London property prices over four times the EU average

London is the most expensive EU capital for property, according to research.

Hybrid estate agent eMoov.co.uk looked at the average property prices per square foot across the 28 EU member states and its capitals ahead of the EU referendum this Thursday.

According to the firm, properties in London cost an average of £12,468 per square foot, over four times the £2,867 average across all EU capitals.

In comparison, properties in Paris cost less than half of that, at £6,010 on average. Stockholm (£5,844) and Rome (£5,201) also breach the £5k mark per square foot.

The UK doesn’t come on top among the 28 EU member states however, with Luxembourg being the most expensive country with prices at £4,540 on average per square foot followed by Sweden (£3,991), France (£3,423) and the UK (£3,280).

The cheapest member state for property is Bulgaria at just £634 overall and £734 in its capital, Sofia. Romania (£780) and Bucharest (£889) as well as Hungary (£829) and its capital Budapest (£940) are the second and third cheapest member states.

Russell Quirk, CEO of eMoov, commented:

“With the precarious mix of easily obtained credit and inflated property prices continuing to inflate the UK property bubble, something will eventually give, Brexit or no Brexit.

“I for one think that a cool in demand caused by uncertainty in the market, be it as a result of a leave or remain outcome, could be a healthy thing and help return the UK market back to some level of stability.”

EU member state

Abbreviation

Average property price per sq ft

Luxembourg

LU

£4,541

Sweden

SE

£3,992

France

FR

£3,423

United Kingdom

UK

£3,280

Austria

AT

£2,900

Ireland

IE

£2,890

Finland

FI

£2,797

Denmark

DK

£2,795

Italy

IT

£2,757

Germany

DE

£2,500

Netherlands

NL

£2,234

Belgium

BE

£2,121

Spain

ES

£1,737

Malta

MT

£1,588

Slovenia

SI

£1,532

Estonia

EE

£1,418

Czech Republic

CZ

£1,370

Croatia

HR

£1,239

Lithuania

LT

£1,205

Poland

PL

£1,196

Slovakia

SK

£1,114

Portugal

PT

£1,105

Cyprus

CY

£1,076

Latvia

LV

£1,045

Greece

GR

£968

Hungary

HU

£830

Romania

RO

£781

Bulgaria

BG

£634

Average

–           

£1,967

 

Capital City

Country

Average property price per sq ft

London ENG

£12,468

Paris FR

£6,010

Stockholm SE

£5,844

Rome IT

£5,201

Luxembourg City LU

£4,930

Vienna AT

£4,259

Valletta MT

£4,152

Helsinki FI

£3,917

Dublin IE

£3,489

Amsterdam NL

£3,432

Copenhagen DK

£3,271

Berlin DE

£2,608

Madrid ES

£2,601

Brussels BE

£2,364

Belfast NIR

£2,205

Prague CZ

£1,906

Ljubljana SI

£1,819

Lisbon PT

£1,725

Bratislava SK

£1,659

Cardiff WAL

£1,583

Glasgow SCT

£1,580

Warsaw PL

£1,561

Tallinn EE

£1,551

Zagreb HR

£1,395

Vilnius LT

£1,370

Nicosia CY

£1,173

Athens GR

£1,140

Riga LV

£1,101

Budapest HU

£940

Bucharest RO

£889

Sofia BG

£734

Average

£2,867