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Euronews
22-07-2025
- Business
- Euronews
Rent vs net salary in Europe: The most and least affordable cities
Housing takes up a large part of household budgets, and this share is growing across Europe, according to Eurostat. High rent prices in city centres add extra pressure, especially for low-income earners and those on minimum wage. In some European countries and cities, rent can consume nearly an entire salary. In fact, in certain places, average net salaries are not enough to cover the rent for a one-bedroom apartment in the city centre, according to Deutsche Bank Research Institute. So, which countries and cities in Europe have the best rent-to-salary ratio? Where is rent simply unaffordable? And how do European cities compare to global ones in terms of housing costs and salaries? The Mapping the World's Prices report compares net monthly salaries and rents for one-bedroom apartments in city centres across 69 cities worldwide. Euronews Business takes a closer look at the 28 European cities included in the report along with a few others for broader comparison. Where are the highest salaries in Europe? In 2025, average monthly net salaries range from just €151 in Cairo to €7,307 in Geneva, with Zurich close behind at €7,127. This makes Switzerland the highest-paying country overall. In Europe, Istanbul has the lowest salary at €855, followed by €1,044 in Athens. People in the Northern and Western European cities are well-paid. The net salaries are above €4,000 in Luxembourg, Amsterdam, Copenhagen and Frankfurt. Rome has the lowest average salary among the capital cities of Europe's five largest economies, at €2,046. Madrid follows slightly higher at €2,193. Salaries are significantly higher in Berlin (€3,565), Paris (€3,630), and London (€3,637), with only minimal differences among the UK, France, and Germany. Salaries are also high in US cities, which make up five of the top 11 globally. Which European cities have the highest rents? Rents for one-bedroom apartments in city centres vary widely, ranging from as low as €189 in Cairo to €3,792 ($4,143) in New York. US cities dominate the top end of the scale. In Europe, the highest rent is in London at €2,732 (£2,365), while the lowest is in Athens at just €595. In Zurich, Dublin, Amsterdam, and Geneva, rents also exceed €2,000, while in Istanbul and Budapest, they remain below €900. Lisbon and Istanbul: Salary doesn't cover the rent The percentage of salary spent on rent is a more useful measure. It shows how much disposable income is left after paying for accommodation. The rent-to-salary ratio ranges from 24% in Bangalore to 125% in Cairo. A ratio of 100% means the entire salary goes to rent. Anything above that means nothing is left in the pocket or extra income is needed to cover rent. In Europe, rent-to-salary ratio differs from 29% in Geneva to 116% in Lisbon. Besides the Portuguese capital, the ratio is also slightly above 100% in Istanbul (101%). This means the average net salary is not enough to pay the rent for a one-bedroom apartment in either Lisbon or Istanbul. Single earners need to spend three-quarters of their salary on rent in London (75%), as well as in Barcelona and Madrid (both at 74%). In Milan, the ratio is also high at 71%. More than half of the average salary is also spent on rent in several other cities: Rome (65%), Dublin (62%), Athens (57%), Warsaw (56%), Prague (54%), and Budapest (52%). Where is the lowest rent-to-salary ratios? Geneva (29%) is the only European city where the rent-to-salary ratio is below 30%. Following that, there are five more European cities where single earners spend less than two-fifths, or 40%, of their salary on rent. They include Luxembourg and Frankfurt (both at 34%), Zurich and Helsinki (both at 35%), and Vienna (38%). Except for Helsinki, these examples do not mean that rent is cheap in these cities. Instead, they reflect higher salaries, which reduce the percentage of income spent on rent. Among the capital cities of the top five European economies, Berlin has the lowest rent-to-salary ratio, with residents spending 40% of their average income on rent. Paris follows the German capital at 45%. London has the highest ratio at 75%, followed by Madrid at 74% and Rome at 65%. This ratio in other major cities is as follows: Dublin (62%), Athens (57%), Amsterdam (49%), Stockholm (46%), Edinburgh (44%), Copenhagen (43%), and Oslo (42%). In the global list, other cities where the salary does not cover the rent include Bogota (120%), Mexico City (118%), and São Paulo (102%). In some cities, while the rent can just be paid, there is almost nothing left from the salary—this includes Rio de Janeiro (100%), Manila (94%), Buenos Aires (88%), and Mumbai (84%). The rent-to-salary ratio in New York is 81%, making it the highest among US cities. How much is left after paying the rent? Globally, the highest disposable incomes after paying rent are found in two Swiss cities: Geneva (€5,174) and Zurich (€4,638). The lowest is also in Europe, with Lisbon at –€202, meaning the average salary is not enough to cover the rent. In Istanbul, a single earner needs to find an extra €13 to pay the rent. Besides the two Swiss cities, disposable income after rent is also above €2,000 in six more European cities: Luxembourg (€3,725), Frankfurt (€2,726), Copenhagen (€2,421), Amsterdam (€2,194), Oslo (€2,140) and Helsinki (€2,021). An OECD report shows that bigger cities come with higher housing costs. Spending on housing and utilities has risen over the past 20 years in the EU.
Euronews
11-07-2025
- Business
- Euronews
Cost of love: Europe's most expensive and cheapest cities for a date
Love might be priceless, but dating certainly isn't. As the cost of living continues to rise, singles are finding that romance comes with a higher price tag than ever before. And it's not just first dates. Couples in long-term relationships are also tightening their belts when it comes to nights out and shared experiences. The cost of a date varies widely across Europe, reflecting differences in local price levels. It has also risen significantly over the past five years. So, which European cities are the most expensive or the most affordable for a date? And just how much should you expect to spend on a romantic outing in Europe? A study from Deutsche Bank Research Institute compares the cost of a date across 67 cities worldwide — and nearly half of the studied cities are in Europe. Drawing on data from this report ("Mapping the World's Prices"), Euronews Business takes a closer look at how much dating actually costs in European cities. For the purposes of the research, a 'cheap date' is defined as: one bottle of wine, a pair of jeans, a dress, two coffees, a meal for two at a mid-range restaurant, two cinema tickets, two one-way public transport tickets, and a 5km taxi ride. Swiss and Nordic cities most expensive for dating This year, Switzerland topped the list as the most expensive country in Europe for a "cheap" date. In terms of cities, Geneva leads with an average cost of €400, followed closely by Zurich at €393 — taking the top two spots in the ranking. Copenhagen (€337) and Oslo (€321) follow the Swiss cities. In Europe, Stockholm comes in 7th at €292, while Helsinki takes 9th place at €286 — placing the Nordic capitals alongside Switzerland as the most expensive locations for a date on the continent. Britain tops EU's Big Four in dating costs A "cheap" date costs €313 (£269) in London and €297 (£255) in Edinburgh, placing the two British cities 5th and 6th on the list. This also makes the UK the most expensive country for dating when compared to the EU's four largest economies. In the capitals of those economies, the costs are notably lower: €268 in Paris, €248 in Berlin, €224 in Madrid, and €200 in Rome. Interestingly, some non-capital cities are pricier than their capitals — such as Milan (€275), Munich (€272), Frankfurt (€251), while Barcelona is a slight exception at €214. The average cost of a cheap date across 28 European cities is €264. Cheap dates: Istanbul, Prague, and Budapest Istanbul ranks as the cheapest European city for dating at €163, followed by Prague (€186) and Budapest (€192). However, these figures reflect nominal prices and do not take into account purchasing power standards (PPS). For locals, these costs may still feel high. When income levels are considered, the picture of affordability across cities is likely to shift significantly. The cost of a cheap date in several other European cities includes: Amsterdam (€290), Dublin (€283), Brussels (€275), Vienna (€253), Athens (€218), and Lisbon (€214). How do non-European cities compare in dating costs? Outside Europe, New York ranks as the most expensive city globally at €301 ($354), placing 6th among 67 cities. Bangalore, India, is the cheapest, with a date costing just €88. Tel Aviv-Yafo is also among the more expensive cities, with a date costing €291. Buenos Aires (€252) is pricier than many major European cities, as well as globally popular destinations like Los Angeles (€244), Dubai (€244), and Tokyo (€184). On the other hand, Shanghai, Cape Town, and Rio de Janeiro are significantly cheaper in nominal terms, with the cost of a date falling below €150. Dating has become significantly more expensive In October 2022, inflation in the EU reached its highest level in four decades, with the cost of living rising sharply across nearly all member states. When comparing the Cheap Date Index from 2020 to 2025, a significant increase is evident. Although the original report is in USD, we converted the figures into euros to offer a clearer perspective, and then calculated the change over this period. Istanbul saw the highest increase, with the cost of a cheap date rising by 84% in euro terms. The increase is also 40% or more in several other cities: Edinburgh (46%), Budapest (45%), London (41%), and Birmingham (40%). However, part of this rise is influenced by exchange rate fluctuations. In the UK, for example, the actual increase would be slightly lower when calculated in local currency — around 33% in London. In Istanbul, the impact is even more dramatic: due to the sharp depreciation of the Turkish lira in recent years, the local cost of a cheap date has surged by over 840%. Across most European cities, the cost of a cheap date has risen by approximately 25–30% over the past five years. Rome stands out as the only city where prices have actually declined in euro terms by 2%. A Euronews Business article titled 'Which Are the Cheapest and Most Expensive Countries in Europe?' compares European countries based on overall cost of living.
Euronews
10-07-2025
- Business
- Euronews
Europe's iPhone price gap: Where you'll pay the most and least
If you're buying an iPhone in Europe, how much does the price differ from one country to another? VAT rates, import taxes and currency strengths vary across Europe, and so do the costs of these phones. But, if we leave Turkey aside, differences in Europe aren't as dramatic as in other parts of the world. However, if you consider hourly wages, affordability varies much more widely. So, in which European countries are iPhone prices the highest and lowest? How do iPhone prices in Europe compare to those in other parts of the world, including in the United States? And how many hours do Europeans need to work to afford one? A report from Deutsche Bank Research Institute, titled "Mapping the World's Prices", compares iPhone 16 Pro (128GB) prices across 41 countries/markets. More than half of the studied markets are in Europe. Turkey leads globally — a price outlier in Europe iPhone 16 Pro prices range from around €903 in South Korea to roughly €1,854 in Turkey, the highest globally. Within the EU, prices vary from €1,107 in Greece to €1,231 in Sweden. Brazil (€1,559) and Egypt (€1,296) follow Turkey at the top of the iPhone price list. The report warns: 'Don't drop or lose your iPhone in Turkey, Brazil, Egypt, India or the Nordic countries. It could cost 30-100% more than in the US to replace.' The Nordic countries top the list within the EU In the EU, other Nordic countries follow Sweden, where the iPhone 16 Pro is the most expensive at €1,231. It costs €1,188 in Denmark and €1,175 in Finland. Norway, which is not an EU member, falls in between, with a price of €1,182. According to the report, VAT in these countries is around 25%, compared to 20% in many other European nations. Most Western European countries cluster around €1,145–€1,170. They include Portugal (€1,166), Italy and Ireland (both €1,157), as well as France, Belgium, and the Netherlands (all €1,147). Switzerland and the UK have the lowest iPhone prices Among Europe's five largest economies, the UK offers the cheapest iPhone 16 Pro at €1,095, followed by Germany (€1,119) and Spain (€1,138). Meanwhile, Switzerland —though not in the EU — has the lowest iPhone 16 Pro price in Europe overall, at €1,045. South Korea the only country cheaper than the US In the list, South Korea is the only country where the iPhone 16 Pro is cheaper than in the US, priced at €903 compared to €917 ($1,079). Several Asian and Arab countries also offer lower prices than many Western nations. To illustrate, the iPhone 16 Pro costs €1,226 in Saudi Arabia and €1,170 in the United Arab Emirates. In Japan, China, and Thailand, prices are even lower than in those Gulf countries. iPhone Price Index: How other countries compare to the US The iPhone Price Index, which sets the iPhone 16 Pro price in the US as 100, shows how much more or less the device costs in other countries relative to the US. Turkey is the only country where the iPhone 16 Pro costs more than double the US price, with an index score of 202. In Sweden, iPhone prices are 34% more expensive than in the US, while in the UK, they are 19% higher. In most EU countries, the iPhone 16 Pro is priced at roughly 25% above the US level. Why is Turkey an outlier in iPhone pricing? Turkey imposes a Special Consumption Tax (ÖTV) of 50% on smartphones, in addition to VAT and several other fees. These combined taxes significantly drive up the retail price, making Turkey the most expensive country to buy an iPhone 16 Pro on the list. According to a social media post by tax expert Ozan Bingöl, several layered taxes and fees significantly inflate the price of an iPhone in Turkey. First, the Ministry of Culture charges a 1% fee on the base price, then there is a a 12% "banderole" charge to support the public broadcaster TRT. Then, a 50% Special Consumption Tax (ÖTV) is applied on top of those amounts. Finally, a 20% VAT is levied on the entire amount — including all previous taxes and fees, not just the phone. In Bingöl's example from March 2024, the base (pre-tax) price of an iPhone was 53,040 Turkish lira, but after all taxes and fees, the final retail price reached 107,999 lira — more than double the original price. This reflects a total effective tax rate of 103.4%. This aligns with the 202% iPhone Price Index relative to the US. Affordability gap widens with income Of course, the retail price of an iPhone, including taxes, does not reflect how affordable it is for consumers. Affordability depends on income levels, which vary significantly across Europe. For example, iPhone Index 2024 estimates how many days the average person needs to work to afford an iPhone 16 Pro. The results range from just 4 days in Switzerland to 72.9 days in Turkey. Within the EU, the range spans from 6.1 days in Luxembourg to 26.6 days in Greece. Hourly wages and salary levels further show these disparities. According to Eurostat, the average hourly wage in the EU in 2024 was €25.20, ranging from €9.20 in Bulgaria to €48.40 in Luxembourg, with Denmark close behind at €43.60.
Business Insider
25-06-2025
- Business
- Business Insider
Living in New York, Boston, or San Francisco is getting almost as expensive as Geneva or Zurich
Major US cities such as New York and Boston are becoming more expensive to live in. A new Deutsche Bank report shows some US cities now rival Swiss cities in terms of living costs. Factors include the strong dollar, US exceptionalism, and a robust tech sector. The likes of New York, Boston, and San Francisco are catching up with their Swiss counterparts, the Deutsche Bank Research Institute's annual Mapping the World's Prices report found. Authors tracked the cost of living in 69 cities relevant to financial markets by standardizing the cost of goods and services and converting all amounts into dollars. "When we launched this report in 2012, US cities were relatively cheap compared with their developed market peers, with costs of goods and salaries generally outside the global top 10," wrote Jim Reid, the bank's head of global and macro thematic research and author of the report. "Fast-forward a decade or so, and the US now ranks near the top in both categories — rivaled only by Geneva and Zurich across the globe." Reid puts this development down to a stronger dollar, the rise in US exceptionalism, the resilience of the American financial sector, and the expansion of the US-dominated technology sector. The report said that since its inception, Swiss cities had always been among the most expensive. The Swiss franc is one of the world's most stable currencies, and Switzerland has had one of the lowest inflation rates in recent decades. The European nation is also home to several high-paying sectors such as banking and finance, and pharmaceuticals. New York is the priciest place to live in the city centre, with a three-bedroom apartment costing an average of $8,500 a month to rent in 2025. It's followed by Singapore, Boston, London, San Francisco, Zurich, Hong Kong, and Geneva. All five American cities featured in the report appear in the first 11 spots for rent costs; the other two are Chicago and Los Angeles. The five US cities are also towards the top of the rankings for the cost of groceries. "Historical patterns of US dollar cycles, combined with ongoing policy shifts in 2025, suggest there's a meaningful chance that US cities could slip down the list in the years ahead," Reid said. Geneva, Zurich, San Francisco, Luxembourg, and Boston rank the highest for salaries after taxes.
