Deloitte Property Index

The 12th edition of the Deloitte Property Index study analyzes the evolution of the residential real estate market in 27 countries and 76 cities in 2022. All price statistics collected are converted into euro to provide comparable results.

Romania ranks third in the top of the European countries with the cheapest housing, after Bosnia and Herzegovina and Greece, with an average price of 1,417 EUR/sqm for a new dwelling, up from 1,266 EUR/sqm in 2021, according to Deloitte Property Index 2023, conducted in 27 countries based on data from their main cities and towns. At the opposite end, Austria is the most expensive European country, with 4,925 EUR/sqm in 2022, followed by Germany (4,800 EUR/sqm), France (4,639 EUR/sqm) and Norway (4,204 EUR/sqm). Most of the countries saw increases in average prices for new dwellings, while drops were noted only in the United Kingdom (-18.8%), Denmark (-9.7%) and France (-0.2%).

The study also shows that an average Romanian needs 6.3 annual gross salaries to purchase a 70 sqm dwelling, which places our country sixth in the top of the best affordability, after Belgium (4.3 gross annual salaries), Norway (4.7 gross annual salaries), Denmark (5), Slovenia (5.6) and Italy (6.2). Slovakia is the least affordable among the analyzed European countries, with 14.1 gross annual salaries needed to buy a new home, followed by the Czech Republic (13.3 gross annual salaries).

The ranking of the European cities with the most expensive housing is led by Paris, with an average price of 14,622 EUR/sqm for a new apartment, followed by Munich (11,400 EUR/sqm) and London (9,163 EUR/sqm). In Romania, the most expensive city is Cluj-Napoca, with 2,363 EUR/sqm and a 21.8% increase compared to the previous year, while Bucharest ranks second, with 1,693 EUR/sqm. This places our country among the few European states in which the most expensive city is not the capital, alongside Ireland, whose ranking is led by Cork City, Italy, where Rome is surpassed by Milan, and Spain, where Barcelona ranks first.

To learn more about the European housing market, please read the report!