Europe’s capital cities are a big draw for many millions of people seeking dynamic places to live and work.
There is however, one major drawback for their residents; the cost of housing. The price of the properties across Europe’s capitals has been heading upwards in recent years – some faster than others – and now swallows a sizeable chunk of residents’ disposable income when they’re renting or saving for a deposit.
Unsurprisingly London is the most expensive place for aspiring homeowners. While nominal wage growth for those who live in London has increased by 15 percent since 2005, the average price of London property has almost doubled, increasing by 92 percent.
Philip Wedge-Bernal Residential Research EMEA Analyst at JLL, says: “The global recession has undoubtedly played a significant role in this trend, with domestic wages since the worldwide crash failing to keep pace with significant house price growth.”
So which European cities offer the best value for renting and buying a one bedroom apartment?