Buying a home in one of Europe’s major cities can require an investment of more than €1 million, especially in the central districts of the most exclusive property markets. But where does purchasing an apartment cost the most? The 2026 ranking from Deutsche Bank Research Institute, published in its Mapping the World’s Prices report and covered by Euronews, places two Swiss cities at the top, followed by London, Paris and Vienna.
To make the comparison more meaningful, the ranking uses the estimated price per square metre of an apartment in the city centre. These figures are not the price of every individual property or an average of completed transactions. They are comparable estimates based on Numbeo and Deutsche Bank data, converted into euros using the European Central Bank’s average exchange rates for the first half of 2026.
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Zurich, Switzerland: More Than 22,900 euro per Square Metre
Zurich is Europe’s most expensive city in the ranking, with an estimated average of 22,910 euro per square metre for a city-centre apartment. Buying an 80-square-metre home would therefore cost around 1.83 million euro, before taxes, legal fees and other transaction costs. The figure is also among the highest worldwide: across the report’s 69 cities, only Hong Kong records a higher price.
Zurich’s position reflects the strength of the Swiss property market, supported by a high-income economy, a major financial sector and limited housing availability in the most sought-after areas. The figure applies to the city centre, however, and does not mean that every neighbourhood has similar prices. The distance from the centre and the type of property can significantly affect the budget required.
Geneva, Switzerland: Around 19,400 euro per Square Metre
Geneva ranks second, with an estimated price of 19,439 euro per square metre. An 80-square-metre apartment would therefore cost around 1.55 million euro, more than 800,000 euro above the benchmark average for the 28 European cities included in the report, which stands at approximately 727,000 euro for a property of the same size.
The market is influenced by the city’s international economic importance and demand for homes in a location with a strong concentration of international organisations, financial activities and high-income professionals. Zurich and Geneva are the only two European cities in the ranking with prices above €19,000 per square metre, confirming Switzerland’s leading position in the city-centre residential market.
London, United Kingdom: Nearly 17,250 euro per Square Metre
London is Europe’s most expensive city outside Switzerland, with an estimated price of 17,241 euro per square metre. An 80-square-metre apartment in the centre would cost around 1.38 euro million, equivalent to approximately 1.18 million pounds at the exchange rate used in the analysis. The price is about 35% higher than the figure recorded for Paris.
The British capital concentrates financial services, international companies, universities and cultural institutions, all of which contribute to housing demand. London’s property market is also highly diverse: prices can vary sharply between central neighbourhoods, residential areas farther out and districts with less direct access to the centre. The ranking should therefore be read as a benchmark for city-centre apartments, not as the average cost of every home across the metropolitan area.
Paris, France: More Than 12,700 euro per Square Metre
Paris ranks fourth, at 12,771 euro per square metre. An 80-square-metre apartment would cost an estimated 1.02 million euro, still above the million-euro threshold but considerably less than the prices recorded in Zurich, Geneva and London.
The French capital faces a densely built central area and limited housing availability in many desirable neighbourhoods. Demand is supported by the city’s role as an international economic, cultural and tourist centre. The figure should not be treated as an average for the entire Paris region, however: prices vary according to neighbourhood, building condition and the characteristics of each apartment.
Vienna, Austria: Around 12,500 euro per Square Metre
Vienna completes the top five, with an estimated average price of 12,483 euro per square metre. An 80-square-metre apartment in the city centre would cost around 999,000 euro, just below the million-euro mark. The Austrian capital ranks slightly ahead of Munich, which records 11,435 euro per square metre in the same comparison.
The figures show that even a city often associated with a high quality of life can command substantial prices in its central districts. The property’s location and available floor space remain crucial factors in determining the final cost, while the price per square metre allows buyers to compare markets of different sizes and characteristics. Vienna completes a ranking in which all five cities exceed €12,000 per square metre.
