Bulgaria's residential property is the cheapest in Europe with prices of EUR 740 per sq.m. in the capital city of Sofia.

Second in terms of low prices comes Portugal with EUR 1200 per sq.m., according to ERA Europe data based on information collected in 14 European countries.

Swiss residential property is worth EUR 9900 per sq.m. in Bern, with average apartment prices above EUR 1.6 M.

Mortgage interests in Bulgaria, however, are the highest in Europe fluctuating between 6.8%-7%, according to Teodora Dimitrova, executive in ERA Bulgaria. Mortgage interests in other European countries are 4% on the average.

The high mortgage rates in Bulgaria raise the cost of otherwise cheaper residential property. The charges, brokerage fees and interest rates, paid on loans in Bulgaria are the highest in Europe, as well.