€100,000 buys you a parking space in Zurich and a two-bedroom flat in Bucharest. 🇨🇭 Zurich 5 m² 🇫🇷 Paris 10 m² 🇬🇧 London 13 m² 🇩🇪 Berlin 19 m² 🇵🇱 Warsaw 24 m² 🇪🇪 Tallinn 32 m² 🇬🇷 Athens 40 m² 🇷🇴 Bucharest 43 m² 🇮🇹 Catania 75 m² Same money, same continent

Europe’s housing market has flipped. 3-year change, €/m²: 🇱🇺Luxembourg −11% 🇫🇷Paris −4% 🇬🇧London −2% 🇦🇹Vienna −2% 🇲🇪Montenegro coast +79% 🇧🇬Sofia +64% 🇪🇸Málaga +59% 🇪🇸Alicante +48% 🇭🇷Zagreb +44% While the "old" European market has flatten, more affordable cities are growing fast.

House prices have surged across Europe. But did homeowners actually get richer? Over the past five years, residential property prices have increased dramatically in several eurozone countries. However, once we adjust for inflation, the picture looks very different. Here are some interesting examples (nominal growth vs inflation-adjusted growth): 🇱🇹 Lithuania: +80.4% vs +22.5% 🇪🇪 Estonia: +57.8% vs +5.8% 🇱🇻 Latvia: +50.5% vs +6.9% 🇸🇰 Slovakia: +47.7% vs +5.9% 🇳🇱 Netherlands: +21.7% vs −3.2% 🇧🇪 Belgium: +21.8% vs −1.3% 🇩🇪 Germany: +4.7% vs −13.9% 🇫🇷 France: +1.8% vs −11.3% Meanwhile, some markets have delivered substantial real house price appreciation: 🇵🇹 Portugal: +48.6% 🇭🇷 Croatia: +36.7% 🇧🇬 Bulgaria: +30.9% 🇬🇷 Greece: +28.6% In other words, a 50% increase in property prices doesn't necessarily mean homeowners have become 50% wealthier. In several European markets, much of the nominal appreciation has simply reflected inflation. And in some countries, homeowners have actually lost purchasing power despite rising property prices. Which European housing market do you think will deliver the strongest inflation-adjusted returns over the next five years? Source: Global Property Guide, five-year nominal and inflation-adjusted House Price Index changes, using local CPI.

🇲🇪 Montenegro's rent index just fell for the first time in four years. Rents are up ~80% since 2022 (15% y-o-y). That run has now stopped. What happens next? A couple of quarters or years of flat rents? A decline? Or another growth cycle? What do you think?

Countries where you can still buy an apartment under $2,000/m²: 🇹🇷 Turkey 🇮🇳 India 🇧🇷 Brazil 🇲🇦 Morocco 🇵🇰 Pakistan 🇿🇦 South Africa 🇸🇦 Saudi Arabia 🇮🇹 Italy 🇰🇿 Kazakhstan 🇦🇷 Argentina 🇦🇿 Azerbaijan 🇬🇪 Georgia 🇲🇳 Mongolia 🇸🇰 Slovakia 🇱🇰 Sri Lanka 🇹🇳 Tunisia 🇺🇿 Uzbekistan

Where rental yields have fallen over the past three years (based on median asking prices and rents): 🇪🇪Estonia -11.4% 🇧🇬Bulgaria −12.0% 🇨🇿Czechia −12.5% 🇸🇬Singapore −14.3% 🇱🇹Lithuania −21.1% 🇵🇹Portugal −22.3% 🇶🇦Qatar −26.7% 🇬🇪Georgia −38.9%

Residential Property Price Change: Q2 2026 vs Q1 2026 🇲🇹 Malta: +6.85% 🇦🇩 Andorra: +5.98% 🇲🇰 North Macedonia: +5.50% 🇸🇪 Sweden: +5.42% 🇹🇷 Turkey: +5.38% 🇲🇪 Montenegro: +4.58% 🇶🇦 Qatar: +3.37% 🇸🇦 Saudi Arabia: +2.95% 🇭🇰 Hong Kong: +2.93% 🇳🇴 Norway: +2.87%

Average new-build property prices in coastal 🇲🇪Montenegro rose from €1,585 per sq. m. in Q3 2023 to €2,838 per sq. m. in Q2 2026. That is an increase of 79.1% within 3 years.

Portugal and Croatia’s property markets have followed almost identical paths since Q1 2019. Everyone talked about Portugal, but hardly anyone mentioned Croatia, even though the results were pretty much the same. If you bought an average property in either country in Q1 2019, its value has likely doubled.

A pattern in European house prices worth paying attention to. Between 2000 and 2007, residential prices doubled in several major markets within a remarkably short period: 🇩🇰Denmark: 5 years (2000 Q4 to 2006 Q1) 🇪🇸Spain: 6 years (2001 Q4 to 2007 Q4) 🇬🇧UK: 6.5 years (2001 Q1 to 2007 Q3) 🇫🇷France: 6.5 years (2000 Q4 to 2007 Q2) Since 2019, a comparable pace has returned, though in a different set of markets. 🇵🇹Portugal and 🇭🇷Croatia both doubled over the same 6.5-year window (Q3 2019 to Q1 2026), following an almost identical trajectory. In the new-build segment, the doubling was even faster for the following countries/cities. 🇧🇦Bosnia & Herzegovina: 4.8 years (21 Q2 to 26 Q1) 🇲🇪Montenegro: 5 years (21 Q1 to 26 Q1) 🇲🇰Skopje: 5 years (21 Q1 to 26 Q1) 🇲🇩Chisinau: 5.3 years (20 Q4 to 26 Q1) It’s a useful reminder: the markets attracting the most attention aren’t always the ones producing the most interesting results. Which market do you expect to be the next to double within seven years or less?