A study has revealed the housing prices in Europe’s capital cities. The study ranks the cities in a number of different categories and Berlin makes the top 10 for most affordable cities in western Europe, as well as one of the quickest cities to save for a house in.
Now that vaccination programmes have taken off across the world and the spread of the coronavirus is slowly waning, borders are starting to open up again and we can finally consider moving abroad once again. I mean, after almost two years of being in lockdown and under various restrictions, who wouldn’t want to go and explore one of Europe’s splendid capitals? Luckily for us, a study by CIA Landlords has discerned which capitals cities are the most affordable, and which are the most expensive.
When it comes to affordability, Berlin is right up there with the cheapest capitals cities to buy a house in. According to the study, Berlin is the fifth cheapest capital city in western Europe, with the average cost of a house being 257.616 pounds. This ranks Berlin as the fifth cheapest capital city, above the likes of Rome, Vienna, Dublin and Helsinki. Berlin is also competitive when it comes to renting (costing an average of 797 pounds a month for a one-bed flat) and average cost of living (1.212 pounds). However, those living in the German capital are faced with a high price for utilities, with the average monthly price totally 188 pounds.
The top 10 affordable capitals in western Europe are:
| Rank | Country | Capital | Average house price (£) | Average price per square metre (£) | Average monthly rent of one bed flat (£) | Average cost of living (£) | Average price of utilities (£) |
|---|---|---|---|---|---|---|---|
| 1 | Belgium | Brussels | 190.241 | 3.149 | 738 | 1.255 | 114 |
| 2 | Portugal | Lisbon | 195.988 | 3.914 | 741 | 1.048 | 101 |
| 3 | Spain | Madrid | 212.339 | 4.273 | 757 | 1.129 | 112 |
| 4 | Iceland | Reykjavík | 242.221 | 3.609 | 1.176 | 1.868 | 83 |
| 5 | Germany | Berlin | 257.616 | 5.367 | 797 | 1.212 | 188 |
| 6 | Italy | Rome | 260.295 | 5.954 | 831 | 1.254 | 158 |
| 7 | Austria | Vienna | 288.222 | 6.628 | 763 | 1.186 | 168 |
| 8 | Ireland | Dublin | 303.184 | 4.717 | 1.445 | 1.929 | 136 |
| 9 | Finland | Helsinki | 313.472 | 7.048 | 867 | 1.340 | 75 |
| 10 | Denmark | Copenhagen | 319.815 | 5.861 | 1.210 | 1.758 | 163 |
CIA Landlord’s study also looked at a number of different variables that must be taken into account when buying a home. One of these variables is how long it takes to buy a house in Europe’s capitals, and here Berlin again performs well. According to the study, with an average salary of 2.255 pounds in the capital, it costs prospective homeowners just 29 years to afford a house. This is the same as in Copenhagen but decidedly less than in Reykjavík (25 years), Brussels (23 years) and Bern (21 years). Interestingly, despite coming in fourth on this list, Berlin has one of the smallest percentages of homeowners, at just 51,5 percent.
Bern in Switzerland tops the ranking, despite having the most expensive average house prices out of all the places on the list. This is due to the significantly high average monthly salary one can expect to earn in Bern.
The capitals in which you can afford a home the fastest are:
| Rank | Country | Capital | Average house price (£) | Average monthly net salary (£) | Years it takes to afford a house |
|---|---|---|---|---|---|
| 1 | Switzerland | Bern | 353.194 | 4.140 | 21 |
| 2 | Belgium | Brussels | 190.241 | 2.105 | 23 |
| 3 | Iceland | Reykjavík | 242.221 | 2.417 | 25 |
| 4 | Germany | Berlin | 257.616 | 2.255 | 29 |
| 5 | Denmark | Copenhagen | 319.815 | 2.727 | 29 |
| 6 | Bosnia and Herzegovina | Sarajevo | 66.064 | 558 | 30 |
| 7 | Estonia | Tallinn | 124.869 | 1.051 | 30 |
| 8 | Latvia | Riga | 93.456 | 777 | 30 |
| 9 | Norway | Oslo | 347.788 | 2.887 | 30 |
| 10 | Bulgaria | Sofia | 80.198 | 663 | 30 |