According to a recent study, Dublin was found to be the second worst capital city to buy property in Europe.
Citizens of Dublin and those looking to buy property there did not have much to celebrate recently.
Research by Your Overseas Home, which looked at properties advertised online within the €300-330k bracket of each European capital city, showed that it was the second worst capital city in Europe in which to buy property.
Dublin – the second worst capital city in Europe to buy property
As the capital of Ireland, Dublin is naturally not only a trendy place with tourists but also with Irish citizens looking to live and work there.
However, as the study produced by Your Overseas Home revealed, those who wish to purchase property in Dublin will most likely find themselves experiencing a difficult time due to the expensive cost of housing.
House prices in Dublin have continued to rise 9% year-on-year, easily making it one of the most expensive capital cities to buy property in.
According to figures released by the Central Statistics Office in 2023, the average house price in Ireland reached a new record of €359,000 in Ireland. This is a rise of over €1,300 compared to the previous year.
A study conducted by Your Overseas Home – looked at properties in each European capital city
The study by Your Overseas Home focuses primarily on looking at properties advertised online within the €300-330k bracket of each European capital city.
A number of factors were considered during the study. Such as the size of the property, its price, and distance to the city centre. They also looked at the amenities it provides and its overall number of bedrooms and bathrooms.
The study’s experts then used all of this information to create a unique ranking system. This would determine each capital city’s position on their list.
The study’s main findings were that you could hypothetically purchase a one-bedroom apartment with about 41 square metres of space. The space would have one bathroom and possibly a terrace, most likely without a garden or parking, for approximately €350,000.
The top ten most expensive European capital cities to buy property in – difficult places to buy property in
The list of the top ten most expensive European capital cities to buy property was as follows:
Stockholm (Sweden), Dublin (Ireland), London (United Kingdom), Lisbon (Portugal), Helsinki (Finland), Madrid (Spain), Vilnius (Lithuania), Oslo (Norway), Vienna (Austria) and Reykjavik (Iceland).
On the other end of the scale, Pristina, Kosovo’s capital, was the best-value European capital city to buy property in. For more, check out our tips on how to buy a house in Dublin before retirement here.