A study published by the professional consulting group Deloitte showed that Paris and Munich were the most expensive cities in Europe in terms of real estate prices last year.
The study showed that buying a new home in Munich costs an average of 10,500 euros per square metre, and homes in Paris were more expensive, with an average of 13,462 euros. London, Oslo and Frankfurt were much lower at around €8,400.
In contrast, new homes in the Bulgarian Black Sea cities of Varna and Bourgas were available for an average of around 900 euros per square metre.
Deloitte experts surveyed 68 major cities in 23 European countries for comparison.
German real estate expert Michael Muller said prices for construction services have risen across Europe, adding that disrupted supply chains and shortages of building materials have increased risks in the planning and implementation of construction projects.
Mueller pointed out that the shortage of workers and inflation are causing construction prices to rise, explaining in return that higher interest rates can slow demand and discourage price increases.
In several European countries, the reception of refugees from Ukraine affected the housing market – most notably in Poland, Slovakia and Hungary – with the supply of rental properties declining in the second quarter of 2022, according to the study.
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