Housing affordability challenges persist across Europe, with property prices surging in major urban centers, capital cities, and bustling tourist hotspots. A recent analysis sheds light on the most costly locations for apartment buyers on the continent.
The “Mapping the World’s Prices 2026” report by the Deutsche Bank Research Institute provides a detailed comparison of real estate costs per square metre in city centers worldwide, including 28 European cities. This ranking highlights where prospective buyers face the steepest prices in 2026.
Switzerland Leads with Eye-Watering Prices
Switzerland tops the list for housing expenses, driven by its two major cities. Zurich ranks first in Europe with apartments costing €22,910 per square metre, while Geneva follows at €19,439. For an 80-square-metre property, this translates to roughly €1.83 million in Zurich and €1.55 million in Geneva.
London holds third place at €17,241 per square metre, making an equivalent apartment cost about €1.38 million or £1.18 million. Paris comes next, with real estate at €12,771 per square metre, highlighting that buying in London is approximately 35% pricier than in the French capital.
Additional Costly Hubs and Comparisons
Vienna rounds out the top five at €12,483 per square metre, one of the few from Europe’s largest economies alongside London and Paris. Munich, the priciest in Germany, sits at €11,435 per square metre. Other high-cost cities include Luxembourg at €11,011, Copenhagen at €10,191, Stockholm at €10,037, and Oslo at €9,785.
Nordic cities are well-represented, with Helsinki at €8,431 per square metre. Milan and Amsterdam exceed this at €9,378 and €9,273, respectively. Interestingly, Prague is more expensive than Madrid and Berlin, at €8,352 per square metre compared to €7,831 and €7,613.
Budget-Friendly Options in Europe
On the lower end, Istanbul is the most affordable European city at €2,646 per square metre, closely followed by Athens at €3,442. Brussels also ranks among the cheapest at €4,380. Birmingham in the UK is priced at €4,671, and Budapest at €5,243, illustrating more accessible markets.
The average price per square metre across 28 cities stands at €9,090, with the cost of an 80-square-metre apartment surpassing €1 million in only four locales. The global average for such an apartment is approximately €727,000.
International Perspective
Globally, Hong Kong leads at €23,790 per square metre, topping Zurich and Seoul at €21,897. At the opposite end, Cairo and Johannesburg are the cheapest, with prices below €1,000 per square metre, at €784 and €913 respectively.
The data, sourced from Numbeo and Deutsche Bank, uses ECB average exchange rates for the first half of 2026, providing a consistent basis for international comparisons.
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