The most expensive newly built homes among the European markets surveyed 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, purchasing housing requires more than 15 average annual salaries, according to the findings of the Deloitte Property Index 2026 study.
As the international consulting company Deloitte reported on October 13, 2026, its 15th annual study covered 25 countries and 71 cities. The indicators are based on data for 2025 and include prices of newly built residential properties, apartment purchase affordability, rental rates, residential construction and mortgage lending.
According to Deloitte, the average price per square meter of new housing in Luxembourg reached €9,160, compared with €5,412 in the Czech Republic, €5,200 in Germany, €5,199 in Austria and €5,186 in the Netherlands.
By contrast, the average price of new housing in Turkey was €864 per sq. m, compared with €1,706 in Serbia, €1,720 in Albania, €1,917 in Romania and €1,931 in Greece.
Thus, the difference between the most expensive and cheapest national markets among the countries surveyed exceeded tenfold.
Ranking of countries with the highest average prices for new housing in 2025:
Luxembourg — €9,160 per sq. 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.
Serbia — €1,706.
Albania — €1,720.
Romania — €1,917.
Greece — €1,931.
At the same time, a low absolute price per square meter does not always mean high housing affordability for the local population, since the determining factor is the ratio between property prices and household incomes.
The least affordable among the cities surveyed was the Albanian city of Vlorë, where purchasing a standard new apartment measuring 70 sq. m requires 21.3 average gross annual salaries. In Prague, this figure was 16.9 annual salaries, in Athens — 16, and in Slovakia’s Košice and the Czech city of Brno — 15 each.
Cities with low housing affordability also included Bratislava, where purchasing a standard apartment requires 13.7 annual salaries, and Banská Bystrica, with a figure of 13.4.
At the opposite end was the Italian city of Turin, where purchasing a new 70 sq. m home requires 4.7 average annual salaries. In Norway’s Bergen and Denmark’s Odense, the figure was 4.9 salaries each.
Overall, the number of European cities surveyed where purchasing a standard apartment requires more than ten annual salaries increased from 11 to 19.
Separately, Deloitte analyzed the largest urban markets in terms of the absolute cost of new housing. Munich was the most expensive, with an average price of €11,200 per sq. m. It was followed by Luxembourg City at €10,567, Amsterdam at €8,650 and Barcelona at €8,037.
The cheapest new homes among the major cities surveyed were offered in Turkey: the average price was €870 per sq. m in Ankara, €1,155 in Izmir and €1,339 in Istanbul.
In 2025, increases in average new housing prices were recorded in 19 of the 22 countries for which Deloitte had comparable nationwide data. The highest rates of price growth were observed in Romania (+14.4%), Croatia (+14.3%), Slovakia (+12.5%) and Hungary (+10.9%).
By contrast, according to the study, average prices in euros decreased by 9% in Turkey and 2.5% in Serbia. At the same time, individual urban markets showed the opposite trend. In particular, new housing prices rose by 20% in Belgrade and by approximately 24% in the Albanian city of Durrës.
Luxembourg became the most expensive rental housing market, with an average monthly rate of €45.4 per sq. m. In Paris, rent amounted to €31.2 per sq. m, in Barcelona — €30.9, Dublin — €30.8 and Oslo — €28.9.
Significant differences in the cost of mortgage lending also persist across European countries. Deloitte recorded the highest average rates in Hungary at 9.08%, Poland at 6.91%, Romania at 5.86% and Norway at 5.44%. The lowest figures were in Bulgaria and Finland at 2.77% each, Turkey at 2.84%, Croatia at 2.90% and Spain at 2.94%.
The average mortgage rate in the countries surveyed fell by 0.38 percentage points to 4.09%.
Turkey led in the number of completed residential units, with nearly 674,000 housing units put into operation in 2025. The corresponding figure was 379,000 in France, 209,000 in Poland and 207,000 in Germany.
Ukraine is not represented in the Deloitte Property Index 2026 ranking, so its average price per square meter cannot be directly compared with the figures for other countries within the framework of this study.
At the same time, according to the State Statistics Service of Ukraine, the housing price index in the primary market increased by 13% in 2025, while in the secondary market it rose by 13.4%. These indicators reflect changes in prices in Ukrainian hryvnias rather than the average price per square meter in euros, and therefore are not part of the Deloitte ranking.
Additionally, in May 2026, the State Statistics Service updated its methodology for calculating housing price indices in accordance with European statistical standards.
Deloitte analysts note that the main problem facing the European market remains the mismatch between rising housing prices and household incomes. The situation is aggravated by the limited supply of new homes, high construction costs, lengthy permit procedures and the cost of mortgage financing.
The Deloitte Property Index is an annual international study of residential real estate markets that the company has conducted for 15 years. It is used to compare housing prices and affordability, residential construction, rental markets and mortgage lending across European countries.
Sources: Deloitte Property Index 2026 — official study, Deloitte, press release dated October 12, 2026, State Statistics Service of Ukraine — housing price statistics.
