Stamp duty rate change comes into effect in England and Northern Ireland
Tax-free threshold drops from £500,000 to £250,000 for properties purchased after the stamp duty change on 1 July.
Read more…Cost of a city centre flat around the world
How do property prices in the UK compare to the rest of 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 two-bed flat in 99 countries to find out. Of these, the UK was the 13th most expensive, at £254,000. The average across all countries was £148,000, which makes the UK’s figure 71% higher than the global average.
The most expensive place to buy a flat is Hong Kong (too small to be seen on the map), with a two-bed flat costing an eye-watering £1.4 million – nine times the global average.
The 5 most expensive countries
1. Hong Kong: £1,388,000
2. Singapore: £860,000
3. Switzerland: £501,000
4. South Korea: £478,000
5. Japan: £391,000
The 5 cheapest countries
1. Pakistan: £29,000
2. Venezuela: £30,000
3. Egypt: £33,000
4. Tunisia: £35,000
5. Uzbekistan: £39,000
On the other end of the spectrum, the cheapest place for property appears to be Pakistan, where a flat of the same size would cost you a modest £29,000, 80% below average.
Wherever you decide to live, you’ll need some help along the way. Find out how to get a mortgage for an overseas property. You will also need to find a trusted provider to transfer your money overseas. If you’re aiming to get on the property ladder in the UK, check out our guide for first-time buyers for advice and tips on all the help that is available to you.
How do prices compare across Europe?
The average cost of a flat in Europe is £154,000, only marginally more than the global average of £148,000. However, the cost of a flat varies between European countries, with the most expensive country (Switzerland, £501,000) costing over £450,000 more than the cheapest (Moldova, £43,000). The UK is the 5th most expensive country in Europe to buy a 2-bedroom flat at £100,000 more than the European average (£254,000).
European regions compared
We compared the different regions of Europe to see how the price of a flat compares. Eastern Europe is the cheapest region to buy a flat in, at an average cost of £84,000. Whereas a flat in Western Europe, the most expensive region, will cost over 3.2 times more at £275,000, over £190,000 more expensive. The average cost of a flat in Northern Europe (the region including the UK) is £198,000 while Southern Europe costs £107,000.
Explore the map and the table below to find out more about the cost of a flat around Europe.
| Country | Subregion | Cost of a 2-bed flat | Compared to European average |
|---|---|---|---|
| Switzerland | Western Europe | £501,000 | 325.32% |
| France | Western Europe | £319,000 | 207.14% |
| Norway | Northern Europe | £289,000 | 187.66% |
| Sweden | Northern Europe | £259,000 | 168.18% |
| United Kingdom | Northern Europe | £254,000 | 164.94% |
| Germany | Western Europe | £247,000 | 160.39% |
| Finland | Northern Europe | £241,000 | 156.49% |
| Austria | Western Europe | £234,000 | 151.95% |
| Denmark | Northern Europe | £233,000 | 151.30% |
| Iceland | Northern Europe | £210,000 | 136.36% |
| Netherlands | Western Europe | £199,000 | 129.22% |
| Ireland | Northern Europe | £188,000 | 122.08% |
| Czech Republic | Eastern Europe | £182,000 | 118.18% |
| Italy | Southern Europe | £167,000 | 108.44% |
| Belgium | Western Europe | £152,000 | 98.70% |
| Spain | Southern Europe | £142,000 | 92.21% |
| Slovenia | Southern Europe | £135,000 | 87.66% |
| Portugal | Southern Europe | £129,000 | 83.77% |
| Croatia | Southern Europe | £124,000 | 80.52% |
| Estonia | Northern Europe | £119,000 | 77.27% |
| Poland | Eastern Europe | £108,000 | 70.13% |
| Lithuania | Northern Europe | £106,000 | 68.83% |
| Hungary | Eastern Europe | £104,000 | 67.53% |
| Slovakia | Eastern Europe | £100,000 | 64.94% |
| Serbia | Southern Europe | £94,000 | 61.04% |
| Latvia | Northern Europe | £85,000 | 55.19% |
| Greece | Southern Europe | £79,000 | 51.30% |
| Montenegro | Southern Europe | £70,000 | 45.45% |
| Romania | Eastern Europe | £69,000 | 44.81% |
| Belarus | Eastern Europe | £68,000 | 44.16% |
| Albania | Southern Europe | £64,000 | 41.56% |
| Bosnia and Herzegovina | Southern Europe | £63,000 | 40.91% |
| Russia | Eastern Europe | £58,000 | 37.66% |
| Bulgaria | Eastern Europe | £55,000 | 35.71% |
| Ukraine | Eastern Europe | £51,000 | 33.12% |
| Moldova | Eastern Europe | £43,000 | 27.92% |
The full list of countries
| Country | Average price per square meter for city centre flat | Price for two-bed flat |
|---|---|---|
| Hong Kong | £23,489 | £1,388,000 |
| Singapore | £14,557 | £860,000 |
| Switzerland | £8,482 | £501,000 |
| South Korea | £8,091 | £478,000 |
| Japan | £6,621 | £391,000 |
| Taiwan | £6,269 | £371,000 |
| France | £5,394 | £319,000 |
| Israel | £5,387 | £318,000 |
| China | £5,229 | £309,000 |
| Norway | £4,892 | £289,000 |
| Kuwait | £4,523 | £267,000 |
| Sweden | £4,380 | £259,000 |
| United Kingdom | £4,304 | £254,000 |
| Germany | £4,186 | £247,000 |
| Finland | £4,077 | £241,000 |
| Australia | £4,004 | £237,000 |
| Austria | £3,952 | £234,000 |
| Denmark | £3,935 | £233,000 |
| New Zealand | £3,695 | £218,000 |
| Iceland | £3,546 | £210,000 |
| Canada | £3,525 | £208,000 |
| Qatar | £3,445 | £204,000 |
| Netherlands | £3,368 | £199,000 |
| Ireland | £3,177 | £188,000 |
| Czech Republic | £3,072 | £182,000 |
| Kenya | £3,036 | £179,000 |
| Thailand | £2,853 | £169,000 |
| Italy | £2,831 | £167,000 |
| Lebanon | £2,792 | £165,000 |
| Belgium | £2,567 | £152,000 |
| Spain | £2,398 | £142,000 |
| United Arab Emirates | £2,406 | £142,000 |
| Slovenia | £2,281 | £135,000 |
| Portugal | £2,187 | £129,000 |
| Bahrain | £2,173 | £128,000 |
| Argentina | £2,129 | £126,000 |
| Croatia | £2,102 | £124,000 |
| Estonia | £2,019 | £119,000 |
| United States | £2,017 | £119,000 |
| Uruguay | £1,853 | £110,000 |
| Poland | £1,832 | £108,000 |
| Lithuania | £1,793 | £106,000 |
| Hungary | £1,766 | £104,000 |
| Vietnam | £1,733 | £102,000 |
| Sri Lanka | £1,712 | £101,000 |
| Iran | £1,696 | £100,000 |
| Slovakia | £1,694 | £100,000 |
| Cyprus | £1,646 | £97,000 |
| Malaysia | £1,646 | £97,000 |
| Panama | £1,606 | £95,000 |
| Serbia | £1,583 | £94,000 |
| Philippines | £1,554 | £92,000 |
| Chile | £1,502 | £89,000 |
| Costa Rica | £1,510 | £89,000 |
| Latvia | £1,435 | £85,000 |
| Greece | £1,342 | £79,000 |
| Brazil | £1,271 | £75,000 |
| Guatemala | £1,257 | £74,000 |
| Indonesia | £1,241 | £73,000 |
| Peru | £1,231 | £73,000 |
| Armenia | £1,209 | £71,000 |
| Montenegro | £1,185 | £70,000 |
| Syria | £1,190 | £70,000 |
| Romania | £1,175 | £69,000 |
| Belarus | £1,153 | £68,000 |
| Ecuador | £1,151 | £68,000 |
| Morocco | £1,148 | £68,000 |
| Albania | £1,091 | £64,000 |
| Bosnia And Herzegovina | £1,063 | £63,000 |
| Mexico | £1,069 | £63,000 |
| Azerbaijan | £1,056 | £62,000 |
| Colombia | £1,049 | £62,000 |
| Iraq | £1,042 | £62,000 |
| India | £999 | £59,000 |
| Algeria | £984 | £58,000 |
| Russia | £988 | £58,000 |
| Nepal | £972 | £57,000 |
| Paraguay | £967 | £57,000 |
| Jordan | £954 | £56,000 |
| Bulgaria | £930 | £55,000 |
| Dominican Republic | £909 | £54,000 |
| Kosovo | £897 | £53,000 |
| Bangladesh | £882 | £52,000 |
| Ukraine | £868 | £51,000 |
| Kazakhstan | £824 | £49,000 |
| Bolivia | £809 | £48,000 |
| Georgia | £770 | £46,000 |
| Saudi Arabia | £784 | £46,000 |
| South Africa | £785 | £46,000 |
| Moldova | £726 | £43,000 |
| Namibia | £688 | £41,000 |
| Nigeria | £694 | £41,000 |
| Turkey | £669 | £40,000 |
| Honduras | £667 | £39,000 |
| Uzbekistan | £662 | £39,000 |
| Tunisia | £598 | £35,000 |
| Egypt | £565 | £33,000 |
| Venezuela | £501 | £30,000 |
| Pakistan | £498 | £29,000 |
The top 10 most expensive cities for a flat
| City | Average cost of flat in city | Compared to global average |
|---|---|---|
| Hong Kong, Hong Kong | £1,397,000 | 944% |
| Singapore, Singapore | £863,000 | 583% |
| London, United Kingdom | £758,000 | 512% |
| Seoul, South Korea | £707,000 | 478% |
| New York, NY, United States | £677,000 | 457% |
| Beijing, China | £661,000 | 447% |
| Taipei, Taiwan | £616,000 | 416% |
| Shanghai, China | £609,000 | 411% |
| San Francisco, CA, United States | £600,000 | 406% |
| Geneva, Switzerland | £600,000 | 406% |
See the stats for these 8 UK cities
| City | Price per square meter in city centre | Average cost of 2-bed flat | Compared to global average |
|---|---|---|---|
| London | £12,824 | £758,000 | 512% |
| Cambridge | £5,861 | £346,000 | 234% |
| Brighton | £5,463 | £323,000 | 218% |
| Liverpool | £4,960 | £293,000 | 198% |
| Bristol | £4,460 | £264,000 | 178% |
| Edinburgh | £4,119 | £243,000 | 164% |
| Manchester | £3,844 | £227,000 | 153% |
| Birmingham | £3,134 | £185,000 | 125% |
These statistics show that prices for a city centre flat in the UK are generally comparable to our European and global counterparts. London is very much the exception to this rule though, with a central flat being out of reach for almost all young Brits trying to get a foot on the property ladder.”
“If you’re a first-time buyer looking to purchase a flat or house, there are various ways that you can get assistance. Help to buy schemes allow you to earn tax-free interest, and the government also adds 25% to your savings (up to £3,000), which is a no-brainer if you’re serious about purchasing. People are increasingly looking at shared-ownership as well. This allows you to purchase part of a flat from a housing association and will result in a lower deposit and monthly payments. You can then purchase more of the flat as and when you’re able to. You can see more helpful information on this dedicated page.””
Sources
Numbeo
The median area of a two-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 two-bed flat in each country.
Click here for more research. For all media enquiries, please contact:
Matt Mckenna
UK Communications Manager
T: +44 20 8191 8806
UK Communications Manager
T: +44 20 8191 8806
Related articles
Winners announced at the Finder Lending Innovation Awards 2021
These inaugural awards recognise the lending providers displaying the best innovations in their field.
Read more…
Lending Innovation Awards 2021
These awards recognise innovation in the areas of credit cards, loans, mortgages and BNPL. We reveal this year’s winners.
Read more…
Agricultural mortgage
What you need to know about getting a mortgage if you’re buying or refinancing a farm or farmland, including the factors lenders consider when you apply for one.
Read more…
Mortgage for a pub
Everything you need to know about taking out a mortgage to buy or refinance a pub. Find out where to get one, how to get the best deal and the factors lenders consider.
Read more…
Mortgage for a hotel
In-depth guide to taking out a commercial mortgage to buy or refinance a hotel. Find out how to get the best rates, factors lenders consider and what you need to apply.
Read more…
More guides on Finder
-
The Warm Home Discount Scheme explained
Find out who gets the Warm Home Discount automatically, who needs to apply and how to do it. Plus more tips for saving on your energy bills.
-
Monzo review: Is it worth it?
Is Monzo’s app-only current account the right option for you? Read our review to get the low-down on all of the features of the account, its card and the app.
-
Drone industry forecast
By 2025, the drone industry is set to double what it was 2020, with the UK set to see an £11 billion uplift from the adoption of drone technology by 2030.
-
Moving abroad: What could you buy for the same amount as a London property?
The average house in London now costs over £500,000. What type of properties could you get for the same price around the world?
-
Best mortgage lenders 2021 UK: Find the best bank for a mortgage
Discover the best bank for a mortgage in the UK using real customer reviews from our customer satisfaction survey.
-
Parking fines: Which UK city issues the most tickets?
Are you driving to do your Christmas shopping this year? Find out which city issues the most parking fines during the festive season.
-
Best international money transfer services
Learn how to compare international money transfer services so you can get the best exchange rates and lowest fees.
-
Historical price tracker: House prices, inflation and more
Find out how the prices of common items in the UK have changed since 1980 in comparison to inflation.
-
Kia Ceed insurance group and cost
Find out the average cost of insurance for a Kia Ceed based on the specific model version, the driver’s age and their location.
-
The UK’s top and bottom cities for disposable income revealed for 2020: Aberdeen tops list, while Brighton is last
The analysis compared the average local salaries of each city against local rent and other standard monthly outgoings for 30 UK cities to find who has the most, and least, disposable income.
Ask an Expert