With daily new events on Facebook and Twitter.
In a study by Together Money, the best European capital city to be a first time buyer is Brussels.
Madrid comes in at number 13, out of a list of the 34 European capitals.
According to the study, the price per square metre of a a apartment in Madrid city centre is €4,617.51. The average monthly net salary is €1,491.96 so that means that people in Madrid are spending a whopping 68.63% of their salary on mortgage repayments. In Brussels, that percentage drops to 43.99%.
Which capital comes out the worst? Moscow!
In Moscow, the price per square metre is €4,291.94 while the average monthly salary after tax is just €822.58, which means that I don´t understand how people can afford to buy an apartment in Moscow.
Which capital has the biggest monthly net salary? Surprise, surprise, it´s Bern in Switzerland with €4,005.36. Number 2 is Luxembourg City with €3432.34 and Oslo is in 3rd position, €3,159.90.
Bern might have a huge average monthly net salary but the price per square metre for a city centre apartment comes in at €10,479.53 so people in Bern spend 62.57% of their monthly salary on a mortgage. In other words, they can afford the high prices.
Interested in reading more? Visit https://togethermoney.com/best-cities-for-first-time-buyers/