The Need for Global Housing Price Reduction and the Paradox of an Apartment Costing as Much as a Castle

In a rapidly evolving world, housing remains one of the most fundamental human needs. However, access to it is becoming increasingly difficult. Property prices have skyrocketed in many countries and cities, creating an economic and social divide. A particularly striking (and disappointing) phenomenon is that in some cases, the price of an apartment in an urban area equals or even surpasses the price of a castle or historic mansion in a nearby location.

This paradox is not merely a coincidence but reflects deeper imbalances and distortions in the global real estate market. This article attempts to analyze the causes of the phenomenon, highlight the consequences, and present the necessity of a comprehensive market restructuring so that housing can return to its primary role: meeting the need for shelter rather than fueling speculation.

In recent years, property prices have surged to unprecedented levels in cities such as London, New York, Geneva, Paris, Berlin, and Athens. The average price of a 100 m² apartment in a central location can reach or even exceed €800,000.

Within the same geographic radius, one may find an old but well-preserved castle, covering hundreds of square meters with surrounding land, priced the same or less than a typical apartment. For instance, in southwestern France or in parts of Italy and Spain, properties of historical and cultural significance are sold for €400,000–€900,000.

This paradox that the value of a small, modern apartment equals that of a luxurious, historic property is not solely due to differences in location or maintenance. It is the result of combined factors that have disrupted the balance between value and price.

Urban housing demand is constantly rising due to population concentration, access to jobs, infrastructure, services, and social networks. Meanwhile, supply is insufficient, either because of zoning restrictions or a lack of investment in affordable housing.

The cost of materials, energy, and labor is increasing, directly affecting the price of new construction. Environmental and urban regulations, though necessary, also add to the final cost of producing housing.

Low interest rates in many countries led to abundant lending and increased purchasing power for investors, fueling speculative real estate markets. Some governments encouraged property investment as a growth strategy, unintentionally inflating prices.

Platforms such as Airbnb absorbed a significant portion of available housing stock, particularly in tourist areas, reducing long-term rental availability and driving prices upward.

In many countries, urban planning and building permits are complex and time consuming. Moreover, unfair or insufficient taxation of investment capital distorts the market, while social housing remains underfunded.

Fewer and fewer people can afford to buy a home. This is particularly acute among young people, who either depend on their parents or emigrate.

The pressure to own a home drives many into excessive debt. If prices drop suddenly, these individuals risk bankruptcy, as seen during the 2008 U.S. subprime crisis.

Real estate becomes a vehicle for wealth accumulation among those with capital. Owners accumulate income from rent and appreciation, while others remain lifelong tenants.

When only certain classes can live in specific areas, ghettoized societies emerge. Integration, equal opportunities, multiculturalism, and mobility are all restricted.

The fact that an apartment can cost as much as a castle demonstrates that the market is no longer determined by "use value" but by "expected value" and speculative profit.

The need to reduce housing prices is not merely a market issue; it is a matter of social justice, economic balance and sustainability.

Case Studies and Examples

France: Centuries-old castles sell for under €1 million.
Greece: Apartments in Athens cost up to €5,000/m² far above average income.
Switzerland, UK, USA: Major cities consistently rank among the most unaffordable housing markets.

The housing market has become a vehicle for wealth accumulation rather than a response to a basic need. The fact that an apartment can cost as much as a castle highlights the degree of distortion and the lack of social orientation.

The solution is neither simple nor quick. However, a coordinated effort by governments, citizens and international institutions must begin to redefine housing as a right, not a privilege.

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