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Berlin ranks as one of Europe’s most affordable capital cities

Berlin ranks as one of Europe’s most affordable capital cities

Berlin ranks as one of Europe’s most affordable capital cities

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.

Affordable housing in the German capital

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

 

How long does it take to afford a house in Berlin?

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
William Nehra

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William Nehra

William studied a masters in Classics at the University of Amsterdam. He is a big fan of Ancient History and football, particularly his beloved Watford FC.

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