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Average property price by country around the world
What is the cost of a city centre flat in countries around the world?
How do property prices in the UK compare to those of the rest of the world? We estimated the average cost of a city-centre 2-bed flat in 99 countries to find out.
The global average cost of a 2-bedroom flat is £176,000, up 5% from a global average of £167,000 in 2022. The UK was the 19th most expensive place to buy a property, with an average price for a 2-bedroom flat at £263,000. This is 49% higher than the global average across all countries.
Hong Kong was found to be the most expensive country to buy property, with a 2-bed flat costing an eye-watering £1.4 million – 7 times the global average. Hong Kong was the only country where a city centre flat would cost you more than £1 million on average.
On the other end of the spectrum, the cheapest place to buy a property was Egypt, where a 2-bedroom flat of the same size would cost you just £24,000. This is 86% less than the global average, and for comparison, you could buy 60 flats in Egypt for the price of just 1 flat in Hong Kong!
Egypt has held onto its position as the cheapest place to buy a property since 2022, when it would have cost slightly more at £30,000.
Wherever you decide to live, you’ll need some help choosing the best mortgage for you.
What is the most expensive city in the world to buy a property?
Hong Kong is also the most expensive city in the world to buy a property, with an average price of £1.4 million. This is followed by Zurich, Switzerland, with an average price of £1.2 million, and Seoul, in South Korea, with an average price of just over £1 million.
London was the 7th most expensive city in the world to buy a flat, with an average cost of £799,000. However, this figure is down slightly from the average price for a London flat in 2022, which was £814,000.
|Number||City||Average cost of flat in city||Compared to global average|
|1||Hong Kong, Hong Kong||£1,440,000||718%|
|3||Seoul, South Korea||£1,007,000||472%|
|7||London, United Kingdom||£799,000||354%|
|8||New York, NY, United States||£792,000||350%|
|9||Tel Aviv-Yafo, Israel||£766,000||335%|
What is the average cost of a property in Europe?
The average cost of a 2-bed flat in Europe is £193,000. This is up 7% from £181,000 in 2022 and is 16% more than the global average of £167,000.
However, the cost of property varies significantly between European countries, with a flat in Switzerland, the most expensive country at £772,000, costing over 11 times more than the cheapest country, which is Turkey at £66,000.
The UK is the 9th most expensive country in Europe to buy a 2-bedroom flat, and you’d be spending £70,000 more than the European average.
What is the most expensive city in Europe to buy property?
Zurich is the most expensive city in Europe to buy property, with the average 2-bed flat costing a hefty £1.2 million. Geneva comes in as the second most expensive European city to buy property, with an average cost of £945,000.
Property prices in both Zurich and Geneva have shot up in the past year, with Zurich prices 51% higher than in 2022, when a flat would have cost £792,000 on average, and Geneva prices 40% higher, with an average cost of £675,000 in 2022.
London is the third most expensive European city, with the average cost of a flat at £799,000. This is 354% more than the global average cost to buy a city centre flat.
The cheapest city in Europe for a flat is Bitola in North Macedonia, with an average cost of just £47,000, which is 25 times cheaper than a flat in Zurich. This is followed by Dnipro in Ukraine, with an average cost of £55,000 and Rostov-on-Don in Russia, with an average cost of £59,000 – perhaps not surprising given the 2 countries are currently at war.
Explore the table below to find out the cost of a flat around Europe and the world.
The cost of property around the world: Full list
Methodology and sources
The median area of a 2-bed flat in the UK, according to a 2010 dwelling size survey, is 59.11 square metres. Therefore, each price per square metre was multiplied by 59.11 to get the cost of a 2-bed flat in each country.
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