Zürich is the city with the most expensive apartment square metre in Europe

(Patria) - Four of the five most expensive cities for buying property in Europe are located in Switzerland and Luxembourg.

At the top of the list is Zürich, where the price per square metre exceeds 18,000 euros, according to the latest data from Global Property Guide, as reported by Euronews.

These are the 10 most expensive housing markets in Europe, ranked from tenth to first place.

10. Stockholm

In Stockholm, which combines one of the highest living standards in Europe with a highly restricted property market, the average apartment price reaches 8,380 euros per square metre. This represents an annual increase of 7.2 percent and 17 percent over the last two years.

The recovery is all the more significant as it followed a sharp price correction in the Swedish market, triggered by a sudden rise in interest rates in 2022.

Stockholm thus remains one of the most expensive cities for buying property in Northern Europe.

9. Copenhagen

The average price per square metre in Copenhagen is 8,405 euros, an increase of 14.3 percent compared to last year and as much as 24 percent over the last two years. This is also the strongest recorded growth among all cities on this list.

The difference compared to the rest of Denmark is large. For example, in Aarhus, Denmark's second-largest city, prices have fallen by 16.7 percent over the past year to 4,128 euros per square metre, while in Odense and Aalborg they are below 2,800 euros.

8. Oslo

In the Norwegian capital, the average apartment price is 9,332 euros per square metre, which is 6.3 percent higher than last year and 14 percent higher than two years ago. However, the strongest market growth in Norway appears to be moving outside Oslo.

Prices in Bergen, the second-largest city, have jumped by 22.4 percent over the past year to 6,160 euros per square metre, while Trondheim recorded growth of 12.8 percent, with a price of 5,275 euros.

7. Amsterdam

The average apartment price in Amsterdam is 9,437 euros per square metre, an increase of 13 percent year-on-year and 19.2 percent over the last two years.

6. Paris

With an average price of 9,490 euros per square metre, Paris records a decline of 0.3 percent compared to last year and 7.3 percent over the last two years, making it the worst-performing city among the top ten.

The expected recovery after the Olympic Games has not yet materialised, and demand continues to be hampered by higher borrowing costs.

Despite this, prices remain significantly higher than in the rest of France. For example, in Lyon, the average square metre costs 4,551 euros, in Bordeaux 4,443 euros, and in Nantes 3,376 euros.

5. Bern

In Bern, the average apartment price is 9,952 euros per square metre. This is a decline of 0.7 percent compared to last year, but still an increase of 4.5 percent over a two-year period.

4. Luxembourg

In Luxembourg, one of Europe's leading financial centres, the average price per square metre is 10,941 euros. This is a decline of 0.9 percent year-on-year and 6.9 percent over the last two years, indicating that the market is adjusting after a decade of exceptional growth.

Even with this correction, Luxembourg remains one of the few European cities where a one-bedroom apartment can cost more than a million euros.

3. Lucerne

Lucerne is perhaps the biggest surprise on this list. The city is located in one of the most spectacular locations in Europe, on the shores of Lake Lucerne at the foot of the Alps.

Although significantly smaller than Zürich or Geneva, apartment prices reach an average of 12,066 euros per square metre, an increase of 7.3 percent compared to last year.

Prices are supported by limited supply, an exceptionally desirable location, and high demand from domestic and foreign buyers.

2. Geneva

In Geneva, the average apartment price is 16,819 euros per square metre, which is 3.4 percent higher than last year, while over a two-year period prices have remained largely unchanged.

Supply is extremely scarce even at such high prices, helping Geneva maintain its status as one of the most exclusive property markets in Europe.

1. Zürich

Zürich remains the most expensive European city for buying property, with an average apartment price of 18,229 euros per square metre.

Prices have risen by 4.2 percent over the past year and by 11.7 percent over two years, despite already being at an exceptionally high level.

As the seat of Switzerland's largest banks, the stock exchange, and a powerful asset management industry, Zürich combines financial strength, political stability, and a chronic housing shortage.

Swiss dominance

Switzerland dominates the list with as many as four cities in the top five. Experts explain this by a combination of exceptionally high salaries, political stability, a large number of wealthy foreigners, and a chronic lack of housing.

Despite high prices, demand in Switzerland remains stable, while in other European metropolises, such as Paris, a slowdown is felt due to high interest rates.

While much of Europe continues to feel the effects of rising interest rates, the wealthiest cities on the continent, led by Zürich and Geneva, continue to record record prices.