The average transaction price of new housing in Europe was the highest in Norway, whereas existing homes were the most expensive in Austria. Since there is no central body that collects and tracks transaction activity or house prices across the whole continent or the European Union, not all countries are included. To compile the ranking, the source weighed the transaction prices of residential properties in the most important cities in each country based on data from their national offices. For example, in Germany, the cities included were Munich, Hamburg, Frankfurt, and Berlin.
House prices have been soaring, with Sweden topping the ranking
Considering the RHPI of houses in Europe (the price index in real terms, which measures price changes of single-family properties adjusted for the impact of inflation), however, the picture changes. Sweden, Luxembourg and Norway top this ranking, meaning residential property prices have surged the most in these countries. Real values were calculated using the so-called Personal Consumption Expenditure Deflator (PCE), This PCE uses both consumer prices as well as consumer expenditures, like medical and health care expenses paid by employers. It is meant to show how expensive housing is compared to the way of living in a country.
Home ownership highest in Eastern Europe
The home ownership rate in Europe varied from country to country. In 2020, roughly half of all homes in Germany were owner-occupied whereas home ownership was at nearly 97 percent in Romania or around 90 percent in Slovakia and Lithuania. These numbers were considerably higher than in France or Italy, where homeowners made up 65 percent and 72 percent of their respective populations.
The source does not explain the inclusion or exclusion of certain countries. No data was provided, for example, for the Republic of Ireland, Albania or San Marino; The source did not use official country names, this has been corrected as best as possible.
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Deloitte. (August 14, 2023). Average sales price of new and existing residential property in Europe in 2022, per country (in euros per square meter) [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/722905/average-residential-square-meter-prices-in-eu-28-per-country/
Deloitte. "Average sales price of new and existing residential property in Europe in 2022, per country (in euros per square meter)." Chart. August 14, 2023. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/722905/average-residential-square-meter-prices-in-eu-28-per-country/
Deloitte. (2023). Average sales price of new and existing residential property in Europe in 2022, per country (in euros per square meter). Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/722905/average-residential-square-meter-prices-in-eu-28-per-country/
Deloitte. "Average Sales Price of New and Existing Residential Property in Europe in 2022, per Country (in Euros per Square Meter)." Statista, Statista Inc., 14 Aug 2023, https://www.statista.com/statistics/722905/average-residential-square-meter-prices-in-eu-28-per-country/
Deloitte, Average sales price of new and existing residential property in Europe in 2022, per country (in euros per square meter) Statista, https://www.statista.com/statistics/722905/average-residential-square-meter-prices-in-eu-28-per-country/ (last visited July 22, 2024)
Average sales price of new and existing residential property in Europe in 2022, per country (in euros per square meter) [Graph], Deloitte, August 14, 2023. [Online]. Available: https://www.statista.com/statistics/722905/average-residential-square-meter-prices-in-eu-28-per-country/