A €1 million home may be an ordinary flat in central Paris or a luxury villa near Sofia. But wherever buyers look, they need an income far above the national average to afford one.
So how much would they need to earn?
Euronews Business calculated the salary needed using a typical mortgage scenario: a 20% deposit, a fixed interest rate of 3.5% and a 30-year repayment term. It also assumed that buyers would spend no more than 33% of their gross income on the mortgage.
That means a deposit of €200,000 and a mortgage of €800,000.
The calculation does not include property taxes, insurance, transaction costs or other fees, and actual lending conditions vary between countries and borrowers.
