1,650 per square meter, totaling about €165,000 for a 100-square-meter house. In the capital city of Sofia, the prices are slightly higher, with a two-bedroom apartment costing around €145,000 to €180,000, and houses going for up to €450,000.
Croatia
Croatia offers a beautiful coastal lifestyle, but interestingly, real estate in the capital city is slightly more affordable than in popular coastal destinations. The average house price in Croatia is around €167,800. In Split, the square meter price rises to €2,985, making properties there around €130,700 more expensive for a 100-square-meter house than in other parts of the country. Osijek boasts the lowest square meter prices in Croatia, at approximately €1,057.
Cyprus
Cyprus offers a mix of prices, with an average house price slightly higher than Croatia's at around €200,000. However, in cities like Limassol, Larnaca, Paphos, and Famagusta, the cost per square meter can reach approximately €3,400. This means that in Limassol, one could buy a house for the price of two properties in other areas of the country.
Czechia
The Czech Republic has an average house price of about €375,300, with existing houses costing around €2,570 per square meter. This makes a 100-square-meter house approximately €257,000 in total. In more densely populated areas, buying a house can be about €118,300 more expensive than in less crowded regions.
Denmark
Denmark presents varying options, with square meters costing around €3,104 for new houses and €2,469 for existing houses. On average, a 100-square-meter house can cost up to €310,400. Foreigners looking to buy property in Denmark may face restrictions, as residence properties are generally not sold to foreigners in cities and coastal areas. Exceptions include foreigners who have lived in the country for over five years, those with a residence or work permit, and fellow EU citizens working in Denmark.
Estonia, Latvia & Lithuania
Foreigners in Estonia can purchase real estate once they receive confirmation from authorities, with only small islands and areas near the Russian border off-limits for buying property. New houses in Estonia cost around €312,000, while prices are lower in Latvia (€162,500) and Lithuania (€114,600).
Finland, Norway & Sweden
Out of these three countries, Sweden tops the list in terms of house prices, with an average of €699,200. The square meter price for new houses goes up to €6,992. In Norway, house prices can peak at €420,400, while in Finland, they reach approximately €518,300. Foreigners can purchase property in Finland, Norway, and Sweden, but prices can vary significantly, with capital cities offering more expensive options.
France, Germany & Netherlands
France offers house prices around €463,900 for new houses and €348,900 for existing houses. In Germany, new houses can cost around €480,000, with existing houses having a price per square meter of up to €3,400, resulting in a difference of approximately €140,000 between the two types. The Netherlands boasts a new house price of around €357,200, which is about €54,400 less expensive than existing houses. The price per square meter for Dutch houses can reach €3,572.
Greece
Foreigners in Greece can benefit from the Greece Golden Visa program, which allows them to buy apartments and villas by obtaining a residence permit with a minimum investment of around €250,000. On average, house prices in Greece can reach €361,900.
Hungary, Slovakia & Slovenia
In Hungary, the price per square meter averages around €2,515, while in Slovenia and Slovakia, it hovers at approximately €1,927 and €1,593, respectively. Ljubljana in Slovenia and the Bratislava region in Slovakia can be more expensive, with square meter prices of around €2,300 and €2,231, respectively.
Iceland & Ireland
Iceland offers house prices averaging €339,000, while Ireland's prices are slightly lower, at approximately €335,000. In Dublin, Ireland's capital, square meter prices can reach €4,300, while central cities in Iceland have prices around €3,828.
Italy, Portugal & Spain
Italy showcases a range of prices, with famous cities like Venice and Milan being among the most expensive, at around €4,467 per square meter. The average house price in Italy is about €189,600. In Portugal, house prices can go up to €10,000 per square meter in Lisbon, resulting in a cost of around €1 million for a 100-square-meter house. Other regions like Alentejo (€833) and Azores (€1,200) offer more affordable options. While Portugal has ended its golden visa program, the Spain Golden Visa program is still active, allowing investors to obtain a residence permit by investing a minimum of €500,000 in real estate. On average, new houses in Spain cost around €178,600.
Poland & Romania
Poland offers new houses at a cost of around €1,975 per square meter, totaling approximately €173,200. In Romania, new houses are generally more affordable than in Poland, averaging around €137,000. Foreigners in Poland must obtain a permit to buy land for for the construction of housing, with restrictions on land size. In Romania, foreign citizens can purchase property by registering it under the ownership of resident citizens who have lived in the country for at least 183 days a year.
Switzerland
Switzerland stands out with some of the highest prices per square meter in Europe, averaging €13,280. However, purchasing property in Switzerland can be a complex process for foreigners. It requires a special permit from commune authorities, each with its own rules regarding housing size, location, and permission to resell the property.
The European housing market offers a wide spectrum of options, from affordable houses in countries like Bulgaria and Croatia to higher-end properties in Switzerland and Sweden. The ability for foreigners to invest in real estate varies from country to country, with some offering residence permit programs and others imposing restrictions on land ownership. As the market continues to evolve, prospective buyers should closely monitor developments to make informed decisions when entering the European real estate market.
By fLEXI tEAM