New research has revealed the most expensive and cheapest cities to rent, and buy within Europe by analyzing various metrics across 38 European countries.
According to the research, Monaco is the most expensive city to buy a property in, with prices sitting at £62,860 per m2.
Individuals living in Monaco are known for lavish lifestyles with expensive goods and fast cars. Their real estate isn’t any different – those renting a condo in Monaco city center can expect to pay an average of £2,973.12 for a one-bedroom flat. This comes down to £59.46 per square meter per month, as opposed to a whopping £62,860.27 per square meter for those looking to buy a home in the city.
The research finds out that Sarajevo – the capital of Bosnia and Herzegovina – is the cheapest European capital to buy a property with prices sitting at £1321 per m2.
Most Expensive Capitals for Buyers
Country | Capital | Av. price per m2- buy center (£) | Av price per m2 – buy outskirts (£) | Mortgage Interest Rate (%) | Av. utility prices** (£) | Happiness index score | Average salary net (£) |
Monaco | Monaco | 62860.27 | 41963.48 | 2.27 | 160.55 | 65 | 5,236.33 |
Hong Kong | Hong Kong | 24066.14 | 17172.39 | 2.38 | 174.94 | 77 | 2,333.05 |
Singapore | Singapore | 13876.57 | 7267.55 | 2.03 | 86.17 | 32 | 3,001.88 |
China | Beijing | 13031.97 | 6438.88 | 5.16 | 32.91 | 84 | 971.05 |
United Kingdom | London | 12189.00 | 6058.57 | 2.55 | 187.33 | 17 | 3,126.61 |
France | Paris | 11016.50 | 8114.69 | 1.23 | 155.59 | 21 | 2,429.33 |
Gabon | Libreville | 10947.96 | 7715.09 | 22.67 | 81.57 | 112 | 407.87 |
Luxembourg | Luxembourg | 10139.17 | 7164.72 | 1.61 | 192.04 | 8 | 3,370.47 |
Taiwan | Taipei | 9670.41 | 5880.20 | 1.58 | 62.04 | 24 | 1,209.25 |
Senegal | Dakar | 9047.35 | 8596.17 | 9.00 | 126.91 | 92 | 388.50 |
Sweden | Stockholm | 8901.41 | 5047.49 | 2.00 | 66.52 | 7 | 2,652.42 |
Japan | Tokyo | 8570.01 | 5269.38 | 1.17 | 155.70 | 56 | 2,613.16 |
Norway | Oslo | 7726.82 | 5008.80 | 2.35 | 125.53 | 6 | 2,930.29 |
Finland | Helsinki | 7489.87 | 4032.08 | 1.18 | 85.15 | 1 | 2,144.94 |
Israel | Jerusalem | 6814.96 | 4960.65 | 3.80 | 156.20 | 12 | 2,049.82 |
Infamous for co-housing and a property market that seems out of control is the capital of Great Britain. In London, a one-bed flat can cost an average of £1,685.32, or £33.71 per m2 for those renting. The lucky ones with deep pockets in the market to buy a London home however pay an average of £12,189.00 per square meter for a plot of personal space in the city, or £6,058.57 per square meter further out.
The Land of Promise, or the land of pricey real estate? One-bedroom flats in the American capital Washington D.C. go for an average of £1,676.61 in the city center, or £1,314.59 in the outskirts. This translates to an average price per square meter of £33.53 and £26.29 respectively.
Most Expensive Capitals for Renters
Country | Capital | Av. price 1 bed flat – center (£) | Av. price 1 bed flat – outskirts (£) | Av. price per m2 – rent center* (£) | Av. price per m2 – rent outskirts* (£) | Av. utility prices** (£) | Happiness index score | Average salary net (£) |
Monaco | Monaco | 2,973.12 | 2612.10 | 59.46 | 52.24 | 160.55 | 65 | 5,236.33 |
United Kingdom | London | 1,685.32 | 1275.71 | 33.71 | 25.51 | 187.33 | 17 | 3,126.61 |
United States of America | Washington D.C. | 1676.61 | 1314.59 | 33.53 | 26.29 | 116.82 | 19 | 4,220.81 |
Hong Kong | Hong Kong | 1658.27 | 1141.07 | 33.17 | 22.82 | 174.94 | 77 | 2,333.05 |
Singapore | Singapore | 1584.87 | 1068.23 | 31.70 | 21.36 | 86.17 | 32 | 3,001.88 |
Ireland | Dublin | 1397.33 | 1206.85 | 27.95 | 24.14 | 122.89 | 15 | 2,515.49 |
Luxembourg | Luxembourg | 1328.32 | 1056.35 | 26.57 | 21.13 | 192.04 | 8 | 3,370.47 |
The Netherlands | Amsterdam | 1303.20 | 1055.58 | 26.06 | 21.11 | 142.28 | 5 | 2,785.15 |
Sweden | Stockholm | 1258.41 | 853.88 | 25.17 | 17.08 | 66.52 | 7 | 2,652.42 |
Denmark | Copenhagen | 1253.48 | 939.37 | 25.07 | 18.79 | 134.98 | 2 | 2,777.84 |
Haiti | Port-au-Prince | 1242.07 | 675.83 | 24.84 | 13.52 | 98.64 | 143 | 417.31 |
Norway | Oslo | 1191.67 | 947.61 | 23.83 | 18.95 | 125.53 | 6 | 2,930.29 |
Switzerland | Bern | 1155.16 | 829.58 | 23.10 | 16.59 | 140.81 | 3 | 4,032.95 |
New Zealand | Wellington | 1130.89 | 884.05 | 22.62 | 17.68 | 95.42 | 9 | 2,626.61 |
Iceland | Reykjavík | 1124.03 | 975.06 | 22.48 | 19.50 | 78.67 | 4 | 2,416.99 |
If you’re looking for a place with warm summers, a rich culture and low property prices Sarajevo is the place to be for you. A one-bedroom flat in this Bosnian capital will on average set you back £224.86 a month, which is only £4.50 per square meter. Outside the city center is even more affordable: £147.49 per month for one bed, which comes down to £2.95 per m2.
The capital of Montenegro, Podgorica, is the second-cheapest European city to rent your own bit of personal space. For a one-bed flat in the center you can expect to pay £276.40 on average, or £201.61 for a condo that’s less centrally located.
Cheapest European Capital for Renters
Country | Capital | Av. price 1 bed flat – center (£) | Av. price 1 bed flat – outskirts (£) | Av. price per m2 – rent center* (£) | Av. price per m2 – rent outskirts* (£) | Av. utility prices** (£) | Happiness index score | Average salary net (£) |
Bosnia and Herzegovinaa | Sarajevo | 224.86 | 147.49 | 4.50 | 2.95 | 107.74 | 64 | 533.42 |
Montenegro | Podgorica | 276.40 | 201.61 | 5.53 | 4.03 | 89.74 | 72 | 426.34 |
Albania | Tirana | 286.81 | 175.05 | 5.74 | 3.50 | 55.27 | 93 | 345.64 |
Bulgaria | Sofia | 329.15 | 246.80 | 6.58 | 4.94 | 85.65 | 88 | 674.17 |
Serbia | Belgrade | 339.67 | 208.29 | 6.79 | 4.17 | 124.60 | 48 | 433.93 |
Hungary | Budapest | 356.25 | 270.79 | 7.13 | 5.42 | 117.72 | 53 | 707.85 |
Greece | Athens | 362.62 | 334.85 | 7.25 | 6.70 | 126.81 | 68 | 666.14 |
Romania | Bucharest | 367.55 | 249.68 | 7.35 | 4.99 | 88.11 | 46 | 655.29 |
Croatia | Zagreb | 411.86 | 301.72 | 8.24 | 6.03 | 153.04 | 60 | 832.16 |
Cyprus | Nicosia | 452.58 | 376.97 | 9.05 | 7.54 | 111.87 | 39 | 1,107.26 |
Ukraine | Kyiv | 459.36 | 288.73 | 9.19 | 5.77 | 84.76 | 110 | 543.49 |
Lithuania | Vilnius | 465.42 | 310.85 | 9.31 | 6.22 | 97.66 | 38 | 922.45 |
Estonia | Tallinn | 469.96 | 350.33 | 9.40 | 7.01 | 153.48 | 40 | 1,093.86 |
Slovenia | Ljubljana | 547.15 | 421.59 | 10.94 | 8.43 | 174.94 | 29 | 1,089.12 |
Slovakia | Bratislava | 549.04 | 392.06 | 10.98 | 7.84 | 151.84 | 34 | 999.03 |
The research by CIA Landlord used the average renting price per square meter by dividing the monthly rates by 50, as the worldwide average size of a 1-bed flat is 50m2.
All data were collected from city-specific pages on numbeo, combined with data from the World Happiness Index.
