The most expensive new buildings among the studied European markets are located in Luxembourg, the Czech Republic and Germany, while the cheapest are in Turkey, Serbia and Albania. At the same time, in a number of cities in Central and Southeastern Europe, the purchase of housing requires more than 15 average annual salaries, according to the results of the Deloitte Property Index 2026 study.
As reported by the international consulting company Deloitte on October 13, 2026, its 15th annual study covered 25 countries and 71 cities. The indicators are based on data for the year 2025 and include prices of new residential properties, affordability of apartments, rental rates, housing construction and mortgage lending.
According to Deloitte, the average price per square meter of new housing in Luxembourg reached €9,160, in the Czech Republic - €5,412, in Germany - €5,200, in Austria - €5,199, in the Netherlands - €5 186.
On the other hand, in Turkey, the average cost of a new home was €864 per square meter. m, in Serbia - €1,706, Albania - €1,720, Romania - €1,917, Greece - €1,931.
Thus, the difference between the most expensive and the cheapest national markets among the studied countries exceeded ten times.
Rating of countries with the highest average prices for new housing in 2025:
Luxembourg - €9 160 per sq.m. m.
Czech Republic - €5,412.
Germany - €5,200.
Austria - €5,199.
Netherlands - €5,186.
Five countries with the lowest prices:
Turkey - €864 per sq.m. m.
Serbia - €1,706.
Albania - €1,720.
Romania - €1,917.
Greece - €1,931.
At the same time, the low absolute price per square meter does not always mean high housing affordability for the local population, as the ratio of real estate value and household income is of decisive importance.
The least affordable among the studied the Albanian city of Vlora turned out to be the best, where to purchase a standard new apartment with an area of 70 square meters. m, 21.3 of the average gross annual salary is needed. In Prague, this figure was 16.9 of the annual salary, in Athens - 16, in Kosice in Slovakia and Brno in the Czech Republic - 15 each.
The cities with low housing affordability also included Bratislava, where 13.7 of the annual salary is needed to purchase a standard apartment, and Banská Bystrica with a figure of 13.4.
At the opposite pole was Turin, Italy, where purchase of a new home with an area of 70 square meters. m needs 4.7 of the average annual salary. In Norwegian Bergen and Danish Odense, this figure was 4.9 salaries each.
In general, the number of surveyed European cities in which more than ten annual salaries are needed to purchase a standard apartment increased from 11 to 19.
Separately, Deloitte analyzed the largest urban markets by the absolute cost of new housing. Munich became the most expensive with an average price of €11,200 per square meter. m. Next came Luxembourg - €10,567, Amsterdam - €8,650 and Barcelona - €8,037.
The cheapest new buildings among the studied large cities were offered in Turkey: in Ankara, the average price was €870 per square meter. m, Izmir - €1,155, Istanbul - €1,339.
In 2025, an increase in average prices for new housing was recorded in 19 of the 22 countries for which Deloitte had comparable nationwide data. The highest rates of price increase were observed in Romania (+14.4%), Croatia (+14.3%), Slovakia (+12.5%) and Hungary (+10.9%).
In contrast, average prices in euros decreased in Turkey by 9% and Serbia by 2.5%, according to the study. At the same time, individual city markets showed the opposite dynamics. In particular, the price of new housing rose by 20% in Belgrade, and by approximately 24% in Durres, Albania.
Luxembourg became the most expensive rental housing market with an average monthly rate of €45.4 per square meter. m. In Paris, the rent was €31.2 per square meter. m, Barcelona - €30.9, Dublin - €30.8, Oslo - €28.9.
There are also significant differences in the cost of mortgage lending in European countries. Deloitte recorded the highest average rates in Hungary - 9.08%, Poland - 6.91%, Romania - 5.86% and Norway - 5.44%. The lowest indicators were in Bulgaria and Finland - 2.77% each, Turkey - 2.84%, Croatia - 2.90% and Spain - 2.94%.
The average mortgage rate in the studied countries decreased by 0.38 percentage points - to 4.09%.
Turkey became the leader in terms of the number of completed residential objects, where in 2025 nearly 674,000 residential units were commissioned. In France, the corresponding indicator was 379,000, in Poland - 209,000, in Germany - 207,000.
Ukraine is not included in the Deloitte Property Index 2026 rating, so its average price per square meter cannot be directly compared with the indicators of other countries within the scope of this study.
At the same time, according to the State Statistics Service of Ukraine, by the end of 2025, the housing price index on the primary market increased by 13%, and on the secondary - by 13.4%. These indicators reflect the change in prices in hryvnias, not the average cost per square meter in euros, so they are not part of the Deloitte rating.
Additionally, in May 2026, the State Statistics Service updated the methodology for calculating housing price indices in accordance with European statistical standards.
Deloitte analysts note that the main problem of the European market remains the discrepancy between the increase in the cost of housing and the income of the population. The situation is worsened by a limited supply of new buildings, high construction costs, long procedures for obtaining permits and the cost of mortgage financing.
Deloitte Property Index is an annual international study of residential real estate markets, which the company has been conducting for 15 years. It is used to compare the cost and affordability of housing, housing construction, rent and mortgage lending in European countries.
Sources: Deloitte Property Index 2026 - official research, Deloitte, press release dated 12 October 2026 State Statistics of Ukraine - housing price statistics.
real estate, Europe, Ukraine, rating, new building
