In Bulgaria, purchasing a 100-square meter apartment requires the equivalent of 199 monthly salaries, according to a recent study that compares real estate prices across 62 countries against average local wages. The report by BestBrokers.com identifies Denmark as the most affordable country in Europe for homebuyers relative to average income, where the average cost of a 100-square meter property is equivalent to 114 net salaries.
Despite being the most affordable for home purchases, Denmark is also noted as the most expensive country in the EU in 2023, with prices for goods and services 43% higher than the EU average. The country ranks seventh in Europe for average annual income.
“Given the significant variations in prices and incomes across countries, the BestBrokers team sought to analyze the real estate market based on the number of monthly salaries needed to buy a home in different European nations,” the report explained.
Ireland and Sweden follow Denmark in affordability, requiring 123 and 129 net salaries, respectively, to acquire a 100-square meter home, which equates to about 10 annual salaries. However, these figures are theoretical and do not account for other essential expenses, such as food, housing and childcare.
At the lower end of the ranking are the Czech Republic and Slovakia, with the latter needing 297 times the average salary to purchase an average home, equating to nearly 25 years of income. If an individual saved half of their net salary, they would still take around 50 years to save enough for a family home.
Bulgaria sits in the middle of the rankings, requiring 199 net salaries or nearly 17 years to buy a property. In neighboring North Macedonia the figure is 215 net wages; in Greece it’s 228; and in Bosnia and Herzegovina it stands at 255. (Novinite)