Europe’s Best and Cheapest Cities for First-Time Buyers
Many first-time buyers are wondering how to buy property in Europe as they are also hoping to get on the property ladder whose area has social and cultural amenities that fit their lifestyle. Which European cities are excellent for first-timers?
Madrid is the greatest city in Europe for first-time buyers. Madrid’s boulevards, historical buildings, and renaissance and modern art museums are famous. The bustling city boasts one of the cheapest monthly mortgage repayments of the cities analyzed, at just £355. Residents will have more disposable income to enjoy the city’s restaurants, clubs, and tapas bars.
Vienna, Austria, comes in second. Sitting on the Danube River, the Austrian city is known as the World’s Capital of Classical Music. Vienna boasts 2,000 parks for leisurely strolls or outdoor exercise, and gym memberships average £21.74 a month.
Bucharest, Romania’s capital, is also among Europe’s finest cities for first-time buyers. The cultural, industrial, and financial heart of Romania has loads to offer new residents, from its 2,224 eateries (including the legendary Caru’ cu bere) to its ultra fast broadband, excellent for remote working.
The Top 10 Expensive Real estate Markets in Europe
|Rank||Country||Population (2020)||Capital city||Average price of buying a house (£)*||Average buying price per Sq. M. – City Center||Average monthly rent of a 1 bed flat – City Center||Average cost of living – Single person||Average price of basic utilities||Average Monthly Net Salary|
Many people are surprised to learn that the average price of a home in Europe is not higher in the capital city of London. Paris, the French capital, has the highest average property price in all of Europe, at £534,226.88. Despite this, property ownership in France is at over 65%.
Still, London is only behind Paris in terms of popularity. The average cost of a home in this English metropolis is £500,310, or an eye-watering $11,092 per square foot.
It’s no surprise that by 2025, almost 60% of Londoners would be living in leased apartments, given that property prices are predicted to continue rising steadily. Prices for a one-bedroom apartment in central London are $1,666 per month, while those in the suburbs are only $1,253.
If you wanted to buy a property in the UK based on the average price and your income, it would take you about 40 years.
After that comes Luxembourg, where the average cost of a home is £480,027. This works out to almost £9,678 per square meter in the downtown area and roughly £7,073 per square meter in the suburbs.
The Top 10 European Cities Where Homes Are Most Affordable
|Rank||Country||Capital city||Average price of buying a house (£)*||Average buying price per Sq. M. – City Center||Average monthly rent of a 1 bed flat – City Center||Average cost of living – Single person||Average price of basic utilities||Average Monthly Net Salary (After Tax)|
|3||Bosnia and Herzegovina||Sarajevo||£66,064||£1,384||£223||£507||£103||£558|
The list above includes ten European locations where purchasing a home is slightly less of a financial strain. The average cost of a home in Moldova that costs less than $50,000 is $49,673, or $831 per square meter in the city center and $543 outside the city. Moldova is a great area to live on a budget, with a monthly utility expense of around £84 on average.
In North Macedonia, where over 89% of the population owns their own home, the average price of a house is a few thousand pounds more. The average home price is £56,516, or around £1,079 per square meter in Skopje’s downtown area and £771 outside of the city.
Bosnia and Herzegovina is the third country on this list, and its average home price of £66,064 makes it a great option for those looking for a good deal.
Selecting The Top European Cities For Leisure Activities Outside of the Workplace
|City||Country||Drive Thru Score / 10||Restaurants Score / 10||Starbucks Score / 10||Gym Cost Score / 10||Parks Score / 10||LifestyleScore / 50|
When making a decision about where to settle down, it’s crucial for remote workers to take into account the range of recreational, cultural, and social opportunities available in the area.
The greatest European cities for a well-rounded existence were determined by analyzing the number of extracurricular activities available in each metro area.
With a score of 41.8 out of 50 for its lifestyle, Paris has been deemed the finest European city for its social and cultural activities outside of work. Many excellent restaurants serving traditional French fare can be found in the city, including Joséphine Chez Dumonet and Epicure. Alternatively, there are a plethora of Drive-Thrus and Starbucks for the time-pressed.
The picturesque French city is also home to many parks where people and their pets may take a stroll or a run, such as the Jardin du Palais Royal and the Champ de Mars, which features breathtaking vistas of the Eiffel Tower.
With a score of 40.3 out of 50, London is ranked as one of the finest European cities for non-work activities, tied for second with Stockholm.
Residents in London can pick up a cup of joe at one of the city’s 169 Starbucks locations, or they can dine at Sketch, a gastro-brasserie restaurant in Mayfair that serves up a unique blend of food, drink, music, and David Shrigley’s artwork.
Hyde Park and Regent’s Park are just two of the many huge parks in the city where residents and visitors alike may get some fresh air and enjoy long strolls while taking in the city’s lively ambiance.
Berlin’s abundance of dining options, drive-thrus, and Starbucks cafes helped it earn a 39.7 out of 50 lifestyle score, placing it third among European capitals.
Parks like Viktoria Park and James Simon Park provide opportunities for outdoor training, while the city’s average monthly gym membership cost of £26.68 makes it an attractive place for health and fitness buffs.
Most Affordable European Cities for Monthly Broadband Prices
|City||Country||Monthly Broadband Cost Per Household||Broadband Speed by Country (Mbps)|
|Prague||Czech Rep.||£ 16.54||48.37|
With many firms moving to hybrid and remote working, broadband costs and speed are major considerations for many first-time purchasers (and set up their home office).
Bucharest has the cheapest broadband at £7.20 per month. The rapidly-developing cultural, industrial, and financial center attracts ‘techies’ from around the world, so its fast broadband speed of 232.17 Mbps is crucial for remote work.
Sofia has Europe’s second-cheapest broadband at £9.66 per month. The city is modern and progressive despite its 2,000-year antiquity. Bulgaria’s average broadband speeds are low compared to other nations in the survey, which could be a disadvantage to the reasonable monthly prices.
Warsaw’s monthly broadband cost is £10.41 per household. The growing city has 156.33 Mbps broadband and has issued a policy statement for digital transformation by 2030, making affordable and fast broadband more crucial than ever.
Dublin, Ireland, has the most costly broadband at £45.26 a month. Dublin, one of Europe’s most costly cities, has expensive broadband, but you get what you pay for: 122.55 Mbps.
Brussels, Belgium, is second, with monthly broadband costing £41.31. Those willing to pay more for WIFI in Brussels’ historical center will get 125.12Mbps bandwidth.
Amsterdam, with monthly costs of £37.85, is the third most expensive European city for broadband. Remote employees will benefit from the ultra-fast broadband connection at 165Mbps in this city known for its art and canals.
Most Affordable Mortgages: European Cities Identified
|City/ Country||Average House Price||Deposit Amount (20%)||House Price Minus Deposit||Mortgage Interest Rate in Percentage (%), Yearly, For 20 Years Fixed Rate||Monthly Mortgage Payments||Average Monthly Salary (One-person)||Mortgage Payments as a % of income (Solo-Home-buyer)||Average Monthly Salary (Two-Household Income)||Mortgage Payments as a % of Income (Joint Home-buyer)|
Many first-time buyers are looking for a more reasonable mortgage as living costs rise. Which European cities have the lowest mortgage payments based on average earnings?
Madrid has the lowest monthly mortgage payments in Europe, at £355. First-time buyers in Madrid will pay 22.50% of their monthly earnings, while a two-person household would pay 11.25.
Riga is second with a £195-a-month mortgage payment. Those buying alone in Riga will pay 23.60% of their salary, while a two-income household will pay 11.80%.
Vienna is the third-cheapest city to get a mortgage, at £531 a month. A single-person household in Vienna pays 27.32% of their monthly earnings on the mortgage, whereas a two-person home pays 13.66% each.
Birmingham has the cheapest mortgages in the UK, at £1,050 per month. Those buying a house alone must pay 46.04 percent of their monthly income or 23.02 percent for two.
The average monthly mortgage payment in Liverpool is £926. A solitary buyer will pay 55.64% of their monthly earnings, while a two-paycheck household will pay 27.82%.
Those residing in London will have a monthly mortgage payment of £2,195, which implies a single buyer would pay 75.53 percent of their average monthly earnings, while two people will pay 37.76 percent each.
Many people in the UK find it difficult to imagine ever being able to afford even a small apartment, let alone a house.
Saving for a down payment and securing a mortgage loan can be difficult in any market. Sky-high rent rates make saving any money difficult, and the coronavirus pandemic’s influence on the economy could make low-interest mortgages unavailable for some time.
Always do your research and get the best possible lending option. Do not accept the first offer you receive from a lender. It could be beneficial to your financial situation to compare offers from several lenders.
It’s crucial to have a good idea of your budgetary constraints before house hunting. You should check your credit score and history before applying for a mortgage on a house. A higher credit score improves your mortgage approval chances.
Choosing a place to call home is challenging because you not only have to make sure the region has everything you need to be happy, but you also have to take into account the expense of living there.
Frequently Asked Questions About How To Buy Property In Europe
What is the easiest European country to buy a property?
It’s easiest in Portugal because investors can obtain Portugal Golden Visa for €280,000 in property, granting them temporary residency for up to 5 years.
Can a foreigner buy property in Europe?
American or non-EU residents are not prevented from buying property in Europe. When buying an investment property, they could reimburse the energy efficiency renovations.
Can US citizens buy property in Europe?
Yes, due to the soaring currency and rising interest rates, more US citizens are buying property in Europe as property prices have dropped.