Cost of a city centre flat around the world

How do property prices in the UK compare to the rest of the world?

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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.

70%PrefixCountry
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.””

Jon Ostler, UK CEO at finder.com

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
matt.mckenna@finder.com@MichHutchison/in/matthewmckenna2

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