Romania ranks fourth in the top European countries with the cheapest housing, after Turkey, Serbia and Albania, with an average price of EUR 1,917/sqm in 2025, up 14.4% from the previous year, the highest increase among the countries analyzed, according to Deloitte Property Index 2026, conducted in the main cities in 25 countries (out of which 20 in the European Union). Luxembourg is the most expensive country, with an average of EUR 9,160/sqm in 2025, up 4.6% from the previous year.
Overall, 19 of the 22 countries for which national-level data is available recorded increases in average housing prices, with the strongest growth observed in Romania (+14.4%), Croatia (+14.3%), Slovakia (+12.5%) and Hungary (+10.9%), while notable decreases were recorded in Turkey (-9%) and Serbia (-2.5%).
Among the EU member countries analyzed in the study, high prices are also recorded in the Czech Republic (EUR 5,412/sqm), Germany (EUR 5,200/sqm), Austria (EUR 5,199/sqm) and the Netherlands (EUR 5,186/sqm), while prices below EUR 2,000/sqm are recorded in Turkey (EUR 864/sqm), Serbia (EUR 1,706/sqm), Albania (EUR 1,720/sqm), Romania (EUR 1,917/sqm) and Greece (EUR 1,931/sqm), noting that no national average data is available for Denmark, Bulgaria and Ireland.
“The results of this year’s study highlight a fragmented European residential market, with differences between national markets reflecting the importance of local factors, including housing policies, demographic trends, supply constraints and broader macroeconomic conditions. In Romania, price growth was driven mainly by housing supply constraints resulting from permitting bottlenecks, regulatory restrictions (including the legislative amendments limiting the destination of advance payments collected from future buyers) and rising development costs”, said Irina Dimitriu, Partner at Reff & Associates | Deloitte Legal and Real Estate Industry Leader at Deloitte Romania.
This year, Munich overtook Luxembourg to rank first among European cities, with an average price of EUR 11,200/sqm, although last year’s leader also remains above EUR 10,000/sqm, at EUR 10,567/sqm. Amsterdam (EUR 8,650/sqm) and Barcelona (EUR 8,037/sqm) follow in the ranking. The strongest increases were recorded in Durres (Albania) and Belgrade (Serbia), where average residential property prices rose by 24% and 20%, respectively, year-on-year, while significant increases were also recorded in Bratislava (+17.2%), Budapest (+11.1%) and Copenhagen (+10.6%).
In Romania, the highest prices are recorded in Cluj-Napoca, at EUR 3,137/sqm (up 13.2% from the previous year), followed by Brasov (EUR 2,156/sqm, +13.6%), while Bucharest ranks third, at EUR 2,026/sqm (+15.3%). This places Romania among the European countries where the most expensive city is not the capital, alongside Germany, where Munich ranks first for the most expensive housing, Italy with Milan and Spain with Barcelona.
In the rental market, Luxembourg City ranks first, with an average monthly rent of EUR 45.4/sqm, up from the previous year. Paris ranks second, with an average rent of EUR 31.2/sqm, followed by Barcelona (EUR 30.9/sqm) and Dublin (EUR 30.8/sqm). Another four cities recorded rents above EUR 25/sqm: Oslo (EUR 28.9/sqm), Amsterdam (EUR 28.7/sqm), Madrid (EUR 28.5/sqm) and Copenhagen (EUR 25.5/sqm). Among the cities in the EU countries analyzed, the cheapest in terms of rent are Plovdiv, Varna and Sofia in Bulgaria, ranging from EUR 6.6/sqm to EUR 8.7/sqm, and Patra and Thessaloniki in Greece, at EUR 7.6/sqm and EUR 9.2/sqm, respectively. In Romania, the highest rents are recorded in Bucharest (EUR 11.2/sqm, up from the previous year), followed by Cluj-Napoca (EUR 10.3/sqm, unchanged) and Brasov, where tenants pay an average of EUR 9.3/sqm per month (slightly above the 2024 level).
“From a transaction perspective, 2025 was an atypical year, with more intense activity in the first part of the year, before the revised VAT rate for new housing came into effect, and a sharp decline in the final three months, when housing sales fell by 10% compared with the same period in 2024. However, despite the decrease in transaction volumes, the average price per square meter continued to rise throughout the period analyzed. This trend could continue, albeit at a more moderate pace, as supply remains limited in large cities”, said Marius Vasilescu, Advisory Partner, Deloitte Romania.
The 15th edition of the Deloitte Property Index study analyzes the evolution of the residential real estate market in 25 countries and 71 cities in 2025. All prices included in the analysis are converted in euro to ensure comparable results.
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