Ukrainian refugees

How long can it take to buy an apartment in Europe?

Ukrainian refugees who ended up in Europe are gradually adapting to new living conditions abroad. In addition to solving immediate issues, such as employment and education for children, many of them are beginning to think about long-term prospects. In this context, the issue of purchasing one’s own home becomes an important aspect. However, the European real estate market, with its high prices and difficult mortgage lending conditions, poses serious financial challenges for refugees.

According to the latest Property Index 2024 study by consulting firm Deloitte, the housing affordability situation in Europe remains complex and varies greatly from country to country. The Czech Republic was at the top of the rating of the least affordable housing. Here, in order to buy a standard apartment with an area of ​​70 square meters, you need to save your entire salary for 13.3 years. Such indicators indicate serious difficulties for those who aspire to have their own housing, especially for foreigners.

The situation in Prague, the capital of the Czech Republic, is no better. The city consistently remains among the most expensive in Europe. To purchase an apartment in Prague, you need to save approximately 13.5 years of income. Only Amsterdam in the Netherlands is ahead of Prague on this score, where the average time to save for an apartment is 15.1 years. For comparison, in many other European cities the situation looks less tense, although it is far from simple.

In Slovakia, it will take 12.7 years to buy a home, and in countries such as Ireland, Hungary and Israel, this figure is 10.2 years. France and Serbia show slightly better results — 9.8 years. At the same time, Poland (7.9 years) and the Netherlands with Great Britain (7.2 years) demonstrate somewhat more favorable conditions for buying a home.

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Scandinavian countries are traditionally characterized by higher housing affordability. In Norway, it takes only 4.8 years to buy an apartment, and in Denmark – 4.7 years. However, these data have their own peculiarities: they are based on the assumption that a person can save his entire salary, which in practice is almost unrealistic. Such indicators reflect the relative affordability of housing rather than the real capabilities of the population.

The study also revealed an alarming trend of rising prices for new housing in many European countries. The leader in growth rates was Hungary, where the value of real estate increased by 10.6%. In Norway, prices increased by 9.1%, and in Poland – by 7.9%. The Czech Republic and Bosnia and Herzegovina also show significant housing price increases — by 6.8% and 6.3%, respectively. This means that the prospects of buying their own home are becoming increasingly distant for those who are just starting their journey to financial stability.

If we talk about absolute indicators, the price per square meter of real estate in the countries covered by the study ranges from 1,315 euros in Bosnia and Herzegovina to 4,920 euros in Austria. Germany also made it to the list of countries with the most expensive real estate, where the average price per square meter is 4,700 euros. In the Czech Republic, this indicator reaches 4,112 euros, and in Poland – 2,219 euros per square meter.

Do not forget about other costs associated with the purchase of real estate in Europe. For example, taxes on the purchase of a home can vary greatly from country to country. In Germany, real estate purchase tax can be up to 6.5% of the home’s value, which adds an additional financial burden to the buyer. In France, this indicator is somewhat lower, but still significant — about 5.8%. Some countries, such as Denmark, offer certain incentives for young buyers or foreigners, which can facilitate the process of purchasing a home, but in the general context, these costs remain a serious barrier.

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In addition, it is worth considering the terms of mortgage lending, which differ significantly in different countries. In Western Europe, mortgage rates remain relatively low, averaging 2-3%, which may make home buying more affordable for the middle class. However, in Eastern European countries, these rates can be significantly higher, making mortgages less attractive for those with limited financial resources.

So, while European countries offer many opportunities for those looking for a new home, the financial challenges associated with buying a home can be a serious obstacle for Ukrainian refugees and other foreigners. Choosing a country for permanent residence should be based not only on cultural and social aspects, but also on a detailed analysis of the real estate market, tax policy and mortgage lending conditions.

 

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