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.
In the first half of 2026, foreign citizens purchased 62,327 residential properties in Spain, which is 13% less than during the same period last year. At the same time, the average price of homes purchased by foreigners rose by 9.4% to a record €2,644 per square meter, according to data from the General Council of Notaries of Spain (Consejo General del Notariado) released on October 15.
According to the Notarial Statistical Information Center (CIEN), this marks the largest annual decline in the number of transactions involving foreign buyers since the first half of 2020. The share of foreigners in the total number of residential property transactions fell to 18.3%, compared to 19.2% a year earlier and 20.3% in 2024.
The most notable decline was seen among buyers who do not have Spanish resident status. They purchased 22,940 properties, 18% fewer than a year earlier. This category accounted for 36.8% of all transactions by foreign buyers.
Foreigners residing in Spain purchased 39,387 properties, or 63.2% of the total number of purchases by foreign citizens. Compared to the first half of 2025, their activity declined by 10%.
Despite the decline in the number of transactions, housing prices continued to rise. Non-residents paid an average of €3,493 per square meter, which is 11.8% more than a year earlier. For foreign residents, the average price was €2,102 per square meter (+9.8%), while Spanish citizens purchased homes for an average of €1,971 per square meter (+8.7%).
Moroccan citizens were the largest group of foreign homebuyers in the first half of the year, accounting for 4,960 transactions, or 8% of the total number of foreign purchases. For the first time, they surpassed British citizens in this category, who accounted for 4,541 transactions (7.3%).
Italy took third place with 4,109 transactions (6.6%), Romania fourth with 3,974 transactions (6.4%), and Germany fifth with 3,907 transactions (6.3%).
The highest average price of purchased real estate was recorded among U.S. citizens—€3,948 per square meter. They were followed by buyers from Sweden (€3,839), Germany (€3,763), Switzerland (€3,760), and Norway (€3,588).
Ukrainians also remain a significant group of foreign buyers of Spanish residential real estate. Although the notary office’s brief report for the first half of 2026 does not provide specific absolute figures for Ukrainian citizens, the relevant information is contained in the official statistics of the Spanish College of Registrars.
According to the registrars’ data, in the first quarter of 2026, Ukrainians accounted for 3.08% of all registered residential property purchases by foreigners, ranking tenth among nationalities. This corresponds to approximately 764 transactions.
In the second quarter, the share of Ukrainians was 2.94%, and their ranking dropped to eleventh. Based on the total number of registered transactions by foreigners, Ukrainian citizens accounted for approximately 789 purchases.
Thus, according to the results of the first half of 2026, Ukrainians may have purchased about 1,550 residential properties in Spain, based on the methodology of the Board of Registrars.
However, the statistics from registrars and notaries are not identical. According to registrars, foreigners purchased approximately 51,600 properties during the first half of the year, while notaries recorded 62,300 transactions. This discrepancy stems from differences in the stages of transaction registration and statistical reporting methods. Therefore, the estimated number of purchases by Ukrainians cannot be directly correlated with the total number of transactions according to notary data.
At the same time, notary statistics show that the largest annual decline in purchases by specific nationalities was recorded among citizens of Russia (-26.2%), China (-26.1%), the United States (-22%), Bulgaria (-21.6%), Belgium (-21.3%), and the United Kingdom (-21%).
Among the main groups of foreign buyers, only citizens of Venezuela (+10.2%) and Colombia (+7.4%) showed an increase in the number of properties purchased.
Geographically, foreign buyers remain most active in tourist and coastal regions. Specifically, in the Valencian Community, non-residents purchased 9,250 properties, accounting for 40.3% of all purchases in this category in Spain. Another 5,800 transactions took place in Andalusia, and 2,046 in the Canary Islands.
Among foreign residents, the highest number of transactions was recorded in Catalonia—8,516—the Valencian Community—8,196—and Andalusia—6,007.
The number of home purchases by foreigners declined in nearly all of the country’s autonomous communities. The exceptions were Castile-La Mancha (+4.4%) and Extremadura (+3.3%).
The sharpest declines were recorded in Cantabria (-20.5%), the Canary Islands (-20.3%), and the Autonomous Community of Madrid (-19.7%). In the Balearic Islands and Valencia, the number of transactions fell by 15.4%.
At the same time, prices for foreign buyers rose in 15 of the 17 autonomous communities. The most significant price increases occurred in Cantabria (+23%), Asturias (+22.3%), Extremadura (+16.4%), Valencia (+15.6%), and Madrid (+15.4%).
Current statistics indicate a shift in the Spanish market: after several years of high activity, the number of purchases by foreigners has begun to decline, while the value of purchased real estate continues to reach new highs.
For international investors and foreigners planning to move to Spain, this means rising costs for purchasing a home even as demand weakens. At the same time, regional differences remain significant, and the market for coastal resorts continues to differ substantially from that of the country’s inland regions.
The Consejo General del Notariado is the national representative body of the Spanish notarial profession. Its statistical center, CIEN, analyzes data on notarized transactions. The Colegio de Registradores maintains separate statistics on registered real estate rights, including data broken down by the buyers’ citizenship.
According to Relocation, the Irish government is extending the Vacant Property Refurbishment Grant program—which provides financial support for the restoration of vacant and derelict homes—through 2026. The program offers up to €50,000 to cover the cost of renovating residential properties and up to €70,000 for properties in a state of disrepair.
According to the official website of Ireland’s Department of Housing, Local Government, and Heritage, the program covers cities, small towns, and rural areas.
The main goal of the initiative is to return residential properties that have been unoccupied for a long time to use and to increase the supply of affordable housing.
To qualify for a grant, the building must have been constructed before 2008 and have remained vacant for at least two years.
The applicant must confirm ownership of the property or provide documentation proving that they are in the process of acquiring it.
The renovated housing may be used as a primary residence or rented out in accordance with the program’s terms.
The standard grant is up to €50,000. If the property is officially recognized as derelict and unfit for use, the applicant may be eligible for an additional €20,000.
However, the amount of compensation depends on verified expenses, the type of work, and the assessment by local authorities. The stated maximum amount does not guarantee automatic approval of the full funding amount.
In 2026, Ireland also expanded support for the conversion of former commercial and public buildings into residential properties.
For projects involving the creation of multiple apartments in such properties, the maximum grant can range from €90,000 to €110,000, depending on the technical condition and the number of new residential units.
A separate program, the Vacant Above the Shop Grant, is aimed at converting vacant spaces above operating stores and other commercial properties into apartments.
Under this initiative, total financial support can reach €140,000, including assistance with project preparation and professional consulting, provided that the relevant criteria are met.
Unlike Italian municipalities, Ireland does not sell homes for a nominal price. Its model provides funding for the renovation of property that has already been purchased or a property the applicant plans to buy.
At the same time, participation in the program is not limited exclusively to Irish citizens, though it requires meeting established criteria. Grants are provided to individuals, while registered companies and developers are not eligible for the standard Vacant Property Refurbishment Grant program.
For foreign buyers, the legality of long-term residence in Ireland remains a separate issue. Purchasing real estate and receiving a grant do not replace the necessary immigration permits.
The government program has been in effect since July 2022 and is gradually expanding. It is implemented by local authorities with the support of the Irish government.
According to Relocation, the Italian municipality of Biccari in the Apulia region has extended its affordable housing program into 2026, including homes for a symbolic price of €1. Local authorities have waived mandatory requirements for permanent residency and property renovation, and have expanded the offering to include properties in better condition priced up to €30,000.
According to the Italian publication Idealista, Biccari remains one of the towns in southern Italy using the sale of affordable real estate to combat population decline and restore historic buildings.
The program has been in effect since 2021. Initially, the municipality offered buyers about 20 properties, most of which were in poor condition and required significant investment for renovation.
However, experience from previous years has shown that many foreign buyers are unwilling to organize major renovations remotely due to the complexity of obtaining permits, finding contractors, and overseeing construction work.
As a result, the municipality has compiled an expanded real estate catalog that includes both dilapidated houses priced at €1 and properties more suitable for living, ranging in price from several thousand to €30,000.
According to Mayor Biccari Gianfilippo Mignoni, buyers can independently determine the future use of the property. Specifically, the properties may be used for permanent residence, seasonal vacation use, or rental, provided that relevant local regulations are followed.
An important feature of the program is the absence of a specific municipal requirement to reside permanently in the purchased property or to complete its renovation within a specified timeframe. At the same time, dilapidated buildings cannot be used without carrying out the necessary repairs and complying with building codes.
Foreign buyers are also eligible to participate. To finalize the transaction, buyers must obtain an Italian tax identification number (Codice Fiscale) and comply with the general legal requirements for real estate purchases by foreigners.
However, the symbolic price of the house does not mean there are no additional costs. The buyer must pay for notary fees, registration fees, verification of the property’s legal status, and, if necessary, repairs.
For houses in poor technical condition, renovation can cost €20,000–25,000 or more, depending on the square footage, the condition of the structures, and the scope of work.
According to local authorities, since the program’s launch, the total value of purchase and sale transactions has reached approximately €650,000, while completed, planned, and ongoing renovation work is estimated at an additional €1.3 million.
The program has attracted buyers from other regions of Italy, as well as from Germany, the United States, Argentina, Peru, and Portugal. Some of the new owners view the property as a future place to live after retirement, while others see it as a seasonal residence or a rental property.
Biccari is located in the province of Foggia, approximately 30 km from the city of the same name. The municipality has a population of 2,600. Its economy is based on agriculture, local services, and tourism.
Programs to sell homes for a nominal price have been in place in Italy since 2008. They have become widespread primarily in small towns in Sicily, Sardinia, Calabria, and other regions facing depopulation and an aging housing stock.
At the same time, purchasing real estate in Italy does not in itself grant foreigners the right to long-term residence or automatic issuance of a residence permit.
According to data from the Turkish Statistical Institute (TÜİK) published on September 17, in August 2026, Ukrainian citizens purchased 147 residential properties in Turkey and ranked second among foreign buyers, trailing only Russian citizens.
In August, Russians purchased 343 properties, Ukrainians 147, and Iranian citizens 140. Thus, Ukrainians accounted for about 7.6% of all residential property sales to foreigners in Turkey that month. Russians accounted for about 17.7% of foreign purchases.
Compared to July, activity among Ukrainian buyers increased slightly. In July, Ukrainian citizens purchased 145 properties and ranked third behind Russians and Iranians. Thus, the number of transactions involving Ukrainians in August increased by approximately 1.4%, while the number of purchases by Russians decreased from 394 to 343 properties, or by nearly 13%.
In total, 1,938 residential properties were sold to foreigners in August, which is virtually on par with last year’s level—an increase of just 0.1%. Compared to July, when foreigners purchased 2,120 properties, the number of transactions fell by approximately 8.6%. Foreign buyers accounted for 1.5% of total housing sales in Turkey in August.
Meanwhile, Turkey’s domestic market contracted much more rapidly. In August, 127,410 residential properties were sold in the country—14.7% fewer than a year earlier. Sales of new homes fell by 4.5% to 44,378 units, while sales of existing homes dropped by 19.4% to 83,032 units.
On the other hand, the mortgage lending segment showed growth. The number of mortgage transactions increased by 7.2% to 22,131, accounting for 17.4% of total housing sales. From January through August, the volume of mortgage-backed sales rose by 27.6% to 188,813 units.
In the first eight months of 2026, 950,529 residential properties were sold in Turkey—6.8% fewer than during the same period last year. Foreign buyers purchased 13,141 properties during this period, which is 6.3% less than in January–August 2025. Thus, foreign demand is generally declining at roughly the same rate as the Turkish market.
The concentration of Ukrainian demand in Antalya is particularly noticeable. In August, foreigners purchased 599 residential properties there, with Ukrainian citizens buying 114 apartments and houses. This means that Antalya accounted for about 78% of all August purchases by Ukrainians in Turkey.
Russians purchased 226 properties in Antalya, while Germans purchased 56. In terms of the total number of foreign transactions, Istanbul took first place (763 properties), followed by Antalya (599), Mersin (143), Ankara (92), Trabzon (47), and Yalova (45).
Ukrainians have remained among the largest foreign buyers of Turkish real estate for several years now. By the end of 2025, Ukrainian citizens had purchased 1,541 residential properties in Turkey, ranking third behind Russians—with 3,649 transactions—and Iranians—with 1,878. In 2024, Ukrainians purchased 1,631 properties.
At the same time, the decline in the number of transactions is occurring against the backdrop of continued nominal price growth. As previously reported by Open4Business, in July 2026, the average price per square meter of housing in Turkey reached approximately 41,700 Turkish lira, or about $871, while the average price per property was approximately 5.21 million lira, or $109,000. However, taking high inflation into account, housing prices fell by approximately 6.6% in real terms over the year.
According to data from the Ukrainian international real estate agency Homium, the average budget of a Ukrainian real estate buyer in Turkey in 2025–2026 is approximately $100,000–$200,000. The company operates, in particular, in the markets of Alanya, Antalya, Istanbul, Bodrum, Fethiye, Mersin, and other regions of Turkey. Prices for the most affordable properties in some regions start at approximately $45,000–$65,000, while real estate in Istanbul, Bodrum, and other prestigious locations is significantly more expensive.
“August statistics show that Ukrainian demand for real estate in Turkey remains stable despite the general cooling of the market. Buyers have become more rational and are evaluating property prices, rental potential, maintenance costs, and liquidity much more carefully. For Ukrainian clients, Turkey remains, first and foremost, an accessible market thanks to its geographical proximity, a wide selection of properties, and a well-established infrastructure for foreign owners. At the same time, demand is mainly concentrated in Antalya and along the Mediterranean coast,” noted Artur Brazilevsky, CEO of Homium.
It is telling that, despite a nearly 15% drop in the total number of transactions in the Turkish market, sales to foreigners in August remained virtually at last year’s level. This may indicate a stabilization of foreign demand following a prolonged downturn; however, data for the period from January through August do not yet point to a full recovery.
According to Relocation, Barcelona authorities intend to significantly increase the tax burden on vacation rental owners. On October 15, 2026, the city council tentatively approved the introduction of additional surcharges on the property tax (IBI) ranging from 50% to 150%, depending on the number of short-term rental licenses held by the owner.
The new measure will affect approximately 10,600 vacation rentals and will mark the next phase of the city government’s policy to reduce short-term rentals. Final approval of the tax changes is scheduled for December 2026. If the decision is adopted, the new rules will take effect on January 1, 2027, and the first additional tax will be assessed on December 31, 2027.
The amount of the surcharge will depend on the number of tourist licenses held by the owner. Owners of a single license will be required to pay 50% more than the current IBI tax. Owners of two or three licenses will face a 100% surcharge, while owners of four or more tourist properties will face a 150% surcharge.
Thus, if the standard annual tax on an apartment is 1,000 euros, after the new rules take effect, an owner with one tourist license will pay 1,500 euros, an owner with two or three licenses will pay 2,000 euros, and an owner with four or more licenses will pay 2,500 euros per year for the respective property.
According to city data, approximately 6,000 tourist apartments—or about 57% of the total—are owned by individuals with four or more licenses. Another 1,200 properties are owned by individuals with two or three licenses, and approximately 3,200 by those with a single license.
City officials expect to generate an additional 7–8 million euros annually through this increased taxation.
Jordi Valls, Barcelona’s deputy mayor for economic affairs, explained the need for the changes by noting that vacation rentals are effectively used for commercial purposes, so their taxation should not be subject to the same conditions as regular residential housing.
The new tax policy is being implemented against the backdrop of a previously adopted decision to gradually phase out short-term apartment rentals in Barcelona. The municipality intends not to renew existing tourist accommodation licenses after they expire in November 2028.
For real estate investors in Barcelona, the new rules mean a reduction in the potential profitability of tourist rentals. The additional costs will particularly affect professional operators who manage multiple apartments. At the same time, the prospect of tourist licenses expiring in 2028 creates additional risks for long-term investment plans.
Owners will have to consider alternative models for using their properties, including long-term rentals, medium-term leases—provided they meet the established requirements—or the sale of the properties.
At the same time, industry representatives are opposing the new restrictions. Apartur, the Barcelona Tourist Apartments Association, has called the tax increase disproportionate and said it creates legal uncertainty for businesses. The organization has stated its readiness to challenge the new rules in court once they are finally adopted.
Barcelona remains one of the largest tourist destinations in Spain and Europe. The massive growth of short-term rentals in recent years has become a source of controversy among property owners, representatives of the tourism industry, and local residents.
