This year, Paris and Munich are the most expensive European cities in terms of real estate prices, according to a study published by the consulting firm Deloitte.
Buyers of a new apartment in Munich have to pay an average of 10,5 thousand euros per square meter, according to Deloitte.
Only Paris is more expensive with an average price of 13,46 thousand euros. London, Oslo and Frankfurt are significantly lower with around 8,4 thousand euros, reports SEEbiz.
On the other hand, in the Bulgarian cities of Varna and Burgas on the Black Sea, new apartments can be found for an average of 900 euros per square meter.
Deloitte experts made a study by analyzing real estate prices in 68 large cities in 23 European countries.
Real estate expert Michael Mueller said construction prices have risen across Europe.
Disrupted supply chains and shortages of construction materials have increased the risk in planning and executing construction projects.
"An additional problem is inflation and the lack of workers, which further raises prices," Mueller said.
However, rising interest rates could slow down demand and price growth.
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