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Prices on Europe’s property market in the midst of the pandemic

The global COVID-19 pandemic had huge impact on the property market. For example, the prices on Italian property were affected as follows:

  • In the first quarter of 2020 the residential property prices dropped by around 0.4%;
  • Real estate agencies closed their doors. It is said that some 20,000 property sales have been cancelled in Italy since the beginning of this year due to the coronavirus outbreak.

France opened its borders for EU nationals. Third-country nationals, including those from Russia, may enter the country starting from July. Citizens of any country, holding a residence permit, may apply for permanent residency in 5 years.

Anyone looking to rent a furnished one-bedroom apartment in Paris and its suburbs would need to be ready to spend the following:

  • EUR 2,820 per month for an apartment of about 60 sq.m. on the Champs Elysses;
  • EUR 1,575 per month for an apartment of about 31 sq.m. with the view of Louvre in the Palais Royal area;
  • EUR 950 per month for a furnished studio of about 24 sq.m. in Gare de Lyon.

The rating of the EU countries with regards to urban area residential property purchase prices per square meter as of June 2020 (data by key cities used) is the following:

  1. Monaco – from EUR 49,000
  2. Austria – from EUR 9,609
  3. Norway – from EUR 8,162
  4. Sweden – from EUR 5,000
  5. The Netherlands – from EUR 5,000
  6. France – from EUR 3,000-3,500
  7. Finland – from EUR 2,800
  8. Latvia – from EUR 2,789
  9. Hungary – from EUR 2,515
  10. Malta – from EUR 2,400
  11. Poland – from EUR 2,160
  12. Estonia – from EUR 2,085
  13. Germany – from EUR 1,700
  14. Romania – from EUR 1,701
  15. Cyprus – from EUR 1,678
  16. Greece – from EUR 1,500
  17. Spain – from EUR 1,260
  18. Belgium – from EUR 1,200
  19. Portugal – from EUR 1,014
  20. Bulgaria – from EUR 800