A new study comparing property prices in 62 countries relative to average local wages has found that Denmark is the most affordable country in Europe to buy a home. Despite being ranked as the most expensive country in the EU in 2023, with prices for goods and services being 43% above the EU average, the study by BestBrokers.com found that it only takes 114 net salaries to purchase a 100-square metre property in Denmark.
The report examined house prices, average monthly income, inflation, and mortgage interest rates to determine affordability across different countries. Ireland and Sweden ranked as the second and third most affordable countries in Europe, with 123 and 129 net wages respectively needed to buy a 100-square metre home.
The study also looked at real mortgage interest rates in Europe for the third quarter of 2024, with Russia having the highest rate at 12.3%. Other European countries with high rates included Latvia and Poland, while Belgium and Sweden had negative rates.
On a global scale, South Africa was found to be the most affordable country to buy a house, with 71 times the average wages needed to own a 100-square metre property. The United States ranked second, with 76 average monthly wages required for home purchase.
It should be noted that this information does not constitute financial advice and individuals should conduct their own research before making any decisions.
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