Where are the most expensive apartments in Europe? - Four of the top five cities are in Switzerland and Luxembourg
New data from Global Property Guide shows that four of the five most expensive cities for residential property are located in Switzerland and Luxembourg, with Zurich topping the rankings at more than 18,000 euros per square meter.
Bern is Switzerland’s most restrained luxury market. The federal capital, famous for its UNESCO-listed old town, is the least expensive of the four Swiss cities in this ranking, although prices remain close to 10,000 euros per square meter. Average apartment values are 9,952 euros per square meter, a 0.7% drop over the past year but a 4.5% increase over two years.
Luxembourg, Europe's richest country by GDP per capita, is also home to one of the continent's most expensive housing markets. In Luxembourg City, one of Europe's major financial centers, average apartment prices are 10,941 euros per square meter, a drop of 0.9% over the past year and 6.9% over two years, as the market continues to adjust after a decade of extraordinary gains.
Lucerne is perhaps the biggest surprise in the ranking. The city occupies one of the most spectacular locations in Europe, where Lake Lucerne meets the foothills of the Alps. Despite being much smaller than Zurich or Geneva, average apartment prices are 12,066 euros per square meter, 7.3% more than last year.
Limited supply, a highly desirable location, and strong demand from domestic and international buyers continue to support prices.
Geneva's position near the top of the rankings reflects the steady demand from one of Europe's wealthiest job markets. Home to the United Nations, the World Health Organization, the Red Cross and a dense concentration of private banks, the city attracts some of the world's highest-paid professionals. Average apartment prices are 16,819 euros per square meter, up 3.4% from last year and largely unchanged over the past two years.
Zurich remains the most expensive city in Europe for residential property, with average apartment prices of 18,229 euros per square meter. Prices rose by 4.2% over the past year and 11.7% over the past two years, despite starting from an extremely high base.
Home to Switzerland's largest banks, its stock exchange and a vast wealth management industry, Zurich combines financial power, political stability and a chronic housing shortage.
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