With an average price per square meter of $13,613, the British capital stands out as Europe’s most expensive city.

Paris follows closely in second, with an average square meter priced at $11,082, according to a study by audit firm Deloitte published yesterday.

Budapest was ranked as the European capital where property prices were the cheapest, with a price per square meter of $1,553 on average. Lisbon was second, with an average of $2,235 and Warsaw was third, with $2,322.

Property prices in the Spanish capital Madrid took a dramatic 23% fall, while Vienna, on the other hand, has followed the opposite trend, with a sharp 9% rise. In the same vein, home prices in Copenhagen have undergone an 8% rise while they have gone up 7 percent in Berlin.