A new ranking shows Switzerland and Luxembourg dominate Europe's priciest property markets, with apartment prices in Zurich more than double those in Paris.
Europe's most expensive housing markets are packed into a surprisingly small corner of the continent.
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New data from Global Property Guide show that four of the five priciest cities for residential property are located in Switzerland and Luxembourg, with Zurich topping the ranking at more than €18,000 per square metre.
Here are the 10 most expensive housing markets in Europe, ranked from tenth to first.
10) Stockholm: Average price €8,380/m²
The Swedish capital opens the top 10 ranking with one of Europe's clearest property recoveries.
Built across 14 islands where Lake Mälaren meets the Baltic Sea, Stockholm combines some of Europe's highest living standards with one of its most constrained housing markets.
Apartment prices average €8,380 per square metre, up 7.2% over the past year and 17.0% over two years. The rebound is particularly striking given the sharp correction that hit Sweden's housing market after interest rates surged in 2022.
The rest of Sweden remains considerably cheaper. Prices average €4,428 per square metre in Gothenburg and €3,369 in Malmö.
Stockholm remains one of Northern Europe's most expensive places to buy a home.
9) Copenhagen: Average price €8,405/m²
The Danish capital, known for its colourful Nyhavn waterfront, extensive cycling infrastructure and world-renowned restaurant scene, is also the fastest-growing market in the top 10.
Apartment prices average €8,405 per square metre, up 14.3% over the past year and 24.0% over two years — the strongest growth recorded by any city in this ranking.
The contrast with the rest of Denmark is stark. Prices in Denmark's second-largest city, Aarhus, have fallen 16.7% over the past year to €4,128 per square metre, while Odense and Aalborg, the third- and fourth-largest cities respectively, remain below €2,800.
8) Oslo: Average price €9,332/m²
Norway's capital has staged one of Europe's strongest recent housing recoveries.
Situated at the head of the Oslo Fjord, the city blends Nordic modern architecture with some of the highest household incomes on the continent.
Apartment prices average €9,332 per square metre, up 6.3% over the past year and 14.0% over two years.
Yet Norway's strongest momentum is increasingly found outside the capital. Prices in Bergen, Norway's second-largest city, have surged 22.4% over the past year to €6,160 per square metre, while Trondheim, the country's third-largest city, has recorded growth of 12.8%, reaching €5,275.
7) Amsterdam: Average price €9,437/m²
Amsterdam's seventeenth-century canal district has become one of Europe's most expensive residential addresses.
A chronic shortage of housing, strict planning rules and strong international demand continue to push prices higher in Amsterdam.
Apartment prices average €9,437 per square metre, up 13.0% over the past year and 19.2% over two years.
For homebuyers, the Dutch capital increasingly resembles a scarce luxury asset rather than a conventional housing market.
6) Paris: Average price €9,490/m²
Paris remains one of the world's most recognisable property markets. However, unlike most cities in this ranking, prices are falling.
Apartment prices average €9,490 per square metre, down 0.3% over the past year and 7.3% over two years, making Paris the weakest performer in the top ten.
The anticipated post-Olympic rebound has yet to emerge, while higher borrowing costs continue to weigh on demand.
Even so, prices remain far above those seen elsewhere in France, where Lyon averages €4,551 per square metre, Bordeaux €4,443 and Nantes €3,376.
5) Bern: Average price €9,952/m²
Bern is Switzerland's most understated luxury market.
The federal capital, famous for its UNESCO-listed old town, is the least expensive of the four Swiss cities in this ranking, though prices remain close to €10,000 per square metre.
Apartment values average €9,952 per square metre, down 0.7% over the past year but up 4.5% over two years.
Strong household wealth, political stability and limited housing supply continue to underpin demand across Switzerland's property market.
4) Luxembourg City: Average price €10,941/m²
Luxembourg, Europe's richest country by GDP per capita, is also home to one of the continent's most expensive housing markets.
In Luxembourg City, one of Europe's leading financial centres, apartment prices average €10,941 per square metre, down 0.9% over the past year and 6.9% over two years, as the market continues to adjust after a decade of extraordinary gains.
Even after the recent correction, Luxembourg remains one of the few cities in Europe where a typical one-bedroom apartment can easily cost more than €1 million.
3) Luzern: Average price €12,066/m²
Luzern is perhaps the biggest surprise in the ranking.
The city occupies one of the most spectacular locations in Europe, where Lake Lucerne meets the foothills of the Alps.
Despite being far smaller than Zurich or Geneva, apartment prices average €12,066 per square metre, up 7.3% over the past year.
Limited supply, a highly desirable location and strong demand from domestic and international buyers continue to support prices.
2) Geneva: Average price €16,819/m²
Geneva's position near the top of the ranking reflects enduring demand from one of Europe's wealthiest labour markets.
Home to the United Nations, the World Health Organization, the Red Cross and a dense concentration of private banks, the city attracts some of the world's highest-earning professionals.
Apartment prices average €16,819 per square metre, up 3.4% over the past year and broadly unchanged over two years.
Even at these levels, supply remains exceptionally scarce, helping to maintain Geneva's status as one of Europe's most exclusive property markets.
1) Zurich: Average price €18,229/m²
Zurich remains Europe's most expensive city for residential property, with apartment prices averaging €18,229 per square metre.
Prices rose 4.2% over the past year and 11.7% over two years despite already starting from an exceptionally high base.
Home to Switzerland's largest banks, its stock exchange and a vast wealth management industry, Zurich combines financial power, political stability and chronic housing scarcity.
The result is a property market unlike any other in Europe.
Zurich is not merely the continent's most expensive housing market in 2026. It is extending its lead over the rest of Europe.
