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The average bid price of new housing in Europe was the highest in Luxembourg, at 8,760 euros per square meter. Since there is no central body that collects and tracks transaction activity or house prices across the whole continent or the European Union, only bid prices were considered. 

House prices have been soaring, with Sweden topping the ranking

Considering the RHPI of houses in Europe (the price index in real terms, which measures price changes of single-family properties adjusted for the impact of inflation), however, the picture changes. Sweden, Luxembourg and Norway top this ranking, meaning residential property prices have surged the most in these countries. Real values were calculated using the so-called Personal Consumption Expenditure Deflator (PCE), This PCE uses both consumer prices as well as consumer expenditures, like medical and health care expenses paid by employers. It is meant to show how expensive housing is compared to the way of living in a country.

Home ownership highest in Eastern Europe

The home ownership rate in Europe varied from country to country. In 2020, roughly half of all homes in Germany were owner-occupied whereas home ownership was at nearly ** percent in Romania or around ** percent in Slovakia and Lithuania. These numbers were considerably higher than in France or Italy, where homeowners made up ** percent and ** percent of their respective populations.

For more information on the topic of property in Europe, visit the following pages as a starting point for your research: real estate investments in Europe and residential real estate in Europe.