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European housing markets react calmly, but not uniformly to COVID-19

Catella Research's current analysis of the European housing markets reveals two facts. Firstly, the housing markets have recovered well across Europe since spring 2020, and secondly, the pandemic has led to massive inequalities between sectors, economies, companies and countries across Europe, with levels of transactions and price changes varying significantly between the 19 countries and 61 locations analysed.

Regarding rents, the research found that the average monthly apartment rent currently stands at €15.54sqm per month, an increase of 1.4% compared to its last analysis in Q1 2020.

The lowest residential rents are found in Liège, Belgium at €9.00sqm, followed by the city of Brno in the Czech Republic with an average of €9.60sqm. The most expensive rental market is Geneva, reaching the €30.50sqm mark, followed by Paris and Zurich standing at €28.60sqm and €27.00sqm respectively. The highest rent increase (+13.6%) was recorded in Gothenburg, Sweden, while Krakow in Poland recorded the sharpest drop with a decline of 8.6%.

Regarding prices, the average purchase price for an apartment in Europe is currently €4,783sqm, an increase of 3.6% compared to the first quarter. Prices range from €1,650sqm in Riga, Latvia to €16,843sqm in London. The largest increase of average purchase prices was recorded in Brno (+16.4%) followed by Manchester (+13.9%), while the sharpest drop was recorded in the Finnish cities of Jyväskylä and Oulu with 15.4% and 10.2% falls, respectively.

The most attractive prime yields of the 61 analysed markets can be mainly found in the Eastern European cities like Wroclaw (5.9%), Riga (5.4%) and Vilnius (5.4%).

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