In an industry study on real estate prices, experts compared the data from 68 major cities in 23 European countries. Real Estate Leader Michael Müller said that prices for construction work had risen across Europe. Disrupted supply chains and scarce building materials increased the risks in the planning and execution of construction projects. Staff shortages and inflation continued to drive up construction prices. However, rising interest rates could slow demand and price increases.
Paris and Munich most expensive
According to Deloitte, the most expensive city in Europe is Paris with an average of 13,462 euros per square meter, followed by Munich (10,500). London, Oslo and Frankfurt (around 8,400 euros), Amsterdam (7,600 euros) and Copenhagen (7,300 euros) were significantly lower. On the other hand, things were good in the Bulgarian cities of Varna and Burgas on the Black Sea: New apartments there were available for around 900 euros per square meter on average.
In terms of monthly rents, Paris was also the most expensive with an average of 29.10 euros per square meter, followed by Oslo, London and Amsterdam.
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Ukraine war has an impact on the housing market
In many European countries, the acceptance of war refugees from Ukraine in solidarity was noticeable on the housing market, most notably in Poland, Slovakia and Hungary. “For the second quarter of 2022, the supply on the rental markets fell accordingly, as many apartments offered for rent are used to house Ukrainian refugee families,” the study says.
Source: Nachrichten
