Cheapest properties in Europe

Are property prices in Europe cheap?

To realistically answer this question, we must form a clear picture of current global property prices by discussing the global real estate market, especially the European and Turkish markets, and the latest information about them.

While increasing numbers of Americans have been moving to Europe in recent years for many reasons, most notably the lower cost of living and relatively affordable housing prices compared to the United States, as well as a calmer and more comfortable lifestyle, property prices in Europe are considered high compared to many other countries, such as Turkey.

According to a recent report by Sotheby's International Realty, a luxury real estate brand founded in 1976 and still operating worldwide, France, Italy, Greece, Spain, and Portugal are among the most popular European countries for international buyers to purchase property.

According to the global real estate group Knight Frank, a leading real estate consultancy, searches for French properties by US-based buyers increased by 27% in the first five months of 2022 compared to 2021. Italy and France were the most attractive countries for US buyers, and Greece also saw a 40% increase in property transactions between April and June 2022 compared to 2021. Many American citizens also preferred the Iberian Peninsula, Portugal, and Spain, due to property prices that suited them.

You may be interested: Best residential complexes in European Istanbul.

According to a recent statement by "Jerry Howard," CEO of the National Association of Home Builders in the US, the United States is heading toward a real estate recession due to a shortage of supply, rising construction costs, and therefore higher home prices. On the other hand, property prices in Europe have become more reasonable compared to the US. While prices in the hottest US markets jumped by 30% between early 2021 and the first quarter of 2022, prices in Paris and London rose by only 5%, and in Florence, they fell by 1.6%.

In summary, we can say:

Property prices in Europe are undoubtedly cheaper than their counterparts in America, which, according to experts and analysts, is heading toward a real estate recession.

However, compared to Turkey, which is one of the closest countries to the European Union, European properties are relatively expensive. In fact, property prices in Istanbul, for example, are cheaper than in more than 140 European cities, which we will detail with numbers later in this important article.

Where are the cheapest properties in Europe?

Some of the most affordable places to buy property in the European Union are:

1. France – Grenoble, where the average price per square meter for apartments in the city center is about $3,475 USD.
2. Croatia – Rijeka, where the average price per square meter for apartments in the city center is about $2,538 USD.
3. Portugal – Coimbra, with an average price per square meter for apartments in the city center of about $2,360 USD.
4. Hungary – Szeged, where the average price per square meter for apartments in the city center is about $2,207 USD.

What are the advantages of buying property in Europe?

The European Union started as a small economic project among six countries that formed the European Common Market, but soon expanded into a political partnership, now including 27 countries after the UK left the union.

However, it is also known that foreign real estate investment is mainly directed to certain capitals and cities within the union, as most areas of this continent have a cold climate for most of the year, except for the southern part near the northern Mediterranean coast.

Some of the main advantages of freehold ownership and residency in Europe:

• Permanent residency in exchange for buying property: Some real estate companies in Europe have, in recent years, promoted the slogan "citizenship or permanent residency in exchange for buying property", aiming to attract new investments.
• Benefiting from the laws of the country where the investment is made, with the freedom to move between EU countries after obtaining residency.
• Natural beauty: Some European cities are known for their beautiful nature, which attracts tourists and investors, but the period to enjoy this beauty is often relatively short due to the long winter and short summer.

However, the conditions for obtaining residency are not easy except for the wealthy, due to the strict requirements for freehold ownership in Europe, high property values, and difficult residency procedures.

What are the European cities of Turkey?

It is known that Turkey's cities are spread across both Europe and Asia. The city of Istanbul is also divided into an Anatolian side east of the Bosphorus and a European side to the west. There are also a number of cities and districts geographically located within the European continent.

1. Tekirdag

The city is located on the Sea of Marmara and is one of the closest cities to Istanbul, connected by sea and land. It is in the European part of Turkey and is one of the richest Turkish provinces in terms of natural and environmental diversity, attracting tourists from everywhere.

2. Kirklareli

Located in northwest Turkey near the Black Sea, it is known for its vast green spaces and forests that cover many areas. Every year, it welcomes tourists seeking adventure and tranquility.

3. The European side of Istanbul

Istanbul is divided into two parts, one Asian and one European. Istanbul has 39 districts (municipalities), and the European side includes its most famous areas such as: Fatih, Basaksehir, Bayrampasa, Gaziosmanpasa, Kucukcekmece, Buyukcekmece, Esenyurt, Catalca, Silivri, and others.

4. The European part of Canakkale

The European side of Canakkale is located on the western coast of the Dardanelles. It is a city of significant historical depth, separated from the European side by the Dardanelles Strait.

5. Edirne

Located in the northwest of the Republic of Turkey, near the Bulgarian and Greek borders, the Maritsa River passes through it. Its most famous landmark is the Selimiye Mosque, built by Sultan Selim I and designed by the famous architect Sinan Pasha, whose minarets are among the tallest in Turkey. The city also has many natural and historical attractions.

Is Turkey part of the European Union?

Although parts of Turkey are geographically within the European Union, it is not yet a member, despite Turkey's repeated attempts to join the bloc. Turkey is also directly linked to NATO, where it is one of the key members, and it has trade and economic cooperation agreements with major European economies and many NATO countries.

Do property buyers in Turkey benefit from EU facilities?

When a property owner benefits from Turkish citizenship or residency, they may receive additional facilitation when applying for a visa to the European Union.

Ownership documents can be submitted along with Turkish residency or ID when applying for a visa to an EU country, which can often support the application.

Comparison of Turkey and Europe properties by price

Turkey is a major player on the global stage, attracting more and more foreign investors thanks to its many advantages, most notably its ideal location between East and West and its competitive property prices compared to Europe.

Turkey is not only one of the countries that allows foreigners to obtain citizenship through real estate investment, but the investment returns from its property market remain highly attractive, as well-planned investments can yield good profits.

If we take Istanbul as an example for comparison and evaluation, we find many features worth highlighting. Istanbul, like other tourist cities in Turkey, offers healthy real estate investment opportunities, thanks to the development of many of its neighborhoods and municipalities.

The Turkish real estate market is described as cheap compared to other countries. The relatively moderate home prices compared to Europe continue to attract expatriates and foreigners from various countries. For a detailed study and comparison of prices between some European countries and Turkey, refer to our comprehensive article titled: Countries granting residency by property purchase - comparison between Europe and Turkey.

We also provide you with a detailed table ranking the most expensive to the cheapest average property prices in major European cities, according to the latest available price study:

Rank	Apartment in City Center	Price per Square Meter (USD)		Rank	Apartment in City Center	Price per Square Meter (USD)
1	Zurich, Switzerland	19276.31		51	Darmstadt, Germany	5570.73
2	Geneva, Switzerland	17450.14		52	Brno, Czech Republic	5261.53
3	Lausanne, Switzerland	14782.37		53	Barcelona, Spain	5151.62
4	London, United Kingdom	14475.65		54	Edinburgh, United Kingdom	5067.59
5	Paris, France	13265.73		55	Bratislava, Slovakia	5027.67
6	Munich, Germany	12905.56		56	The Hague, Netherlands	4946.17
7	Luxembourg, Luxembourg	12766.89		57	Liverpool, United Kingdom	4737.71
8	Stockholm, Sweden	10762.24		58	Manchester, United Kingdom	4713.73
9	Frankfurt, Germany	10416.38		59	Rotterdam, Netherlands	4712.14
10	Basel, Switzerland	9989.30		60	Ljubljana, Slovenia	4613.11
11	Oslo, Norway	9530.06		61	Turku, Finland	4562.69
12	Milan, Italy	9421.99		62	Toulouse, France	4557.39
13	Amsterdam, Netherlands	9081.80		63	Eindhoven, Netherlands	4557.03
14	Hamburg, Germany	9019.28		64	Tampere, Finland	4477.81
15	Stuttgart, Germany	8806.13		65	Warsaw, Poland	4459.80
16	Vienna, Austria	8658.43		66	Linz, Austria	4423.57
17	Berlin, Germany	8616.90		67	Aalborg, Denmark	4417.43
18	Innsbruck, Austria	8412.94		68	Bologna, Italy	4388.79
19	Helsinki, Finland	8286.24		69	Vilnius, Lithuania	4274.27
20	Cambridge, United Kingdom	8233.32		70	Tallinn, Estonia	4270.59
21	Saint Helier, Jersey	8229.01		71	Saint Petersburg, Russia	4208.91
22	Dusseldorf, Germany	7993.55		72	Naples, Italy	4155.94
23	Prague, Czech Republic	7972.72		73	Brussels, Belgium	4119.95
24	Copenhagen, Denmark	7859.56		74	Gdansk, Poland	4108.72
25	Dublin, Ireland	7800.63		75	Pilsen, Czech Republic	4075.11
26	Heidelberg, Germany	7427.64		76	Dubrovnik, Croatia	4041.34
27	Moscow, Russia	7120.78		77	Belfast, United Kingdom	3991.72
28	Rome, Italy	7114.13		78	Malmo, Sweden	3918.76
29	Nice, France	6985.52		79	Cork, Ireland	3901.82
30	Espoo, Finland	6974.02		80	Uppsala, Sweden	3894.98
31	Trondheim, Norway	6797.24		81	Zagreb, Croatia	3841.20
32	Haarlem, Netherlands	6737.93		82	Palma de Mallorca, Spain	3766.87
33	Salzburg, Austria	6727.32		83	Krakow, Poland	3766.19
34	Tromso, Norway	6340.23		84	Malaga, Spain	3749.19
35	Aarhus, Denmark	6322.45		85	Gdynia, Poland	3660.33
36	Nantes, France	6295.81		86	Budapest, Hungary	3616.43
37	Utrecht, Netherlands	6221.68		87	Split, Croatia	3564.79
38	Nuremberg, Germany	6065.48		88	Turin, Italy	3541.92
39	Cologne, Germany	6061.48		89	Porto, Portugal	3536.09
40	Reykjavik, Iceland	6050.57		90	Ghent, Belgium	3528.66
41	Bergen, Norway	5900.85		91	Coventry, United Kingdom	3486.13
42	Lyon, France	5862.53		92	Grenoble, France	3475.07
43	Lisbon, Portugal	5819.44		93	Treviso, Italy	3416.71
44	Madrid, Spain	5744.91		94	Seville, Spain	3410.65
45	Gothenburg, Sweden	5721.79		95	Antwerp, Belgium	3401.39
46	Cascais, Portugal	5703.37		96	Valencia, Spain	3400.32
47	Stavanger, Norway	5699.77		97	Groningen, Netherlands	3363.66
48	Florence, Italy	5666.23		98	Belgrade, Serbia	3339.32
49	Glasgow, United Kingdom	5635.68		99	Olomouc, Czech Republic	3318.82
50	Graz, Austria	5624.71		100	Košice, Slovakia	3285.14

Meanwhile, the average prices (for both old and new residential properties) in major Turkish cities according to Zingat, at the time of writing this article, are as follows:

Value in USD (exchange rate 18.77)	Average price per square meter in Turkish Lira	City
1132.6	21260	Istanbul
846.6	15890	Antalya
514.9	9665	Sakarya
504.2	9464	Ankara
482.8	9062	Bursa
416	7809	Trabzon

We notice that Istanbul tops the list in terms of property value, followed by Antalya, with the cheapest being Trabzon.

We also see that Istanbul properties are cheaper than those in more than 100 European cities according to the list provided earlier.

Comparison of Turkey and Europe properties by investment value

It is risky to judge the properties of any country as having higher investment returns than another, as conditions can vary between cities and properties, and opportunities are not exclusive to one city or country. However, it is useful to highlight some advantages of real estate investment in Turkey:

• Turkish properties are ideal for long-term investment

Those seeking long-term investments can rely on the Turkish real estate market, as Turkish properties have a strong chance to provide profitable investment returns. Buyers of property in Turkey have an added advantage over those in Cyprus, Spain, or other European cities, as property prices in Turkey have already risen and still have the potential for further growth.

• Diverse housing options

One of the main reasons foreigners are keen to buy property in Turkey is the wide range of luxury options within moderate budgets, whether for new or resale apartments or villas, with attractive choices of luxury homes with stunning views and locations.

• Low cost of living

Compared to any European country or the US, living in Turkey is extremely affordable, with luxuries comparable to any European country.

Read also: Comparison of quality of life between Turkey and Europe.

• Simplified property ownership and investment process

The government has taken steps to simplify the ownership process and attract investment to the domestic real estate market, including the possibility of buying or selling properties remotely.

• Obtaining Turkish citizenship

One of the main benefits of buying property in Turkey is the possibility of obtaining a Turkish passport along with Turkish citizenship. As a result, many foreign investors seeking a second home and a new passport find Turkey an ideal choice to achieve their dreams.

The Turkish citizenship by investment program allows foreign investors to invest at least $400,000 and obtain Turkish citizenship in a short period.

Buy a property in Turkey, the meeting point of East and West, with Imtilak Real Estate

With years of experience, Imtilak Real Estate has spread its activities across a wide range of important projects in major Turkish cities. Imtilak has acquired a good market share of exclusive projects, which has naturally resulted in a real ability to provide unique ownership opportunities at prices suitable for most investment segments.

At Imtilak Real Estate, we have built our solid and integrated foundation in real estate services from A to Z, following a smooth and integrated work mechanism that covers all stages of ownership and after-sales services, to provide our clients with a comprehensive investment experience and fulfill their hopes of obtaining the best real estate opportunities in the shortest and easiest ways.

Edited by: Imtilak Real Estate©