11.01.2024
Eurostat reports that in the third quarter of 2023, both house prices and rents in the EU increased by 0.8% compared to the second quarter of 2023. Compared to the third quarter of 2022, EU house prices decreased by -1.0% and rents increased by 3.0%.
House prices and rents in the EU followed a comparable growth trajectory between 2010 and the second quarter of 2011. After this quarter, home prices and rents developed differently. While rents rose steadily throughout this period until the second quarter of 2023, home prices fluctuated significantly.
After sharp declines in the second quarter of 2011 and the first quarter of 2013, house prices remained more or less stable between 2013 and 2014. Rapid growth followed in early 2015, and until the third quarter of 2022, house prices rose faster than rents. Since the fourth quarter of 2022, home prices have fallen for two consecutive quarters before rising again in the second and third quarters of 2023.
House prices have more than doubled in Estonia, Hungary, Lithuania, Latvia, Austria, the Czech Republic and Luxembourg. From 2010 to the third quarter of 2023, home prices increased by 48% and rents by 22%. When comparing the third quarter of 2023 with 2010, house prices rose more than rents in 18 of the 27 EU countries.
During this period, residential property prices more than tripled in Estonia (+210%) and more than doubled in Hungary (+185%), Lithuania (+158%), Latvia (+141%), Austria (+123%) , Czech Republic (+122%) and Luxembourg (+107%). A decrease in residential property prices was observed in Greece (-14%), Italy (-8%) and Cyprus (-2%).
Rents increased in 26 EU countries, with the largest increases in Estonia (+218%), Lithuania (+170%) and Ireland (+100%). The only decrease in rental prices was recorded in Greece (-20%).
