11,200 euros per square meter: A new apartment in Munich is more expensive than in Paris

According to a new evaluation, Germany dominates the top ten cities with the most expensive new buildings in Europe. London? Paris? None.

Major German cities are among the most expensive housing markets in Europe. In a comparison of 71 cities in 25 European countries, Munich is now in first place when it comes to prices for new apartments. This was the result of a recent study by the management consultancy Deloitte. The average purchase price of 11,200 euros per square meter in the Bavarian capital last year was even ahead of metropolises such as Paris or Barcelona.

For 100 square meters of new building in Munich, more than 1.1 million euros are due. The ten European cities with the most expensive new buildings include three other major German cities: Hamburg (5th place with 7,700 euros per square meter), Frankfurt am Main (6) and Berlin (7, each 7,500 euros per square meter) - all ahead of Copenhagen and Oslo.

Only Luxembourg City, Amsterdam and Barcelona are more expensive than Hamburg, Frankfurt and Berlin. However, Switzerland is not taken into account in the evaluation. In addition to data and assessments from Deloitte, the basis is market data from publicly available national sources. The data included varies depending on availability; in Amsterdam, not only new buildings were included in the calculation. The values ​​are therefore not comparable one-to-one, but the price levels of the markets examined are clear.

In Paris, a newly built square meter recently cost an average of 5,750 euros. In the German cities examined, the average asking price was 5,200 euros, a good eight percent higher than the previous year. The number of apartment completions in this country fell by almost 18 percent, according to Deloitte. This is one of the sharpest declines in Europe and is exacerbating the housing shortage.

The most expensive country is Luxembourg with an average of 9,160 euros per square meter. In Vlora, Albania, an average annual salary of more than 21.3 is required for a 70 square meter new apartment, in Turin less than 5. In Munich the figure is almost 12 gross annual salaries.

The strongest price increase can be observed in Durrës, Albania, with an increase of almost a quarter compared to the previous year. Belgrade also became significantly more expensive, where the surcharge was a fifth.