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Study: Houses cost more in Paris and Munich

2022-08-26 18:59:20Kosova&Bota SHKRUAR NGA REDAKSIA VOX
Study: Houses cost more in Paris and Munich
Paris

Paris and Munich lead as Europe's most expensive cities for real estate this year, according to a study published Friday by professional consulting group Deloitte.

Buyers of a new apartment in Munich had to pay an average of 10,500 euros ($10,500) per square meter last year, Deloitte found.

Paris was more expensive, 13,462 euros.

London, Oslo and Frankfurt were significantly lower at around €8,400.

In contrast, in the Bulgarian cities of Varna and Burgas on the Black Sea, new apartments were available for an average of around 900 euros per square meter.

Deloitte experts surveyed 68 major cities in 23 European countries for their comparison.

Real estate expert Michael Müller said that “prices for construction services have increased across Europe. Disruption of supply chains and shortages of construction materials have increased risks in the planning and execution of construction projects.

Staff shortages and inflation are pushing up construction prices further. However, rising interest rates can slow demand and increase prices.

In many European countries, the reception of refugees from Ukraine had an impact on the housing market - especially in Poland, Slovakia and Hungary - with a decrease in the supply of rental properties in the second quarter of 2022, according to the study. 


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