The European real estate market is highly stratified: in Switzerland and London, apartments range from $10,000 to $24,000 per square meter, while in Ukraine, prices remain among the lowest in Europe – from $1,100 to $2,200 per square meter. Writes OBOZ.UA. This information is reported by Kontrakty.UA.
This is highlighted in an analysis by the Numbeo service. Analysts examined where in Europe apartments are the most expensive and where they are the cheapest.
Ukrainian cities traditionally rank at the bottom of the list for housing costs, making them attractive to investors but reflecting the economic challenges the country faces. The leaders in housing prices are the cities of Switzerland, which is expected as the country is known for its high income levels, stable economy, and quality of life. The TOP-10 cities in Europe with the most expensive housing:
- Zurich (Switzerland) – $24,373.68 per 1 m²;
- London (United Kingdom) – $19,784.45;
- Geneva (Switzerland) – $18,210.40;
- Lausanne (Switzerland) – $17,490.72;
- Bern (Switzerland) – $13,239.81;
- Paris (France) – $12,553.20;
- Munich (Germany) – $12,324.69;
- Luxembourg (Luxembourg) – $10,968.74;
- Vienna (Austria) – $10,242.24;
- Stockholm (Sweden) – $9,941.31.
The dominance of Switzerland is particularly striking – five cities from the country made it into the top five. This is due not only to a developed economy and stable banking system but also to a limited supply of land for development and high construction standards.
London and Paris remain exceptionally expensive due to high demand, especially among international investors. In Germany and Austria, housing prices are also consistently high, attributed to strong economies and attractiveness for migrants.
Where are the cheapest apartments in Europe
In contrast to Western Europe, Eastern European countries offer much more affordable real estate. Ukraine, Moldova, Bulgaria, Romania, and Russia top the list of the cheapest housing markets. The TOP-5 cities in Europe with the cheapest apartments:
- Kharkiv (Ukraine) – $1,120.62 per 1 m²;
- Dnipro (Ukraine) – $1,237.29;
- Odesa (Ukraine) – $1,277.30;
- Chișinău (Moldova) – $1,300 – $1,400;
- Bucharest (Romania) – $1,500 – $1,600.
Ukrainian cities Kharkiv, Dnipro, and Odesa rank at the bottom of the European city housing cost rankings, occupying the 129th, 130th, and 131st positions out of 132. In Kharkiv, which suffered significant destruction due to the war, the price per square meter has dropped to $1,120.62. Meanwhile, Dnipro ($1,237.29) and Odesa ($1,277.30) also remain among the cheapest cities, although prices in Odesa are traditionally higher as the city is a popular resort and has access to the sea.
Slightly more expensive are Lviv ($1,875.25 per m²) and Kyiv ($2,236.43 per m²), which is explained by more developed infrastructure and high demand. Despite the low prices, buying property in Ukraine remains risky due to several key factors:
- war and economic instability – the main factor driving down prices. Risks associated with military actions deter potential investors;
- limited access to mortgages – housing loan programs in Ukraine are still unavailable to most citizens;
- lack of solvent demand – due to the war and crisis, many Ukrainians cannot afford to buy an apartment, which hinders price growth;
- uncertainty about the future – in cities near the front line, the demand for housing is almost non-existent, and prices have fallen to minimal levels.
Despite the current situation, experts believe that property prices in Ukraine could rise after the war ends. The main factors that will contribute to this include:
- reconstruction of the country – post-war infrastructure recovery and investment attraction may stimulate growth in the housing market;
- increased demand – the return of migrants and internally displaced persons will create a housing shortage in major cities, especially in Kyiv, Lviv, and Odesa;
- government housing loan programs – after the war, the introduction of affordable mortgage programs may boost purchasing power.
As reported earlier by OBOZ.UA, the rental market in Ukraine will remain active in 2025, as the demand for housing purchases remains low, and rental prices in major cities have already increased by 20-37% over the year. In Kyiv, the average price for a one-bedroom apartment has reached 16,500 UAH, while in Lviv and Uzhhorod, rental prices have even surpassed the capital level.