Deloitte Property Index

How Europeans live and what it costs them

The Czechs rank second to last in Europe in terms of affordability of their own home ownership. Just ahead of Slovakia, housing is the most expensive in relation to wages. For a 70 square metre apartment, Czechs need the equivalent of 13.3 average gross annual salaries. This makes the Czech Republic one of the European countries with the least affordable housing in the long term.

Where can you find a similar picture and where is housing the most affordable?


The Deloitte Property Index 2023 compares prices of new apartments, rents and other trends in residential markets in 27 European countries, including the Czech Republic.Key findings? Apart from Slovakia and the Czech Republic, the least affordable home ownership is in Serbia or Estonia. In contrast, the most affordable home ownership in Europe in 2022 was recorded in Belgium and Norway, where residents need the equivalent of less than five gross annual salaries to buy a standard new home. They are followed by Denmark and Slovenia.

The top three capitals where it is most expensive to own a home are again Amsterdam (15.8 average salaries), followed by Bratislava (14.5), which has swapped places with Prague (14.2), now ranking third compared to the previous year.

Between 2021 and 2022, new apartment prices increased in 22 out of 25 countries, including the Czech Republic


Israel topped the ranking of countries with the most expensive new real estate, where residents spent an average of EUR 5,701 per square metre on new construction. The second place was defended by Austria (EUR 4,925/sqm), followed by Germany (EUR 4,800/sqm), France (EUR 4,639/sqm) and the top five was rounded off by Norway (EUR 4,204/sqm). On the other hand, the least expensive new apartments are in Bosnia and Herzegovina (EUR 1,237/sqm), Greece (EUR 1,330/sqm) and Romania (EUR 1,417/sqm). 

The most intense price growth was recorded in Lithuania, where the average transaction value of these apartments jumped by 31.9%. Bosnia and Herzegovina took second place with 27%, followed by Croatia with its 20% growth. The average price also grew in the Czech Republic, where it jumped by more than twelve percent, specifically from EUR 3,342 in 2021 to the current EUR 3,753 per square metre. In contrast, the average price of new apartments decreased in only three countries: England (-18.8%), Denmark (-9.7%) and, in part, France (-0.2%).

Deloitte Property Index

Download PDF >

“The Czech residential market has seen a rapid decline in apartment sales, in particular due to the tightening of the Czech National Bank's monetary policy. The mortgage market has thus started to slow down significantly. Last year, 50,243 mortgage loans were issued, which is 80,010 fewer than in 2021. The total volume of mortgages last year exceeded CZK 151 billion, which represents a 63% decline compared to 2021.”

Miroslav Linhart, Partner, Real Estate Advisory, Deloitte

The most expensive apartments are in Amsterdam; Oslo or Rome are the most affordable

In order to afford their own apartment without financing, residents of Amsterdam have to spend the equivalent of approximately 15.8 average gross annual salaries. Of the cities for which data was available, Bratislava came second (14.5 gross annual salaries), followed by Prague with 14.2 gross annual salaries, up from 15.3 in 2021. Belgrade, Tallinn, Athens, Dublin and Budapest came next. By contrast, the most affordable European capitals for owning a home are Oslo and Rome. Residents there need the equivalent of around seven to eight times the average gross annual salary to buy a new home. 

The most expensive rents are in Dublin, Paris and Oslo

The most expensive European cities for renters are Dublin (EUR 32.8 per sqm/month), Paris (EUR 28.5 per sqm/month) and Oslo (EUR 28.0 per sqm/month). At the other end of the ranking, cities in Bulgaria, Greece, Slovenia, Italy and Hungary have traditionally had the lowest rents. Prague, where the average monthly rent is EUR 14.4 per square metre, ranks twenty-third out of 66 European cities.

How the European real estate market is doing

  • The highest average interest rates are in Hungary and Poland (over 9%)
  • The highest number of completed apartments per 1,000 inhabitants was recorded in France (7.09), Poland (6.31) and Denmark (5.92)
  • Among the locations with the lowest rent prices are cities in Bulgaria, Greece, Slovenia, Italy or Hungary

Facts about the Czech real estate market

  • Czechs save for a new apartment almost the longest in Europe (after Slovakia);
  • In 2022, the interest rate on mortgages in the Czech Republic was the 5th highest in Europe;
  • The number of mortgages issued in the Czech Republic fell by 63% year on year;
  • The average transaction price of new apartments in the Czech Republic rose by more than 12% to EUR 3,753/sqm;
  • The number of completed new residential buildings in the Czech Republic increased by 14% year on year.