Compared to other European countries, Germany is an expensive place for home buyers, a study released on Friday by the management consultants Deloitte showed.
To purchase a flat in a newly constructed building, homebuyers need to spend €4,700 ($5,170) per square metre. Only Austria is slightly more expensive.
In terms of average income, a 70-square-metre flat is cheapest in Denmark. Priced at nearly €3,000 per square metre, Danes only have to pay 4.7 annual salaries for a home that size.
According to Deloitte, property is also very cheap in Italy, where around five annual salaries are enough to buy a property. The selling price for such a new-build flat in Italy fell by 11% last year to around €2,100 per square metre. Even in Rome, seven years’ salary is enough to buy one.
Loooking at absolute prices, new flats are also less expensive in Greece (€1,500 per square metre); Croatia and Slovenia (€2,600); and Spain (€2,800). Costs are also lower in Romania (€1,500), Poland (€2,200) and Hungary (€2,600).
When it comes to the question of whether locals can afford to buy a home, the picture is quite different: In France, an average of 10 annual salaries have to be paid, while in the Czech Republic, people pay 13 annual salaries.
