Europe’s prime housing markets in focus
Rather than splintering demand, the uncertainty in Europe’s top‑tier housing markets has intensified the flow of global capital into prime and super‑prime homes.
Europe’s real estate offer came into sharp focus during the first half of 2025.
A softer euro and cheaper debt sweetened the proposition as the European Central Bank delivered four rate cuts across the year.
The abolition of the UK’s non-dom tax regime also triggered meaningful wealth outflows to Europe. While many relocations were further afield, some targeted European markets, with Italy, Monaco and Switzerland proving attractive.
Where is the wealth going in Europe?
Italy tops wish lists
Italy is fast becoming Europe’s tax-led magnet. Its nationwide flat-tax regime is continuing to attract internationally mobile wealth.
Traditional hubs diverge
Europe’s established top-tier cities moved in different directions. Zurich and Frankfurt rose, Paris and Milan edged up slightly, while London recorded a decline.
Iberia comes of age
Spain and Portugal delivered some of Europe’s strongest growth in 2025. The region also posted robust price gains, supported by inflows from northern Europe, the US and Latin America.
(Left) Dreaming domes Florence tops wish lists
The Alps hold steady
Policy shifts and geopolitical tensions have reinforced Switzerland’s appeal, drawing international buyers. Resorts such as Gstaad and Verbier recorded healthy levels of activity.
Monaco and the Côte d’Azur spillover
Prices in Monaco reached new heights in 2025 but high prices and limited supply pushed some buyers to look along the French Riviera, driving interest in neighbouring coastal markets.
(Right) Chalets shine Méribel reaches the peaks
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