Eurostat has published statistics on changes in housing prices in the EU for the third quarter of 2023

What has happened

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, according to Eurostat. Compared to the third quarter of 2022, house prices in the EU decreased by 1.0% and rents increased by 3.0%.

The background

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 evolved 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. A rapid growth followed in early 2015, and until the third quarter of 2022, home prices increased faster than rents. Since the fourth quarter of 2022, home prices fell for two consecutive quarters before rising again in the second and third quarters of 2023.

From 2010 to the third quarter of 2023, home prices have increased by 48% and rents have risen by 22%.

Rating

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, housing 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%). Declines were 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%).

Source: Eurostat

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