How many years do you need to work to buy your own apartment in different EU countries?

Many Ukrainians currently living abroad are considering buying their own home. At this point, it is important to research the availability of apartments in different EU countries and determine how many years of work you need to do to be able to buy your own property in Europe. Find out how many years it takes to save for an apartment in the EU

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Housing rental prices in Europe are steadily increasing. Therefore, many Ukrainians who currently live abroad and plan to stay in EU countries for permanent residence are thinking about purchasing their own real estate. Moreover, according to experts, in the second quarter of 2023, prices for apartments and houses in European countries decreased by 1.1%.

How affordable are apartments in different EU countries and how many years do you have to work to buy your own property abroad? We will find out further.

What is the Housing Affordability Index?

Assessing the quality of life and the level of economic development of the countries of the world, the indicator of housing affordability is also analyzed. It is determined by the ratio of the value of one’s own real estate to the level of salaries in the country and the time it will take to accumulate funds for one’s own home.

How many years do you need to work to buy your own apartment in different EU countries

According to the latest Deloitte Property Index 2023 report, the most affordable housing in Europe is in Belgium, Norway and Denmark. It is most difficult to buy real estate in Slovakia, the Czech Republic and Serbia.

To buy an apartment of 70 square meters. m, you need to save your entire salary for: Belgium (4.3 years), Norway (4.7 years), Denmark (5 years), Slovenia (5.6 years), Italy (6.2 years), Romania ( 6.3 years), Greece (6.6 years), Great Britain, the Netherlands, Portugal (7.2-7.5 years), Poland (8.1 years), Croatia (9 years), Ireland (9.8 years ), Hungary (10.2 years), Estonia (10.8 years), Serbia (11.8 years), Czech Republic (13.3 years), Slovakia (14.1 years). To buy an apartment in Germany, you need 90 salaries or 7.5 years.

In total, there are 473 private apartments per 1,000 inhabitants in Europe.

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What is the average property value in Europe?

The highest prices for the purchase of housing were recorded in:

– Austria (4,925 euros/sq.m.) – the most expensive housing in the suburbs of Vienna and in the capital itself, while real estate prices are lower in small towns;

– Germany (4,800 euros/sq.m.) – in the country’s most expensive city, Munich, a property with an area of 90 square meters will cost approximately 823,000 euros; in Hamburg, the same property will cost approximately 588,510;

– France (4,639 euros/sq.m.) – despite high prices, the largest number of apartments in 2023 was built in this country (482,200);

– Norway (4,204 euros/sq.m.) – despite the high prices, it is easiest to earn money on housing here.

In general, average prices per square meter. m of housing in European countries are as follows: the Netherlands (4,116 euros/sq.m), Great Britain (3,980 euros/sq.m), the Czech Republic (3,753 euros/sq.m), Ireland (3,473 euros/sq.m), Estonia ( 3122 euros/sq.m), Lithuania (3215 euros/sq.m), Belgium, Denmark (3104 euros/sq.m), Spain (2663 euros/sq.m), Italy (2371 euros/sq.m), Poland (1,975 euros/sq.m.), Romania (1,417 euros/sq.m.) and Greece (1,330 euros/sq.m.).

We will remind you how real estate prices have changed in Ukrainian cities, we wrote here. Read in detail about the cost of housing in Poland at the link.

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