In this article, we will take a look at 10 Countries with Most Affordable Housing in the World. For a detailed overview of trends in the housing market in different countries, read our article 30 Countries with Most Affordable Housing in the World.
10. Estonia
Affordability Index: 107.05
Profitability of Ownership Index: 117.25
Average Score: 12
In the first half of 2023, the number of contracts for sale and purchase agreements in Estonia fell by 24.1%. It is also predicted that in 2023, the price per square meter can go up to $3,500 in core areas of the country and $2,500 in other areas.
9. Denmark
Affordability Index: 104.03
Profitability of Ownership Index: 118.16
Average Score: 11
In June, the median selling price of a house in Denmark stood at $437,000, an increase of 152.2% from 2022. Meanwhile, the median sale price per square foot saw a rise of 15.9% in 2023 compared to 2022, currently standing at $164 per square foot.
8. Belgium
Affordability Index: 103.25
Profitability of Ownership Index: 117.78
Average Score: 9.5
By the end of July 2023, the average price per square meter of a typical house in Belgium was over $2,000. Apartments were priced at over $3,000 per square foot. However, the prices can greatly vary across the country, with Brussels being the most expensive region and Hainaut the most affordable.
7. Sweden
Affordability Index: 100.64
Profitability of Ownership Index: 118.57
Average Score: 9.5
In 2022, the housing price index in Sweden saw a decline of over 1%, which contrasts with the more than 15% increase recorded in 2021. As a result, the average value of an apartment dropped from $250,000 to around $240,000. Currently, houses in the popular areas of the country are priced at around $5,000 per square meter.
6. Poland
Affordability Index: 94.72
Profitability of Ownership Index: 108.91
Average Score: 6
In June 2023, the number of apartments rented in Poland jumped by 75% from April 2022, largely due to an influx of Ukrainian refugees. The cost of a square meter of property in the country is currently around $3,000.
5. South Africa
Affordability Index: 93.65
Profitability of Ownership Index: 103.62
Average Score: 5
During the first two months of 2023, nominal house prices in South Africa rose by 2.5% from 2022. However, while the average price of a standard house stood at approximately $74,000 in the last quarter of 2022, it saw a 1.5% decline by the end of the third quarter in 2023.
4. Italy
Affordability Index: 88.68
Profitability of Ownership Index: 103.14
Average Score: 4
In 2023, a standard house in Italy can be bought for an average of around $380,000, assuming it doesn’t exceed 2,000 square feet in size. This translates to a rate of around $190 per square foot. Housing prices in the country tend to remain stable, with only small increases. Between 2022 and 2023, a modest rise of 1.8% in average house prices was observed.
3. Romania
Affordability Index: 66.46
Profitability of Ownership Index: 116.68
Average Score: 4
The housing market in Romania is experiencing declining demand, which has led to reduced residential activity. In 2022, the average price of a house in the country fell by 7.49% from 2021, to around $1,700 per square meter. This marked the biggest decline the country has seen since 2013.
2. Finland
Affordability Index: 86.13
Profitability of Ownership Index: 94.16
Average Score: 2.5
Rising interest rates and a slowing economy are weakening the housing market in Finland. The average price of homes throughout the country fell by 5% in the third quarter of 2022 to $2,784 per square meter. This rate remained stable until the end of the year.
1. South Korea
Affordability Index: 81.92
Profitability of Ownership Index: 102.81
Average Score: 2.5
In January 2023, the average price of a home in Seoul, South Korea, was $680,000. Apartments were even more expensive, at an average price of $900,000. In other cities across the country, homes were priced at around $8,000 per square meter. Despite these high prices, South Korea is still one of the cheapest countries to live in the world, with a high standard of living.
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