欧洲住宅市场概览：第14版房地产指数

Overview of European 14thedition, August 2025 Introduction We are excited to introduce the 14thedition of the Property Index,Deloitte’s annual review of residential real estate trends across Europe,including Israel and Turkey. For over a decade, the Property Index hashelped readers – from real estate professionals and economists to students, Moderate Recovery Amid Global Uncertainty At its core, the Property Index aims to offer a comprehensive analysisof the factors influencing housing markets, while taking into accountthe varied economic and social contexts of each country and region. Housing Development Intensity in Selected Countries and Cities This year, the publication puts a stronger spotlight on the local characterof housing. While national trends offer a useful frame of reference, it isoften the regional and city-level data that reveal the real stories – aboutaffordability, availability, and quality of life. By exploring the role of regional Regional Contrasts in Size, Design, and Price In line with this perspective, the Property Index continues to monitorthe evolving housing situation – highlighting how people on the “oldcontinent” live, what kind of homes they can afford, and the pressures This publication is the result of close collaboration between Deloitte realestate professionals across Europe, Israel, and Turkey. We hope that this14thedition of the Property Index provides meaningful insights, sparks This year, our analysis of the residential property marketcovers a record number of participating countries –marking the broadest scope in the history of theProperty Index. While the report continues to rely ona core group of long-standing contributors, we are Behind the Property Index is a dedicated and experiencedinternational team of Deloitte professionals whobring together expertise in real estate, development,investment, and finance.This is even more essential,as sources and details of the data may differacross the various regions.The data and perspectives The majority of the indicators in this publication arebased on year-on-year comparisons, offering a clearview of how property markets have evolved over thepast 12 months. As always, the housing sector remainssensitive to wider economic influences – ranging from Our goal remains simple: to provide trustworthy,data-driven insights into Europe’s residential propertymarkets. Through the combined efforts of ourmultidisciplinary network, the Property Index continues Where is Europe’sHousing Market The European residential market in 2024 and early2025 has entered a phase of rebalancing. After a periodmarked by pandemic recovery and rapid price growth,the housing sector is now shaped by economicadjustments, tighter lending conditions, and renewed of living, housing supply, interest rates, and rentalpressure. This year’s Property Index examines theseshared dynamics across 28 countries, highlighting howpeople live, rent, and buy homes in changing economictimes. The overall picture reveals a sector facing New housing construction slowed in 2024 across muchof Europe. Developers faced higher material and laborcosts, stricter financing conditions, and increasedregulatory demands – especially around sustainabilityand energy efficiency. In some regions, local incentives homes remained below long-term demand. Innovativesolutions, such as modular construction and energy-efficient designs, became more common as the industrylooked for ways to reduce costs and meet environmental Throughout 2024, Europe’s economic outlook showedsigns of cautious improvement. Inflation eased in mostregions, allowing household purchasing power tostabilize slightly. However, economic growth remaineduneven, with some countries seeing stronger recovery overall momentum. Public investment and Europeanrecovery funds played a key role in supporting housinginfrastructure, especially in regions undergoingdemographic or economic transition. While still fragile, After years of sharp increases, residential propertyprices began to stabilize in 2024. In many areas, pricegrowth slowed or plateaued, and in a few markets,slight corrections occurred. This was driven largely byreduced purchasing power, higher borrowing costs, Across Europe, the rental market became increasinglycompetitive in 2024. Many households turned torenting as home ownership became harder to attaindue to financing hurdles. This increased demand or strong population growth – prices remained elevated.Demand shifted toward more energy-efficient andwell-located properties, while less competitive units sawlower interest. Overall, by early 2025, price dynamics had more pronounced. Renters – especially younger people,students, and lower-income households – faced growingchallenges in securing stable accommodation. In response,several governments explored rent regulation, subsidy These included new funding for social or affordablehousing, tax incentives for developers, and regulatoryreforms to support supply