【德勤 】2025年欧洲住宅市场房地产指数报告（第14版）

PropertyIndex

OverviewofEuropeanResidentialMarkets

14thedition,August2025

PropertyIndex|14thedition,August2025

Contents

Introduction3

HighIights5

WhereisEurope’sHousingMarketHeadedNext?6

EconomicOutIook10

ModerateRecoveryAmidGlobalUncertainty

ComparisonofResidentiaIMarkets:12

HousingDevelopmentIntensity

ComparisonofResidentiaIPropertyPrices16

inSelectedCountriesandCities

MortgageMarketsinEurope34

HowBigIsaFIatinEurope?36

RegionalContrastsinSize,Design,andPrice

Annex:CommentsonResidentialMarkets46

Contacts80

Authors82

PropertyIndex|14thedition,August2025

Introduction

Weareexcitedtointroducethe14theditionofthePropertyIndex,

Deloitte’sannualreviewofresidentialrealestatetrendsacrossEurope,

includingIsraelandTurkey.Foroveradecade,thePropertyIndexhas

helpedreaders–fromrealestateprofessionalsandeconomiststostudents,journalists,andpolicymakers–understandhowhousingmarketswork,

howtheydiffer,andwhattheyrevealaboutlifeacrossthecontinent.

Atitscore,thePropertyIndexaimstoofferacomprehensiveanalysisofthefactorsinfluencinghousingmarkets,whiletakingintoaccountthevariedeconomicandsocialcontextsofeachcountryandregion.

Itsystematicallycomparesresidentialpropertypricesandrentallevels

acrossmultipleEuropeannationsandkeycities,providingbothabroad

overviewanddetailedbenchmarksthathelpmakesenseofahighlydiversemarketlandscape.

Thisyear,thepublicationputsastrongerspotlightonthelocalcharacter

ofhousing.Whilenationaltrendsofferausefulframeofreference,itis

oftentheregionalandcity-leveldatathatrevealtherealstories–about

affordability,availability,andqualityoflife.Byexploringtheroleofregionalmarketswithinnationalhousingsystems,weaimtoshedlightonboth

thesharedchallengesandthedistinctconditionsthatshapehowpeopleliveacrossEurope.

Inlinewiththisperspective,thePropertyIndexcontinuestomonitortheevolvinghousingsituation–highlightinghowpeopleonthe“oldcontinent”live,whatkindofhomestheycanafford,andthepressurestheyfaceaslivingcostsrise.

ThispublicationistheresultofclosecollaborationbetweenDeloittereal

estateprofessionalsacrossEurope,Israel,andTurkey.Wehopethatthis

14theditionofthePropertyIndexprovidesmeaningfulinsights,sparks

discussion,andservesasavaluabletoolforanyoneinterestedinthefutureofhousinginourregion.

2

3

PropertyIndex|14thedition,August2025PropertyIndex|14thedition,August2025

Thisyear’seditionincludesanin-depthanalysisofresidentialpropertymarketsacrossthefollowingcountries:

12.8

Amongallsurveyedcountries,IreIandrecordedthehighestnumberofhousingstarts

in2024,withanimpressive12.8initiateddwellings

per1,000inhabitants.

Portugal(PT)

Romania(RO)

Serbia(RS)

Slovakia(SK)

Slovenia(SI)

Spain(ES)

Turkey(TR)

UnitedKingdom(UK)

Germany(DE)

Greece(GR)

Hungary(HU)

Ireland(IE)Israel(IL)Italy(IT)

Luxembourg(LU)

Netherlands(NL)

Norway(NO)

Poland(PL)

Albania(AL)

+28.1%

Krakowrecordedthelargest

annualincreaseinnewdwelling

pricesamongallcitiessurveyed,withayear-on-yearjumpof28.1%.

Austria(AT)Belgium(BE)

BosniaandHerzegovina(BA)Bulgaria(BG)

Croatia(HR)

13,970

EUR/sqm

TeIAvivrankedasthemostexpensivecity

CzechRepublic(CZ)

+25.2%

Amongcapitalcities,JerusaIemexperiencedthehighestnominalpricegrowthfornewdwellings,increasingby25.2%year-on-year.

Denmark(DK)

Finland(FI)

France(FR)

reaching€13,970persquaremeter.

amongthe75analyzed,withaverageprices

BehindthePropertyIndexisadedicatedandexperiencedinternationalteamofDeloitteprofessionalswho

bringtogetherexpertiseinrealestate,development,

investment,andfinance.ThisisevenmoreessentiaI,assourcesanddetailsofthedatamaydiffer

acrossthevariousregions.ThedataandperspectivessharedinthispublicationaredrawndirectlyfromDeloitteofficesandderivedfromofficialsourcespubliclyavailableineachparticipatingcountry,ensuringbothlocalinsightandglobalconsistency.

Ourgoalremainssimple:toprovidetrustworthy,

data-driveninsightsintoEurope’sresidentialpropertymarkets.Throughthecombinedeffortsofour

multidisciplinarynetwork,thePropertyIndexcontinuestoserveasareliableandaccessibleresourcefor

understandingthecomplex–andconstantlyevolving–worldofhousing.

Thisyear,ouranalysisoftheresidentialpropertymarketcoversarecordnumberofparticipatingcountries–

markingthebroadestscopeinthehistoryofthe

PropertyIndex.Whilethereportcontinuestorelyon

43.4

EUR/sqm

LuxembourgCityreportedthehighestaverageresidentialrentacross77cities,

farexceedinglevelsinParis(€32.0/sqm)andDublin

(€31.7/sqm).

acoregroupoflong-standingcontributors,weare

15.4annualsalaries

Amongallsurveyedcities,Amsterdamwastheleastaffordableintermsof

income-to-priceratio,requiring15.4grossannualsalariestobuya70sqmhome.

4.9annualsalaries

OdenseandTurinofferedthemost

affordablehomeownershipopportunity,requiringjust4.9grossannualsalariestopurchasea70sqmnewdwelling.

delightedtowelcomeseveralnewparticipantsthisyear.Albania,Finland,andTurkeyjointhePropertyIndexforthefirsttime,furtherbroadeningthegeographicreachandeconomicdiversityoftheinsightsweprovide.

Themajorityoftheindicatorsinthispublicationare

basedonyear-on-yearcomparisons,offeringaclear

viewofhowpropertymarketshaveevolvedoverthe

949

past12months.Asalways,thehousingsectorremainssensitivetowidereconomicinfluences–rangingfrominflationandinterestratestogovernmentpolicyandcurrencyfluctuations–whichhaveplayedasignificantroleinshapingsupply,demand,andaffordability

throughout2024.

EUR/sqm

Atthenationallevel,Turkeyrecordedthelowestaveragepricefornewresidential

properties,atjust€949persquaremeter.

45

PropertyIndex|14thedition,August2025PropertyIndex|14thedition,August2025

Forthecomingmonths(H22025)weexpecttheoveralleconomicclimatewill:

AL

AT

BA

BE

BG

CZ

●

DE

DK

FI

FR

GR

HR

HU

IE

IL

●

IT

●

NL

●

NO

PL

PT

RO

RS

●

SI

SK

ES

●

TR

UK

Source:Deloittenationaloffices20242025

Newhousingconstructionslowedin2024acrossmuchofEurope.Developersfacedhighermaterialandlaborcosts,stricterfinancingconditions,andincreased

regulatorydemands–especiallyaroundsustainability

Improve

Remain

thesame

Deteriorate

ALATBABEBGCZDEDKFIFRGRHRHUIEILITNLNOPLPTRORSSISKESTRUK

andenergyefficiency.Insomeregions,localincentivesandrecoveryfundshelpedsustainmoderatelevelsofnewconstruction.Nonetheless,thesupplyofnewlybuilt

homesremainedbelowlong-termdemand.Innovativesolutions,suchasmodularconstructionandenergy-

efficientdesigns,becamemorecommonastheindustrylookedforwaystoreducecostsandmeetenvironmentalgoals.Still,thehousingsupplygapwidenedinmany

areas,particularlyingrowingurbanregionsandregionswithmigration-drivendemand.

Weexpectthatconstructionactivityduringthecomingyear(2025)onresidentiaImarketwiII:

WhereisEurope’sHousingMarket

HeadedNext?

Increase

Remain

thesame

Decrease

TheEuropeanresidentialmarketin2024andearly

2025hasenteredaphaseofrebalancing.Afteraperiodmarkedbypandemicrecoveryandrapidpricegrowth,thehousingsectorisnowshapedbyeconomic

adjustments,tighterlendingconditions,andrenewedfocusonaffordability.Whileconditionsvarybetweenregions,manymarketssharesimilarconcerns:thecost

ofliving,housingsupply,interestrates,andrental

pressure.Thisyear’sPropertyIndexexaminesthese

shareddynamicsacross28countries,highlightinghowpeoplelive,rent,andbuyhomesinchangingeconomictimes.Theoverallpicturerevealsasectorfacing

challenges–butalsoshowingresilience,adaptation,andlong-termopportunity.

Increase

Remain

thesame

Source:Deloittenationaloffices●2024●2025

Decrease

Throughout2024,Europe’seconomicoutlookshowedsignsofcautiousimprovement.Inflationeasedinmostregions,allowinghouseholdpurchasingpowerto

overallmomentum.PublicinvestmentandEuropean

Forthecomingyear(2025),weexpectthatpricesofresidentialdwellingswill:

AL

AT

BA

BE

BG

CZ

DE

DK

FI

FR

GR

HR

HU

IE

IL

IT

NL

NO

PL

PT

RO

RS

SI

SK

ES

TR

UK

Source:Deloittenationaloffices2024●2025

recoveryfundsplayedakeyroleinsupportinghousinginfrastructure,especiallyinregionsundergoing

stabilizeslightly.However,economicgrowthremaineduneven,withsomecountriesseeingstrongerrecoverythanothers.Highenergyprices,labourmarket

demographicoreconomictransition.Whilestillfragile,themacroeconomicclimatebecamemorepredictable–offeringamodestfoundationforresidentialmarket

shifts,andglobaluncertaintycontinuedtoweighon

activityinthefirstmonthsof2025.

67

PropertyIndex|14thedition,August2025PropertyIndex|14thedition,August2025

Afteryearsofsharpincreases,residentialproperty

pricesbegantostabilizein2024.Inmanyareas,pricegrowthslowedorplateaued,andinafewmarkets,

slightcorrectionsoccurred.Thiswasdrivenlargelybyreducedpurchasingpower,higherborrowingcosts,andmorecautiousbuyersentiment.Yetinsome

regions–especiallythosewithlimitedhousingsupply

orstrongpopulationgrowth–pricesremainedelevated.Demandshiftedtowardmoreenergy-efficientand

well-locatedproperties,whilelesscompetitiveunitssawlowerinterest.Overall,byearly2025,pricedynamicshadbecomemorebalanced,thoughaffordabilityremains

aconcernformanyprospectivebuyers.

Increase

Remain

thesame

Decrease

Forthecomingyear(2025),weexpectthatinterestratesformortgagesonresidentiaIdweIIingswiII:

AL

AT

BA

BE

BG

CZ

DE

DK

FI

FR

GR

HR

HU

IE

IL

IT

NL

NO

PL

PT

RO

RS

SI

SK

ES

TR

UK

Source:Deloittenationaloffices20242025

In2024,interestratesremainedoneofthemost

influentialfactorsshapingtheresidentialproperty

market.Centralbanksmaintainedtightmonetarypolicyformostoftheyearinresponsetoinflation,keeping

mortgageratesrelativelyhigh.Thiscreatedaffordabilitychallenges,especiallyforfirst-timebuyersorthosewith

variable-rateloans.Towardtheendoftheyear,interestratesbegantoeaseslightly,butborrowingremained

cautious.Manyhouseholdspostponedbuyingdecisionsoradjustedexpectations.Lenders,inturn,applied

strictercriteria,andfinancialinstitutionsfocusedmoreheavilyoncreditworthinessandlong-termsustainability.

Increase

Remain

thesame

Decrease

Forthecomingyear(2025),weexpectthatresidentiaImarketrentswiII:

AcrossEurope,therentalmarketbecameincreasingly

competitivein2024.Manyhouseholdsturnedto

rentingashomeownershipbecamehardertoattain

duetofinancinghurdles.Thisincreaseddemand

placedupwardpressureonrents,particularlyinurbanandeconomicallydynamicregions.Supplyfailedtokeeppace,andshortagesofaffordablerentalhousingbecame

morepronounced.Renters–especiallyyoungerpeople,

students,andlower-incomehouseholds–facedgrowingchallengesinsecuringstableaccommodation.Inresponse,severalgovernmentsexploredrentregulation,subsidy

programs,orpartnershipswithinstitutionalinvestorstoexpandtherentalsupply,thoughthelong-termimpactofsuchmeasuresremainstobeseen.

Forthecoming2-3years(upto2028),weexpecttheaffordabilityofownhousingwill:

Improve

Remain

thesame

Deteriorate

ALATBABEBGCZDEDKFIFRGRHRHUIEILITNLNOPLPTRORSSISKESTRUK

Source:Deloittenationaloffices20242025

Affordabilityremainedoneofthemostpressinghousingissuesin2024.Whilepropertypricesmoderatedin

someregions,thecombinationofhighmortgagerates

andrisingrentsplacedpressureonhouseholdbudgets.Manypeople–especiallyyoungeradultsandfamilies–founditincreasinglydifficulttobuyorrentsuitable

homes.Inresponse,publicinitiativesgainedmomentum.

Theseincludednewfundingforsocialoraffordable

housing,taxincentivesfordevelopers,andregulatory

reformstosupportsupply.Despitethesesteps,

theaffordabilitygapwidenedinmanyareas,andhousingcostsremainamajorsocialandeconomicconcern

as2025begins.

MorgagesRegulation

PlanningLegislation

RentalHousingLegislationApproachTowardsESG

22%

Planning

Legislation

31%

RentalHousingLegislation

18%

MortgagesRegulation

29%

Inthecomingyear(2025),weexpectchangesinresidentialmarketin:

AL

AT

BA

BE

BG

CZ

DE

DK

FI

FR

GR

HR

HU

IE

IL

IT

NL

NO

PL

PT

RO

RS

SI

SK

ES

TR

UK

Approach

2024

2025

TowardsESG

Source:Deloittenationaloffices

9

8

PropertyIndex|14thedition,August2025PropertyIndex|14thedition,August2025

Amongindividualcountries,Spainisexpectedto

recordthestrongestgrowth,withGDPrisingby2.5%,supportedbystrongdomesticdemandandcontinuedpost-disasterreconstruction.Germanyisprojectedtoachieveonlyaslightgrowthwith0.3%,asindustrial

outputremainsunderpressureandinvestmentremainssubdued.

Fiscalconsolidationislikelytoremainakeyfocusinthe

comingyears,asgovernmentsseektorebuildbudgetaryspaceandprepareforlong-termspendingpressures

relatedtodemographicshifts,healthcare,thegreen

transition,anddefense.Atthesametime,amoreopen

andpredictabletradeenvironmentwillbeessentialto

supportstableandsustainedgrowthacrosstheEurozone.

EconomicOutIook

ModerateRecovery

InterestRatesDeveIopmentbyIndividuaICentraIBanks

AmidGlobalUncertainty

8%

Afterseveralchallengingyearsmarkedbythe

COVID-19pandemicandtheenergycrisisstemmingfromdisruptedgassupplies,theEurozoneeconomyreturnedtomodestgrowthin2024,withGDP

increasingby0.7%.Thisgrowthwasprimarilydrivenbyareboundinhouseholdconsumption,supportedbyrisingrealwagesandstrongemploymentfigures.Investment,however,remainedweakduetohigh

financingcostsandcontinuedpolicyuncertainty.

7%

6%

5%

4%

3%

In2025,GDPisexpectedtogrowagainby0.8%.

Theoutlookreflectsmoderaterecoverymomentum

butalsoheightenedglobalrisks,particularlyduetorisingprotectionistmeasuresandtradetensions.Thesefactorsarelikelytoweighonbusinesssentimentandinvestmentactivityacrosstheregion.

Inflationisforecasttoaverage2.1%in2025,drivenbyeasingenergypricesandweakeroveralldemand.

Thissuggestsagradualreturntopricestability,providingsomerelieftohouseholdsandbusinesses.

2%

1%

GrowthofReaIGDPintheEurozone

8%

0%

6%

-1%

2016201720182019202020212022202320242025Source:CNB,Fed,ECBCNBECBFed

4%

2%

TheCNBhasrecentlylowereditskeyinterestrate

to3.50%,andwhileitmaycontinuetoreducerates

further,thisisnotcertaingiventheevolvingeconomicconditions.Notably,inflationintheCzechRepublic

hasnowfallenbelow2%,whichcouldinfluencefuturemonetarypolicydecisions.TheECBhasalsocutitsratesto2.25%andmightpursueadditionaleasingdependingonhowinflationandgrowthdevelopacrossthe

Eurozone.Ontheotherhand,theFedismaintainingitsrateswithinthe4.25%to4.50%rangeandisexpectedtoremaincautiousaboutlooseningmonetarypolicy,closelymonitoringinflationtrendsandeconomicdatabefore

makinganyfurtheradjustments.AllthreecentralbanksmustalsoconsidertheongoingtradetensionstriggeredbytariffmeasuresintroducedbytheUS,whichcontinuetocreateuncertaintyandriskfortheglobaleconomy.

0%

-2%

-4%

-6%

-8%2016201720182019202020212022202320242025

Source:Eurostat,IMF

1011

PropertyIndex|14thedition,August2025PropertyIndex|14thedition,August2025

8

7

6

5

4

3

2

Theopeningchapterofthisyear’sPropertyIndextakesacloserlookathousingdevelopmentintensity–akeyindicatorthatmeasureshowmanynewdwellingswerecompletedper1,000residentsacrosseachparticipatingcountry.Thismetricoffersaclearpictureofhowactivelycountriesareexpandingtheirhousingstocktomeet

Ontheothersideofthescale,Bosniaand

Herzegovinareportedthelowestnumberofcompletedhomes,witharound3,400newdwellingsin2024.SimilarfigureswereseeninSIovenia,whereapproximately

1

0

586.96.85

30.2

199.9

53.4

5.33

330.44.82

5.62

53.8

26.3

4.39

23.9

5.33

69.1

3.83

21.1

3.74

4.56

17.6

4.29

20.9

3.26

252.02.98

30.3

2.78

5.1

24.6

2.31

153.9

86.6

1.78

3.25

2.42

13.2

1.39

3.4

1.04

2.26

700

600

500

400

300

200

100

0

HousingDeveIopmentIntensity-IndexofNumberofCompIetedDweIIingsper1,000Citizens,2024

Comparisonof

ResidentiaIMarkets

HousingDevelopmentIntensity

CompIetedDweIIings

BAHUESUKPTSICZDESKBGFINLNODKBEFRILPLIETR

Source:DeloittenationalofficesNumberofcompleteddwellingsper1,000citizens

Totalnumberofcompleteddwellings(ths.)

5,100unitswerefinished.Alsobelowthe20,000-dwellingmarkwereHungaryandSIovakia,with13,200

and17,600completeddwellings,respectively.

Lookingatyear-on-yearchanges,Bosnia

andHerzegovinarecordedthehighestgrowth

incompleteddwellingsamongparticipatingcountries,withanimpressive17.6%increasebetween2023

and2024.BeIgiumandTurkeyfollowedwithgrowthratesof10.0%and9.7%,respectively.

Conversely,13outof20countriesthatsubmitted

comparabledatasawadeclineinresidentialcompletionsoverthepastyear.Themostsignificantdropwas

observedinFinIand,wherecompletionsfellby48.5%.OthernotabledecreasesoccurredinHungary(-28.7%),Denmark(-21.9%),andtheCzechRepubIic(-20.4%).

growingdemand.

In2024,threecountriesrecordedfewerthantwo

completeddwellingsper1,000inhabitants:Bosnia

andHerzegovina(1.04),Hungary(1.39),andSpain(1.78).Thesefiguresreflectrelativelylowlevelsofnewhousingactivitycomparedtotherestofthegroup.

Attheotherendofthespectrum,Turkeyledthe

waywitharemarkable6.85completeddwellingsper1,000people,followedbyIsraeI(5.62)andPoIand(5.33).Thesecountriesstoodoutfortheirparticularlyhighlevelsofresidentialconstructionrelativetotheirpopulationsize.

Whenlookingattheabsolutenumberofcompleted

dwellings,Turkeyalsoclaimedthetopspotin2024,

o