Budapest is the 4th best European city for remote and hybrid working

A new study has ranked which European cities are best for remote or hybrid working and these are the top 10, with Madrid taking the number one spot and Budapest the 4th place in the overall comparison.

The report, conducted by comparison website NerdWallet, analysed the top 30 most populated cities in Europe, ranking them based on their first-time buyer credentials to discover who is leading the way for first-time buyers. With a big emphasis on hybrid working since the Covid-19 pandemic, the report highlights key amenities the ‘new’ hybrid worker or the first-time buyer of 2022 are looking for in a city to buy their first property.

Madrid takes the top spot with an impressive score of 100.4/150, followed by Vienna with a score of 96.0 and Bucharest with a score of 94.2.

Budapest appeared fourth with a score of 92.1/150 with Marseille close behind in fifth with a score of 88.7/150.

Read also: Budapest real estate prices are sky-high!

Below are the top 10 cities that ranked the best cities in Europe for first-time buyers overall:

	City	Overall score
1	Madrid	100.4
2	Vienna	96.0
3	Bucharest	94.2
4	Budapest	92.1
5	Marseille	88.7
6	Warsaw	84.2
7	Birmingham	84.2
8	Prague	83.5
9	Rome	81.5
10	Paris	81.5

Revealed: The cheapest European cities for purchasing a house

Home-buyers that work remotely or even on a hybrid office basis can be more flexible with regards to location. Therefore, first-time buyers can be savvier with their budgets and find the most affordable options. The European First-Time Buyer Report analyses 30 European cities and determines which cities are home to the cheapest average house prices for potential buyers.

Read also: These are the most expensive properties in Hungary – PHOTOS

Top 10 cheapest cities in Europe for first-time buyers:

	City	Country	Average House Price	Deposit Amount 20%	House Price Minus Deposit
1	Bucharest	Romania	£35,831	£7,166	£28,665
2	Riga	Latvia	£46,316	£9,263	£37,053
3	Budapest	Hungary	£86,262	£17,252	£69,009
4	Madrid	Spain	£87,313	£17,463	£69,851
5	Vienna	Austria	£130,480	£26,096	£104,384
6	Belgrade	Serbia	£147,315	£29,463	£117,852
7	Krakow	Poland	£164,633	£32,927	£131,706
8	Warsaw	Poland	£165,992	£33,198	£132,794
9	Liverpool	United Kingdom	£202,179	£40,436	£161,743
10	Prague	Czech Republic	£221,176	£44,235	£176,941

Bucharest leads the way as the cheapest city in Europe to buy a home, with the average house price costing a budget-friendly £35,831. The 20% deposit will also be a modest £7,166, a much more affordable amount for first-time buyers than in some of its neighbouring European cities.

The bustling Latvian city of Riga secures its spot as the second cheapest location to buy a house, costing on average £46,316 with a 20% deposit of just £9,263. Climbing the ranks to third place as one of the cheapest destinations to buy a home in Europe is Budapest, the Hungarian capital, with the average house costing £86,262, with a 20% deposit of £17,252.

Most first-time buyers are looking to buy on a budget and find an affordable area to set up home, which is why some of the popular tourist destinations in Europe fall out of their price range. In this case, Paris, Munich, and Berlin emerge among the most expensive cities in Europe for first-time buyers to purchase their first home.

Top 10 most expensive European cities to buy a home:

	City	Country	Average House Price	Deposit Amount 20%	House Price Minus Deposit
1	Paris	France	£838,634	£167,727	£670,907
2	Munich	Germany	£723,694	£144,739	£578,955
3	Berlin	Germany	£680,930	£136,186	£544,744
4	Hamburg	Germany	£670,885	£134,177	£536,708
5	Barcelona	Spain	£627,291	£125,458	£501,833
6	Copenhagen	Denmark	£621,781	£124,356	£497,425
7	London	United Kingdom	£514,000	£102,800	£411,200
8	Amsterdam	Netherlands	£510,843	£102,169	£408,674
9	Stockholm	Sweden	£484,919	£96,984	£387,935
10	Brussels	Belgium	£449,590	£89,918	£359,672

Source: NerdWallet

Ranked: Top 10 Cheapest European Cities for Monthly Mortgage Repayments

With the cost of living rising, many soon-to-be first-time buyers are on the lookout for a more affordable mortgage. So, which cities in Europe have the lowest mortgage repayments based on the average earnings of solo and joint income first-time buyers?

City	Average House Price	Deposit Amount 20%	House Price Minus Deposit	Mortgage Interest Rate (%)	Monthly Mortgage Payments	Average Monthly Salary (One-person)	Mortgage Payments as a % of income (Solo)	Average Monthly Salary (Two Household)	Mortgage Payments as a % of income (Joint home-buyer)
Madrid	£87,313	£17,463	£69,851	2.05	£355	£1,577.74	22.50%	£3,155.48	11.25%
Riga	£46,316	£9,263	£37,053	2.44	£195	£826.12	23.60%	£1,652.24	11.80%
Vienna	£130,480	£26,096	£104,384	2.07	£531	£1,943.51	27.32%	£3,887.02	13.66%
Bucharest	£35,831	£7,166	£28,665	5.65	£199	£685.04	29.05%	£1,370.08	14.52%
Birmingham	£238,686	£47,737	£190,949	2.91	£1,050	£2,280.78	46.04%	£4,561.56	23.02%
Dublin	£297,140	£59,428	£237,712	3.25	£1,348	£2,559.60	52.66%	£5,119.20	26.33%
Liverpool	£202,179	£40,436	£161,743	3.36	£926	£1,664.24	55.64%	£3,328.48	27.82%
Marseille	£311,907	£62,381	£249,526	1.73	£1,230	£2,091.48	58.81%	£4,182.96	29.41%
Budapest	£86,262	£17,252	£69,009	6.41	£510	£785.11	64.96%	£1,570.22	32.48%
Turin	£234,477	£46,895	£187,582	1.52	£906	£1,297.43	69.83%	£2,594.86	34.92%

Source: NerdWallet

Cheapest European cities for monthly broadband costs

With many companies making the move toward hybrid and remote working, broadband costs and speed have become an important consideration for many first-time buyers when choosing a location to put down roots (and set up their home office).

The European First-Time Buyer Report reveals which European destinations are leading the way for the cheapest monthly broadband costs:

	City	Country	Monthly Broadband Cost Per Household	Broadband Speed by Country (Mbps)
1	Bucharest	Romania	£7.20	232.17
2	Sofia	Bulgaria	£9.66	86.75
3	Warsaw	Poland	£10.41	156.33
4	Budapest	Hungary	£10.66	210.55
5	Krakow	Poland	£11.50	156.33
6	Riga	Latvia	£12.27	135.22
7	Prague	Czech Republic	£16.54	48.37
8	Belgrade	Serbia	£18.59	86.77
9	Turin	Italy	£23.82	104.09
10	Rome	Italy	£23.93	104.09