By Euro Weekly News Media • 02 July 2016 • 9:00
THE BIG SMOKE: London dominates as the city with the highest average price per square metre.
WHILE it may boast the continent’s most expensive city in London, the UK slips down to fourth place as a whole when it comes to ranking Europe’s most expensive countries for property.
With an average price of €4,294 per square metre the UK falls well behind top places Luxembourg at €5,855, Sweden at €5,205, and just under France at €4,424.
Spain is significantly lower at €2,260, while the lowest EU member is Bulgaria where the average square metre costs just €780.
On the city front London’s dominance is impenetrable, even despite recent decreases and the fallout over the referendum vote. With an average price per square metre of an eye-watering €16,135 the Big Smoke is more than double the price of second-placed Paris at a measly €7,807.
The news will make grimly repetitive reading for first time buyers desperately trying to gain a foothold on the city’s slippery and prohibitively expensive property ladder, and also highlights how London raises the UK’s average, despite the country being soundly outperformed by other areas of the EU.
Outside the EU but well within Europe, Monaco surpasses all of the competition with a startling average price of €47,000 per square metre, a fitting figure for Europe’s playground for royalty, oligarchs, sheiks and celebrities.
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