Rents In Europe Up By 18% Since 2010; House Prices Up By 49%
Rents and house prices in the EU continued to increase in the third quarter of 2022. Photo credit: Freepik.
Czech Republic, Jan 16 (BD) – Rents and house prices in the EU continued to increase in the third quarter of 2022, by 2.1% and 7.4% respectively, compared with the third quarter of 2021, according to data published by Eurostat on 10 January.
House prices and rents in the EU followed a similar incline between 2010 and the second quarter of 2011, before decoupling. While rents increased steadily from then right up until the third quarter of 2022, house prices have fluctuated considerably. After a sharp decline between the second quarter of 2011 and the first quarter of 2013, they remained more or less stable between 2013 and 2014. Starting with a rapid rise in early 2015, house prices have been on an upward trend ever since, and have increased faster than rents.
From 2010 until the third quarter of 2022, rents have increased by 18% and house prices by 49%. House prices increased more than rents in 19 EU Member States.
At the national level, house prices increased in 24 EU Member States and decreased in three. They more than doubled in Estonia (+199%), Hungary (+174%), Luxembourg (+140%), Lithuania (+137%), Latvia (+134%), the Czech Republic (+133%), and Austria (+130%). Greece (-22%), Italy (-9%), and Cyprus (-0.3%) all saw decreases.
When comparing the third quarter of 2022 with the third quarter of 2010, prices increased in 26 EU Member States and decreased in one, with the highest rises in Estonia (+233%) and Lithuania (+151%). A decrease was recorded in Greece (-24%).