Real Estate in Europe: Prices, Taxes and Maintenance Costs

Real estate

Real Estate in Europe: Prices, Taxes and Maintenance Costs

По данным отчета Emerging Trends in Real Estate, инвесторы считают самыми перспективными для вложений в недвижимость Берлин, Лондон, Париж, Амстердам и Гамбург. В первую десятку также вошли города Испании, Италии и Австрии.

В каждой европейской стране действуют свои правила покупки жилья. Чтобы помочь будущим космополитам сориентироваться в них, мы собрали гайд по недвижимости в Европе.

Real estate in Europe: prices, taxes, maintenance

According to the Emerging Trends in Real Estate report, investors consider Berlin, London, Paris, Amsterdam and Hamburg to be the most promising for real estate investments. The top ten also includes cities in Spain, Italy and Austria.

Each European country has its own rules for buying an EU house. To help future cosmopolitans navigate them, we have compiled a guide to real estate in Europe.

Immigrant Invest explains the average cost per square meter of housing, additional costs in buying European real estate, the amount of utility bills and annual taxes. The guide will be useful for cosmopolitans who are considering buying real estate in Europe to participate in programs for obtaining a residence permit or second citizenship.

Real estate in Austria

Not only citizens of the country, but also foreigners who have received a residence permit can buy housing in Austria. This path is available to people with a monthly income of €4,000 or more as they can participate in the residence permit program for financially independent persons.

It is more difficult for foreigners without a residence permit to buy housing in Austria. You will need to obtain permission from the authorities and comply with a number of conditions: for example, to live in the federal state where the housing is located for at least three years. 

The cost of housing in Austria is growing despite the slowdown in economic growth in the country. In the first quarter of 2021 alone, prices increased by 3%.

The highest cost per square meter of housing is in Vienna: it is from €3,500 in the suburbs to €13,000 in elite areas like Innere Stadt. In small towns, prices are lower: in Salzburg it starts from €5,300 to €6,300 per square meter and in Graz, from €3,300 to €4,400 per square meter. 

Property taxes in Austria. When making a deal, the buyer pays taxes and fees from 7.6 to 10.6% of the property’s value. The amount depends on the property tax by country in which the facility is located and the agent's commission.

After registering the property, the buyer pays an annual tax. In Austria, it is calculated from the cadastral value of the object, and the tax rates are determined by the municipality. If the property is an apartment, the tax is included in the rent for each month. 

Maintenance of real estate in Austria. Residents pay for maintenance of the house and territory from €100 to €300 per month, as well as utilities like gas, water and electricity. The amount per month ranges from €150 to €350, depending on the season and arearnof ​​residence.

Real estate in Belgium

The housing market in Belgium is growing from strong demand for real estate and a slow pace of housing construction. According to ING Bank, house prices in Belgium increased by 3.2% in 2019 and by another 2% in 2020.

The average cost per square meter of housing in Belgium is €3,170, but within the country prices differ significantly. Real estate prices in the provinces of Brabant, Antwerp and Brussels reach €4,000 per square meter. In the small towns of Liege, Namur and Mons, you can find apartments with a cost per square meter of up to €1,500.

Real estate taxes in Belgium. When making a deal, the buyer pays taxes and fees:

  • from 16.7 to 21.7% of the value of real estate for secondary housing;
  • from 25.6 to 27.6% of the value of real estate for new housing.
    A homeowner pays an annual immovable property tax of 1.5 to 2.5%, depending on the region.

Maintenance of real estate in Belgium. The cost of utilities ranges from €100 to €250 for an apartment of 85 sq.m.

Real estate in Europe: the cozy town of Bruges is a popular tourist destination
When registering a new ownership of real estate, the buyer pays VAT at the rate of 21%, when registering a secondary one, 12.5% ​​of the registration fee. Buying secondary real estate in Belgium is more profitable

Real estate in Bulgaria

The real estate market in Bulgaria has slowed down: after five years of annual growth by 10-12%, prices have risen by only 2% in 2020. Colliers International experts associate this with the pandemic and predict that the situation will not change in the next few years, i.e. some European house prices will remain at the same level.

The average cost per square meter of housing in Bulgaria is €1,650. The most expensive real estate is in the capital Sofia. According to Colliers International, in the first half of 2020, the average cost of a two-bedroom apartment ranged from €145,000 to €180,000, with house prices starting at €450,000.

The minimum cost per square meter of housing in other regions of Bulgaria, according to Bulgarian Properties:

  • Strelbishte and Gotse Delchev from €1,100 to €1,400
  • Krastova Vada and Hladilnika — €1,250
  • Vitosh — €1,100
  • Studentski grad — €1,000.

Property taxes in Bulgaria. When making a deal, the buyer pays taxes and fees of 2.8 to 7.6% of the property value.

Property owners pay an annual property tax ranging from 0.1 to 0.45% of the assessed value, which is determined by the local tax authorities. The tax rate is set by the municipality.

Maintenance of real estate in Bulgaria. Utilities costs range from €60 to €150 per month for an apartment of 85 sq.m.

Real estate in Hungary

Real estate in Hungary is popular among citizens of China, Israel, Russia and the European Union. Most often they choose apartments in Budapest.

The average cost per square meter of housing in Hungary is €2,515, in Heviz it is around €1,200, and in the historical part of Budapest goes up to €4,000.

In 2020, property prices in Hungary decreased by an average of 7.5%. This is how the pandemic affects the country's economy and consumer behavior.

Property taxes in Hungary. When registering real estate, the buyer pays from 4 to 10% cost of housing in the form of taxes and fees.

There is no annual property tax in Hungary. The exception is real estate in resort areas: the owners of villas and apartments in Heviz and Balaton pay from €5 to €7 per square meter per year.

Maintenance of real estate in Hungary. The owners of apartments with an arearnof ​​85 sq.m. pay from €100 to €225 per month for utilities.

Real estate in Germany

Prices in Germany are rising. For example, in 2020 they went up by 11.5%.

The rise in prices is stimulated by the lack of supply in large cities like Berlin and Hamburg and low interest rates on loans. According to Deutsche Bundesbank, in February 2021 the average rate on new home loans was 1.17%.

The average cost per square meter of housing in large cities is €5,200. The most expensive housing in Munich is €6,000 to €10,000 per square meter. Berlin and Frankfurt range from €3,000 to €6,000.

In small towns, prices per square meter are lower: €2,926 in Dresden and €2,071 in Dortmund.

Real estate taxes in Germany. When making a deal, the buyer pays from 7.2 to 12.8% of the property value in the form of taxes and fees. The tax rates depend on the federal state in which the property is located.

Homeowners pay real estate tax annually. It is calculated from the assessed value. The base tax rate of 0.35% is multiplied by the municipal coefficient. As a result, it ranges from 1.5 to 2.3%.

Maintenance of real estate in Germany. The cost of utilities ranges from €150 to €350 per month for an apartment of 85 sq.m. The maintenance of housing in Germany is one of the most expensive in the European Union.

Real estate in Europe: Germany
Houses in the prestigious Mitte district of Berlin. The process of registering property in Germany takes three months. The rules are the same both for objects located in historical buildings and for modern residential complexes

Real estate in Greece

Foreigners often buy apartments or villas in Greece in order to participate in the state program of Greece Golden Visa and receive a residence permit by investment. Under the terms of the program, housing must be invested with at least €250,000.

The average cost per square meter of housing in Greece is €3,619. The most expensive properties are located in Athens, Santorini and Mykonos. The average cost per square meter of housing starts from €3,000. Apartments and villas on other islands are cheaper. For example, in Crete, it is from €1,500 per sq. m.

Taxes on real estate in Greece. When registering real estate, the buyer pays from 7 to 31% of its value in the form of taxes and fees.

Buying a secondary property is more profitable, as the purchase tax will be 3%. If the house was built after January 1st, 2006, you will have to pay 24%.

Owners pay annual property tax of 0 to 2%. The more expensive the property, the higher the tax.

Municipal property taxes are 0.025 to 0.035% of the property’s cadastral value. You don't need to pay them separately as the tax is included in the electricity bills.

Maintenance of real estate in Greece. The cost of utilities ranges from €100 to €285 per month for an apartment of 85 sq.m.

Individual cost calculation of the residence permit in Greece

Real estate in Denmark

It is difficult for foreigners to buy an apartment or a house in Denmark. The sale of housing to non-residents is prohibited in cities and coastal areas. The exceptions are:

  • foreigners who have previously lived in Denmark for at least five years,
  • EU citizens who work in Denmark,
  • citizens of non-EU countries, if they have a residence or work permit.

The real estate market in Denmark is growing. Average cost per square meter of housing in 2020:

  • Copenhagen and surrounding areas — €4,932,
  • The region of Zealand and South Denmark — €2,400,
  • Central Denmark — €3,288,
  • North Jutland — €2,418.

Real estate taxes in Denmark. When making a deal, the buyer pays taxes in the amount of 0.7 to 1.2% of the property value.

The owner of the home pays annually:

  • state property tax - 1% of the taxable value up to €408,602 and 3% of the value exceeding the established limit;
  • municipal property tax - from 1.6 to 3.4% depending on the location.

Maintenance of real estate in Denmark. Maintenance of an apartment with an arearnof ​​85 sq.m. costs between €110 and €340 per month.

Real estate in Europe: Denmark
The Danish government restricts the sale of real estate to foreigners, both in cities and in coastal areas. To buy a home, you need to live in the country for at least five years

Real estate in Ireland

Foreigners can buy real estate in any region of Ireland. There are no restrictions on this in the legislation.

Real estate prices are growing slowly by 1-2% annually.

The average cost per square meter of housing in the center of Dublin reaches €4,300 and €2,800 in other areas.

Property taxes in Ireland. When completing the transaction, the buyer pays from 3.7 to 8.9% of the property value in the form of taxes and fees. This amount includes:

  • stamp duty. The rate depends on the market value of the property: if the property is worth up to 1 million euros, the rate will be 0%. If more, the buyer pays 2% of the difference with a million;
  • registration fee from 0.25 to 0.75% of the property value;
  • legal fees and real estate agent's fees: 2% to 5% of the property value plus 23% VAT.

Maintenance of housing in Ireland. Utilities usually range from €100 to €255 per month for an apartment of 85 sq.m.

Real estate in Europe: Ireland
The rise in real estate prices in Ireland is constrained by a large number of housing offers on the market, Brexit and restrictive lending rules. In some cases, it will be necessary to confirm the financial viability of not only the applicant, but also the employer

Real estate in Spain

Buying real estate is the most popular option for the investment program of a residence permit in Spain: an investor invests at least €500,000 in commercial or residential real estate. A residence permit can be obtained in 2 months. After 5 years, the property can be sold and the investment returned.

Housing prices in Spain are growing steadily. The average cost per square meter in the country is €5,000, in Barcelona, €4,300 to €6,000 and in the center of Madrid, €4,700 to €5,900. In the suburbs of Madrid, Las Rozas, Majadahonda and Pozuelo de Alarcón, — €3,100.

Property taxes in Spain. When making a deal, the buyer pays from 6 to 10.5% in taxes and fees. Most of this amount is property transfer tax. Fees, e.g. stamp and notary fees, range from 0.5 to 2%.

A homeowner pays annual property tax: 0.4% of the cadastral value of real estate in the city and 0.3% in rural areas.

Maintenance of real estate in Spain. Maintenance of an apartment with an arearnof ​​85 sq.m. will cost from €75 to €200 per month.

The complete guide on obtaining residence permit in Spain

Real estate in Italy

The housing market in Italy remains stable despite the economic slowdown caused by the pandemic. Prices for villas and apartments in Italy for 2020 increased by 1.6% and averaged €1,719 per square meter, according to the property portal Idealista.

The most expensive housing is in Venice and Milan. The average cost per square meter is €4,467 and €3,994, respectively.

Property taxes in Italy. When making a deal, the buyer pays from 9 to 33% of the cost of housing in the form of taxes and fees. The largest share of this amount is the registration tax:

  • a rate of 3% - when buying a main home, if the selected object can not be classified as a luxury property;
  • 7% rate - when buying a second home;
  • rate of 8% - when buying building land;
  • from 4 to 22% in the form of VAT - when buying a new property: that is, VAT replaces the registration tax.

The annual property tax rate is from 0.4 to 0.7% of the cadastral value of the property. The rate is calculated and assigned by local municipalities.

Maintenance of real estate in Italy. The cost of utilities ranges from €100 to €300 per month for an apartment of 85 sq.m.

Real estate in Cyprus

Until November 2020, housing in Cyprus was often bought by foreigners who participated in the citizenship by investment program. Under the terms of the program, it was necessary to buy one or more properties with a total value of at least 2 million euros. The program is closed from November 1st, 2020.

Demand and supply in the real estate market in Cyprus are falling. The average cost per square meter of housing is €1,680. At the same time, the cost of real estate in large urban centers, Limassol and La aca, as well as in the resort areas of Paphos and Famagusta can reach €3,400 per sq.m.

Cyprus property taxes. When making a deal, the buyer pays from 3 to 8% of the value of the property in the form of taxes and fees. Among them:

  • property transfer tax with a rate of 3 to 8%, which is levied on a progressive scale: the more expensive the property, the higher the tax;
  • property transfer tax is not levied if the buyer has chosen an object in a new building. In this case, instead of the property transfer tax, he pays VAT - 19%;
  • stamp duty with a rate of 0 to 2%. The rate of stamp duty is charged on a progressive scale depending on the value of the property. In this case, the stamp duty cannot exceed €20,000.

Homeowners annually pay real estate tax - from 0 to 1.9% of the value of the property.

Real estate in Latvia

According to Arco Real Estate, from 2019 the housing market in the country will grow by only 1-2% annually.

In 2020, the demand for real estate in Latvia from foreign buyers decreased by 9.5%. Before the pandemic, 70% of all real estate transactions in the country were made by foreigners, predominantly Russians, Ukrainians and Chinese. Most often they bought real estate in Riga and Jurmala.

The average cost per square meter of housing in cities is €1,625, outside the city - €1,050.

Real estate taxes in Latvia. When making a deal, the buyer pays up to 2.5% of the value of the property in the form of taxes and fees. 2% of them are stamp duty. It cannot exceed €40,000.

Homeowners annually pay real estate tax - from 0.2 to 3%, depending on the region. The standard rate is 1.5%.

Maintenance of real estate in Latvia. The cost of utilities is from €125 to €255 per month for an apartment of 85 sq.m. The most expensive accommodation is in Riga and Jurmala.

Real estate in Lithuania

The housing market is growing steadily. According to OberHaus Real Estate Advisors, the apartment price index in major cities has grown by 5.3% in 2020.

The cost of housing in major cities of Lithuania

CityAverage cost per sq.m.
Vilnius€1,728
Kaunas€1,209
Klaipeda€1,192
Siauliai€809
Panevezys€794

Real estate taxes in Lithuania. When making a deal, the buyer pays from 0.5 to 1% of the value of the property in the form of taxes and fees.

The annual property tax rate ranges from 0.3 to 3%. Property value in excess of €290,000 is taxed.

If non-residents of Lithuania own land, they pay land tax of 0.01% to 4%.

Maintenance of real estate in Lithuania. The cost of utilities ranges from €85 to €190 per month for an apartment of 85 sq.m.

The cost of utility bills is higher in older houses. Technologies are used in new houses that save heat, so the size of utility bills in new buildings is lower.

Real estate in Luxembourg

Buying an apartment or a house in Luxembourg is expensive. The average cost per square meter of housing in the country is €4,605 and in the city center, €7,900 to €8,900.

Real estate taxes in Luxembourg. When completing the transaction, the buyer pays from 8.7 to 12.9% value of the property in the form of taxes and fees. Among them are registration fees - 6 to 10.2% and notary fees - 1.5% the value of real estate.

Real estate in Luxembourg is subject to a municipal land tax, which is levied annually in the amount of 0.7% to 1% of the assessed value.

Maintenance of real estate in Luxembourg. The cost of utilities ranges from €150 to €315 per month for an apartment of 85 sq.m.

Real estate in Malta

Investors from all over the world buy or rent real estate in Malta in order to obtain a residence permit or citizenship of exceptional merit based on direct investment.

The value of real estate and its liquidity in the central and northern regions is higher than in the southern rural ones.

The average cost per square meter of housing is €4,567, and the average annual increase in the cost of finished housing is 5-10%.

Conditions for buying real estate for obtaining a residence permit, permanent residence and citizenship of Malta

Residence permitPermanent residenceCitizenship
At least €220,000 on the island of Gozo or in the south of MaltaAt least €300,000 on the island of Gozo or in the south of MaltaFrom €700,000
At least €275,000 - in the central or northern part of MaltaAt least €350,000 - in the central or northern part of Malta 

Property taxes in Malta. When making a deal, the buyer pays up to 16% of the value of the property in the form of taxes and fees, including:

  • stamp duty: up to 7% of the value of the property;
  • real estate purchase tax: 5% of the transaction value. It is paid once, when the sale and purchase agreement is signed;
  • notary fee from 1 to 2.5% of the value of real estate and VAT - 18% of this amount.

There is no annual property tax in Malta.

The cost of maintaining real estate in Malta. The cost of utilities ranges from €80 to €140 per month for an apartment of 85 sq.m.

The main item of utility costs is electricity and cold water, which are paid by the meter.

Individual cost calculation of the Maltese permanent residence

Real estate in the Netherlands

Prices in the Netherlands are growing steadily and in 2020, by 8.5%. The growth was driven by high demand for housing and a shortage of supply.

The average cost per square meter of housing is €6,902. Most often, real estate is bought in Amsterdam, The Hague, Rotterdam and Utrecht.

Real estate taxes in the Netherlands. When completing the transaction, the buyer pays from 5.5 to 7.5% the value of the property in the form of taxes and fees.

Among them is the property transfer tax. For individuals, it is 2% of housing costs. If the selected property was built less than 2 years ago, instead of transfer tax, the buyer pays VAT at 21%.

The municipality sets the annual property tax. Tax rates are from 0.1 to 0.3% of the property value.

Maintenance of real estate in the Netherlands. The cost of utilities ranges from €120 to €250 per month for an apartment of 85 sq.m.

Real estate in Europe: Netherlands
The Netherlands has a well-developed road and transport infrastructure, so real estate is often bought in a 100-kilometer zone from major cities

Real estate in Poland

Foreigners can freely buy residential real estate in Poland such as apartments and houses.

To buy land for the construction of housing, you must obtain a permit. It can be obtained by foreign citizens who have a residence permit or permanent residence in Poland. The arearnof ​​the plot for the construction of housing should not exceed 50 acres.

The cost of housing in major cities of Poland in 2020

CityAverage cost per sq.m.
Warsaw€2,198
Gdansk€1,936
Krakow€1,771
Wroclaw€1,740
Lodz€1,205

Property taxes in Poland. The buyer pays from 5.35 to 8.1% of the property value in taxes and fees. Among them:

  • property transfer tax - 2%;
  • agency fee - 3%;
  • notary fee - from 0.25 to 3% the value of the property. The size of the bet determines the amount of the transaction: the more expensive the object, the lower the percentage.

Homeowners pay an annual property tax of €0.17 per square meter.

The cost of maintaining real estate in Poland. The cost of utilities ranges from €100 to €250 per month for an apartment of 85 sq.m.

Real estate in Portugal

Portugal has a Golden Residence Permit Program. The most popular investment option is real estate investment. Under the terms of the residence permit program, you can involve the whole family.

To obtain the status, foreigners undergo Due Diligence and buy residential or commercial real estate with a value of €500,000 or more.

The amount of investment can be reduced to €280,000 if you choose a property that requires reconstruction and is located in a sparsely populated arearnof ​​the country.

From January 1st, 2022, foreigners can not buy housing in Lisbon, Porto and coastal resort towns. It is possible to invest in apartments or villas in the Azores, Madeira or in the interior regions of the country.

Property prices in Portugal are constantly rising. According to PwC analysts, on average they are growing by 7% per year. The most expensive housing is in Lisbon. The cost per square meter of housing can reach €10,000.

The cost of housing in Portugal

CityAverage cost per sq.m.
Lisbon€4,563
Algarve, Faro€2,390
Alentejo, Evora€833
Madeira, Funchal€1,600
Azores, Horta€1,200

Property taxes in Portugal. When making a deal, the buyer pays from 12 to 15% the value of the property in the form of taxes and fees.

Transfer tax is the main item of related costs when buying real estate. Its rate depends on the value, type, purpose and location of the property.

If the selected property will be your primary residence, you will not be required to pay transfer tax for the first €92,407 of the purchase price. Above this threshold, the tax increases.

Tax rate for the transfer of ownership in Portugal in 2020

Cost of the propertyTax rate
Up to €92,4070%
€92,407 to €126,4032%
€126,403 to €172,3485%
€172,348 to €287,2137%
€287,213 to €574,3238%
From €574,3236%

The owner of the property pays an annual council tax - from 0.3 to 0.8% of the appraised value of the property.

When buying real estate for reconstruction, a preferential tax regime is often applied. Buyers are exempt from transfer tax and annual council tax.

Maintenance of real estate in Portugal. Maintenance of the apartments with an arearnof ​​85 square meters will cost from €65 to €170 per month.

Individual cost calculation of the residence permit in Portugal

Real estate in Romania

Foreign citizens can freely buy residential real estate in Romania. Restrictions apply only to the purchase of land - only a foreigner can register it in ownership of resident citizens who live in the country for at least 183 days a year.

Housing prices in Romania are growing slowly: in 2020 they increased by 2.5%. The average cost per square meter of housing is €1,370.

The cost of housing in major cities of Romania

CityAverage cost per sq.m.
Bucharest€1,425
Cluj-Napoca€1,840
Brasov€1,236
Constanta€1,240

Property tax in Romania. When making a deal, the buyer pays from 4.5 to 10.2% of the cost of housing in the form of taxes and fees.

The annual property tax for residential buildings ranges from 0.08% to 0.20%.

Maintenance of real estate in Romania. The cost of utilities ranges from €60 to €160 per month for an apartment of 85 sq.m.

Real estate in Slovakia

Real estate prices in Slovakia are growing amid high demand and low interest rates on loans. The average cost of housing in the country increased by 8.6% and amounted to €1,671 per sq.m.

The cost of housing in major cities of Slovakia

CityAverage cost per sq.m.
Bratislava€2,231
Zhilin€1,254
Trencin€1,025
Banska Bystrica€923
Presov€1,050

Real estate taxes in Slovakia. When making a deal, the buyer pays from 1 to 1.6% the value of the property in the form of taxes and fees. This is the lowest amount of additional costs when buying real estate in the European Union.

The total annual tax rate for apartments and houses is €0.033 per square meter of floor space.

Maintenance of real estate in Slovakia. The cost of utilities ranges from €120 to €255 per month for an apartment of 85 sq.m.

Real estate in Slovenia

According to the Statistical Office of the Republic of Slovenia, housing prices are growing steadily. The average cost per square meter is €2,300.

Apartments in the center of Ljubljana cost €3600 per square meter on average. In the vicinity of the capital and in small towns - €1,450 € per sq.m.

Real estate taxes in Slovenia. When making a deal, the buyer pays in taxes and fees up to 23% of the cost of housing.

Buying secondary real estate in Slovenia is more profitable. When buying a new home, instead of 2% tax on the transfer of ownership, the buyer pays 20% VAT.

The annual property tax rate ranges from 0.10% to 1.00%. The final rate is set by the local municipality.

Maintenance of real estate in Slovenia. The cost of utilities ranges from €140 to €300 per month for an apartment of 85 sq.m.

Real estate in Finland

Foreigners can buy real estate in Finland on equal terms with residents of the country. The exceptions are objects in the province of Aland (Ahvenanmaa) - on the archipelago in the Baltic Sea. To buy a property there, you need to obtain permission from your local municipality.

The housing market in Finland is growing slowly at 1.5% per year.

Secondary housing is cheaper than new:

  • 1 sq.m of secondary housing in the country costs €1,563, in Helsinki - €3,704;
  • 1 sq.m of new housing in the country costs €4,627, in Helsinki - €5,739.

Real estate taxes in Finland. Upon completion of the transaction, the buyer pays 4% of the value of the property in the form of taxes and fees.

The annual property tax is between 0.4 and 6% of the value of the property. The rate is set by the municipality.

Maintenance of real estate in Finland. Utilities for an apartment with an arearnof ​​85 sq.m. will cost the amount from €50 to €200 per month.

Real estate in Europe: Finland
To buy a house in the Aland archipelago, you need to obtain permission from the local authorities

Real estate in France

The housing market in France is growing steadily. For the first quarter of 2020, property prices increased by 4-5%.

Agency La Chambre des Notaires de Paris gives the average cost per square meter of housing in 2020:

  • Paris — €10,460;
  • Ile-de-France region — €6,430;
  • Petit-Couron — €5,040;
  • Grand Couron — €3,100;
  • Hauts De Seine — €6,190.

Property taxes in France. When making a deal, the buyer pays from 6 to 23% of the value of the property in the form of taxes and fees. A notary must be involved in the execution of the transaction.

Notary fees are around 3% for new builds and 7-10% for properties over five years old.

The buyer pays 20% VAT if the property is new and is exempt if the property is more than five years old.

Maintenance of housing in France. Utilities will cost from €100 to €255 per month for an apartment of 85 sq.m.

Real estate in Croatia

It is difficult for foreigners to buy real estate in Croatia. Accommodation can only be purchased by citizens of foreign countries that have a mutual agreement with Croatia. Russians, Ukrainians and Belarusians have been officially allowed to buy real estate in the country since 2014, it is enough to obtain permission from the Ministry of Justice.

The housing market continues to grow despite the fallout from the 2020 pandemic and earthquakes.

The average cost per square meter in 2020 is €1,678.

The cost of housing in large cities of Croatia

CityAverage cost per sq.m.
Zagreb€1,848
Split€2,985
Rijeka€1,727
Osijeka€1,057

Property taxes in Croatia. When making a deal, the buyer pays from 6.1 to 9.3% of the value of the property in the form of taxes and fees.

If the buyer has chosen housing in a new building, instead of the property transfer tax, he pays VAT - 25%, note 3%.

The annual property tax is 1.5%. The tax base is about 70% of the appraised market value of housing.

Maintenance of real estate in Croatia. The cost of utilities is from €105 to €240 per month for an apartment with an arearnof ​​85 sq.m.

Real estate in the Czech Republic

Citizens of countries that are not members of the European Union find it difficult to buy real estate in the Czech Republic. It will take seven years to live in the country to get a green card that will allow you to buy real estate. The exception applies to US citizens.

Housing prices in the Czech Republic are growing steadily. The cost per square meter is: on average in the country is €2,685. In Prague — €3,600.

Real estate taxes in the Czech Republic. When registering real estate, the buyer pays from 3.6 to 6% of the value of the property in the form of taxes and fees.

The annual property tax ranges from €0.07 to €0.39 per square meter for apartments and €0.08 per square meter for building land.

Maintenance of real estate in the Czech Republic. Utilities cost the owners of 85 sqm apartments in the amount of €120 to €280 per month.

Real estate in Sweden

Sweden attracts foreigners with a stable economy, while there are no restrictions on the purchase of real estate for them.

The average cost of housing in the country is €6,992 per square meter. The most expensive real estate in Stockholm starts at €6,000 to €7,500 per sq.m. The cheapest is in the north of the country, for example in Östersund or Kiruna.

Property taxes in Sweden. When registering real estate, the buyer pays 4.3% of its value in the form of taxes and fees.

Homeowners pay real estate tax annually. It is levied at a rate of 0.2 to 2.8% of the tax assessed value of the property. The rate depends on the type of property and the format of use. For example, for residential real estate, it is 0.75%.

Maintenance of real estate in Sweden. The cost of utilities is from €40 to 160 per month for an apartment of 85 sq.m.

Real estate in Estonia

Foreigners can buy real estate in Estonia if they receive permission from the local authorities. Restrictions also apply to the purchase of land - foreigners can not buy land if it is located on small islands or adjacent to the border with Russia.

Real estate prices in Estonia are growing on average by 4% per year. According to Ober Haus, the average cost per square meter of housing in the country is €1,843. Apartments in new buildings cost from €2,300 to €5,000 per sq.m. in the city center and from €1,500 to €2,200 per sq.m. in residential areas.

Real estate taxes in Estonia. When registering real estate in ownership, the buyer pays from 2.5 to 5.6% of the value of the property in the form of taxes and fees.

In Estonia, annual property tax is absent, but there is a tax on land of 0.1 to 2.5% the market value of the land.

Maintenance of real estate in Estonia. The cost of utilities is €130 to €250 per month for an apartment of 85 sq.m.

The complete guide on obtaining a residence permit in Europe

Real estate in Albania

To buy a house in Albania, foreigners do not need permission from the authorities. Purchase restrictions apply only to agricultural land.

To secure your purchase, the Global Property Guide portal recommends being careful when choosing an object. Conce s cause:

  • builders who indicate the incorrect arearnof ​​housing. The actual arearnof ​​the apartment may be less than stated in the documents;
  • unscrupulous real estate agents and a lack of regulation in the housing market. There have been cases when unscrupulous agents sell real estate without the knowledge of the rightful owners.

When buying real estate in Albania, you should contact large real estate agencies.

The cost per square meter of housing in the central districts of cities is €1,250, in the suburbs - €640.

Property taxes in Albania. When registering real estate in ownership, the buyer pays from 1.3 to 1.9% of its value in the form of taxes and fees.

The annual tax on housing is levied at different rates depending on its type, location and form of use. For example, the owner of a property in a new building located in Tirana pays an annual tax of 2 to 4%.

Maintenance of real estate in Albania. Maintenance of an apartment with an arearnof ​​85 sq.m. will cost from €50 to €120 per month.

Real estate in Andorra

Foreigners need to obtain permission from the authorities to buy real estate in Andorra. According to the rules,only one apartment will turn out to be drunk.

The average cost per square meter is €2,915.

Taxes on real estate in Andorra. When registering real estate in ownership, the buyer pays from 4.5 to 5% of its value in the form of taxes and fees. Owners pay real estate tax annually: an average of €100 per property.

Maintenance of real estate in Andorra. The cost of utilities is €60 to €130 per month for an apartment of 85 sq.m.

Real estate in Bosnia and Herzegovina

Foreigners and local residents buy real estate in Bosnia and Herzegovina on equal terms.

The average cost per square meter in the central part of cities is €1,280, in the suburbs - €920.

Property taxes in Bosnia and Herzegovina. The buyer pays about 3% of the property's value in taxes and fees.

Maintenance of real estate in Bosnia and Herzegovina. The cost of utilities ranges from €75 to €195 per month for an apartment of 85 sq.m.

Real estate in the UK

Property prices in the UK are growing steadily. According to Nationwide, in 2020 alone, they grew by 6.4%.

The average cost per square meter of housing is €21,200. The most expensive real estate is in London. If we compare two houses with the same size and condition of renovation, a house in London will cost 2.5 times more than in another region of the UK.

According to UK law, foreign citizens can buy real estate without restrictions.

Real estate taxes in the UK. When registering real estate in ownership, the buyer pays up to 13% of its value in the form of taxes and fees.

A significant part of the additional purchase costs is Stamp Duty. The rate is set depending on the value of the property: the more expensive the object and the higher the rate.

If the house is worth €125,000, the rate will be 0%, if more expensive than €2 million, 12%.

Homeowners pay a municipal property tax every year. Its size depends on the arearnand the number of inhabitants. If the owner lives alone, he can get a council tax relief.

Maintenance of real estate in the UK. Maintenance of an apartment with an arearnof ​​85 sq.m. on average it costs between €80 and €350 per month.

Real estate in Europe: England
Real estate in England is one of the most expensive in Europe. The average cost per square meter of housing is almost €21,000. More expensive only in Monaco - €44,500 per sq.m.

Property in Iceland

The property market in Iceland had been growing until 2020 by tourism and sustainable economic development and had slowed down during the pandemic.

The average cost per square meter of housing in the central part of cities is €3,828 and in the suburbs, €2,952. The most expensive housing is in Reykjavik. The cost per square meter in a new house can reach €6,000.

Property taxes in Iceland. When registering real estate in ownership, the buyer pays from 2.4 to 3.4% the value of the property in the form of taxes and fees. This amount includes the real estate agent's fees.

Homeowners pay an annual property tax, which is set by the municipality. The maximum rate is 1.65%.

Maintenance of real estate in Iceland. The cost of utilities ranges from €45 to €165 per month for an apartment of 85 sq.m.

Real estate in Liechtenstein

Liechtenstein is a small and closed country. Real estate is rarely sold here. Despite this, the cost of housing is growing by 4-5% annually.

The process of buying real estate for foreigners is strictly regulated. To be able to buy a home in Liechtenstein, you must have lived in the country for at least three years.

The average cost per square meter in the central part of cities is €4,200.

Property taxes in Liechtenstein. When registering a home, the buyer pays up to 4% of its value in the form of taxes and fees. There is no annual property tax in Liechtenstein.

The cost of maintaining housing in Liechtenstein. The cost of utilities is €85 to €280 per month for an apartment of 85 sq.m.

Real estate in Europe: Liechtenstein
New houses are rarely built in Liechtenstein and are also rarely sold to foreigners. It is necessary to live in the country for three years before getting permission to buy

Real estate in North Macedonia

Foreigners can buy property in Northern Macedonia only with the permission of the Ministry of Justice.

The average cost per square meter in North Macedonia is €1,150. At the same time, the most expensive real estate in Skopje reaches €1,500 per square meter. In other regions, prices are lower by a quarter.

Property taxes in North Macedonia. When registering real estate in ownership, the buyer pays from 2.3 to 5.6% the value of the property in the form of taxes and fees.

Resellers are more profitable to buy. When making a transaction with real estate, which was built less than five years ago, the buyer pays VAT of 18%.

The annual property tax rate ranges from 0.1 to 0.2% of the market value. The rate is set by the municipality.

Housing maintenance in North Macedonia. Utilities cost from €65 to €150 per month for an apartment of 85 sq.m.

Real estate in Monaco

The main residential real estate market in Monaco is located in Monte Carlo. However, there are very few offers for sale both in Monte Carlo and in other areas. There are no restrictions for foreigners to buy houses or apartments.

The average cost per square meter of housing in Monaco is €44,000. The cost of a villa near the Palace Square can reach €81,000 per sq.m.

Real estate taxes in Monaco. When registering real estate in ownership, the buyer pays from 9.5 to 13.5% the cost of housing in the form of taxes and fees. The main share is registration tax at 4.5% and commission of a real estate agent.

Resellers in Monaco are more profitable to buy. When buying new or under construction real estate, instead of the registration tax, the buyer pays VAT at 19.6%.

There are no annual property taxes in Monaco.

Maintenance of real estate in Monaco. The cost of utilities is €140 to €500 per month for an apartment of 85 sq.m.

Real estate in Europe: Monaco
Monaco attracts wealthy people from all over the world with its high level of security, mild climate and political stability. Monaco has the most expensive real estate in Europe

Real estate in Norway

For the first time since 2018, the real estate market in Norway is growing. According to Statistics Norway, the nationwide house price index rose 7% during 2020.

The cost per square meter in Oslo reaches €8,300. Real estate in Bergen and the Fjord is much cheaper at around €4,000 per square meter.

Foreigners are free to buy real estate in the country.

Property taxes in Norway. When registering real estate in ownership, the buyer pays 3.7 to 5.6% of its value in the form of taxes and fees.

Norway has a wealth tax. It is calculated at the municipal and national levels. The national wealth tax rate is 0.85% the market value of the property, which exceeds €150,000.

Homeowners pay municipal property tax. The rate varies from 0.2 to 0.7% depending on the municipality. The tax is calculated on the assessed value of the property.

Maintenance of real estate in Norway. The cost of utilities is €95 noto €325 per month for an apartment of 85 sq.m.

Real estate in San Marino

The average cost per square meter of housing in San Marino is €2,500. Foreigners can buy no more than two properties in the country. Apartments are most often sold.

Real estate taxes. The tax depends on the cadastral value and the category of housing.

Maintenance of real estate in San Marino. The cost of utilities is €65 to €100 per month for an apartment of 85 sq.m.

Real estate in Serbia

Foreigners can buy housing in Serbia. Purchase restrictions apply to territories that border military lands.

The most expensive real estate in Belgrade and Novi Sad: the cost per square meter reaches €1,800 and €1,400, respectively.

In the south of Serbia, real estate is cheaper. In Chupriya, you can find an apartment worth up to €700 per sq.m.

Real estate taxes in Serbia. When registering real estate in ownership, the buyer pays from 3 to 4% the value of the property in the form of taxes and fees, most of which is the commission of the real estate agent.

Maintenance of real estate in Serbia. The cost of utilities ranges from €85 to €200 per month for an apartment of 85 sq.m.

Real estate in Turkey

According to the Central Bank of the Republic of Turkey (CBRT), house prices for 2020 increased by 13%. The average cost of housing in the country is €430 per sq.m.

The Turkish housing market was mainly supported by local demand. Foreign investment declined in 2020 due to the restrictive measures associated with the pandemic.

The cost of housing in major cities of Turkey

CityAverage cost per sq.m.
Istanbul€660
Ankara€312
Izmir€516

Real estate prices in the districts of Istanbul differ significantly. For example, in elite districts such as Bebek, Cihangir and Nisantasi, the cost per square meter of housing reaches €4,600.

Foreigners can not buy real estate in settlements where fewer than 2000 residents are registered, as well as near military territories.

Real estate taxes in Turkey. When registering real estate in ownership, the buyer pays from 8 to 11% of its value in the form of taxes and fees.

Homeowners pay a municipal property tax every year. For residential premises, the rate is 0.1% the cost of housing.

Maintenance of real estate in Turkey. The cost of utilities is €30 to €90 per month for an apartment of 85 sq.m.

Real estate in Montenegro

Prices in Montenegro are declining amid the economic downturn caused by the pandemic. With the average cost per square meter of housing in the country at €1,400, the average cost per square meter of housing in a new building is €900.

Citizenship of Montenegro for the purchase of real estate

The most expensive properties are located in coastal areas. Housing prices there can reach €2,870 per sq.m and in the central region, €515.

The cost of housing in large cities of Montenegro

CityAverage cost per sq.m.
Budva€1,800 to €2,500
Bar€1,000 to €1,600
Podgorica€1,100

Real estate taxes in Montenegro. When registering real estate in ownership, the buyer pays about 3% of the housing cost in the form of taxes and fees.

The cost of the transaction rises if you buy housing in a new building. In this case, instead of the transfer tax, which is 3%, the buyer pays VAT at 19%, which is included in the price of the property.

Homeowners pay real estate tax annually. It ranges from 0.25 to 1% of the cost, depending on the condition and location of the object.

Maintenance of real estate in Montenegro. The cost of utilities is €60 to €150 per month for an apartment of 85 sq.m.

Real estate in Switzerland

It is difficult for a foreigner to buy real estate in Switzerland: this can be done only with a quota – a special permit from the cantonal authorities. Each commune has its own rules for obtaining a quota: there are restrictions on the size of housing, in its location and permission to resell the object.

The average cost per square meter of housing is €13,280. The most expensive apartments are in Geneva: on average, €16,385 per sq.m.

The cost of housing in large cities of Switzerland

CityAverage cost per sq.m.
Geneva€16,385
Zurich€14,506
Lausanne€11,471
Basel€10,180
Be€8,725

Taxes on real estate in Switzerland. The buyer pays up to 3.5% the value of the home in taxes and fees.

The bulk of the costs are fees for the transfer of land ownership. The fee is up to 3%, it is set by the municipality. In Zurich and Aargau, it is zero, and the highest in Valais and Be .

Property owners in Switzerland pay an annual property tax. Rates range from 0.05% to 0.3% of the property value.

Maintenance of housing in Switzerland. The cost of utilities is €100 to €320 per month for an apartment of 85 sq.m.

What property in Europe to choose for an investor: summing up the results

Foreigners can buy property in any country in Europe, but not every country is ready to give the owner a residence permit or permanent residence.

Some countries have public investment programs. Program participants can obtain official status for investments in European real estate. Thus, you can obtain a residence permit in Portugal, Spain and Greece, in Cyprus, and in Malta - not only a residence permit, but also permanent residence.

Residence permits and real estate in the European Union allow you to live and do business in stable states, travel to the Schengen countries without visas, and apply for a second citizenship.

FAQ

Do I need a residence permit or citizenship to buy property in Europe?

Anyone can buy real estate in Europe; there is no need to register a resident status. But if you want to buy real estate and receive a residence permit or citizenship in the EU as a bonus, you need to participate in state investment programs.

Residence permit programs for investments give a foreigner the right to live and conduct business on the territory of the state, to optimize taxation. And also freely move around the Schengen area. Citizenship by Investment programs equalize investor and indigenous peoples’ rights.

Where is it more profitable to buy real estate in Europe?

If you want to profitably invest in real estate in Europe, you should choose properties in regions with high price dynamics. Usually these are tourist or modern business districts with developed infrastructure. Real estate prices in them are growing by 4-5% per year.

If you choose countries in which state investment programs for residence permits are operating, new opportunities will become a bonus to buying real estate. So, residents of the EU countries move without restrictions in the Schengen area. Visa-free access to European countries can be useful for travel and business travel.

You can buy real estate and get a residence permit in Portugal if you take part in the Golden Residence Investor Program. The investor needs to:

  1. Purchase any object worth more than €500,000 and own it for 5 years.
  2. Buy real estate that requires reconstruction and was built more than 30 years ago in historical areas – for an amount of €350,000.

The main advantage of the program is that it will be possible to apply for citizenship in 5 years, this is one of the fastest ways to obtain an EU passport.

Under the Greece Golden Visa Program, you can obtain a residence permit for investment in real estate. Minimum expenses – €250,000. The investor can choose one of 5 options:

  1. Buy any object – from €250,000.
  2. Rent a hotel for at least 5 years.
  3. Rent a tourist apartment for 10 years.
  4. Buy land for construction or for farming. Own the site for at least 5 years.
  5. Buy a share in a tourist facility for at least 5 years.

The advantages of the program are the ability to obtain the rights of residents of the European Union and travel freely within the Schengen area.

What taxes must be paid when buying a property in europe?

When buying a property, the buyer must pay transfer tax. Tax rates vary depending on the value of the property and the state. For example, if you buy a villa in Portugal for €975,000, the tax will be 6%. It is paid simultaneously with the purchase of the object, immediately after the conclusion of the purchase and sale agreement. Also, the buyer pays stamp duty, agency fees and legal services.

Which country has the highest taxes on property purchases?

Highest property taxes in the UK. The annual council tax for a house in a prestigious arearnreaches up to £2,500. High-value real estate tax starts at £7,000, which is the rate for properties worth £1.2 million. If the apartment or house is worth more than £20 million, the tax will be around £ 218,000.

In some countries there is no property tax, such as Malta. In this case, you will pay tax only if you receive income from the property you rent it out.

How much will it cost to maintain real estate in Europe?

Property owners pay a monthly maintenance fee and utilities. The lowest utility bills in Poland are from €50 per month for an apartment with an arearnof ​​60-80 sq. m. with 1 or 2 bedrooms. For the same housing in the UK they will take no less than £639, or €700.

Maintenance costs of real estate in Europe

Country Costs
Poland From €50
Spain From €100
Malta From €120
Greece From €150
Austria From €170
Portugal From €200
Great Britain From €700

Costs include utilities and maintenance fees, such as cleaning fees, territory, and garbage disposal for an apartment or house with an arearnof ​​60 to 80 sq. m.

Real Estate in Europe: Prices, Taxes and Maintenance Costs

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