Property prices in Europe - Denmark, the most affordable country to buy a home
A recent report weighs up property prices in Europe and how many average months' wages they cost, highlighting differences between countries.
People living in Denmark need the shortest time to buy a home in Europe, according to BestBrokers.com. The report studied house prices, median net monthly income, inflation and "real" mortgage interest rates, which are mortgage rates adjusted for inflation, in 62 countries around the world. However, the analysis does not account for expenses for food, accommodation, childcare or other details.
According to the data, the average price of a 100 square meter property is the equivalent of 114 net salaries in Denmark, ranking it as the most affordable place in Europe to buy a home.
For everything else, Denmark was ranked as the most expensive country in the EU in 2023. Prices for goods and services were 43% above the EU average, according to Eurostat, while average annual income was the seventh highest in Europe .
According to this report, Ireland and Sweden are ranked second and third in the list of the most affordable countries in Europe, with respectively 123 and 129 net salaries, enough to buy a house of 100 square meters. This is equivalent to approximately 10 years of annual salary.
At the end of the classification we find the Czech Republic and Slovakia. In Slovakia, the average house of 100 square meters costs 297 times more than the average salary and could be bought after almost 25 years.
The most affordable place in the world to buy a home relative to salaries is South Africa, where people need 71 average salaries to own a 100 square meter property. The United States was ranked second. However, property prices vary widely from one state to another. The report found that, in the US, people need 76 average monthly salaries to buy a home. This is equivalent to approximately six years of annual salary.
At the bottom of the ranking is Nepal, with 684 wages needed to buy a house, followed by Turkey with 631, the equivalent of more than 52 years of earnings.
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