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Housing prices in the EU have increased by almost 50% in 12 years

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Purchase prices are rising faster than rental rates.

What has happened? According to Eurostat, house prices have increased by 47% in the EU between 2010 and 2022.

The largest increases were observed in Estonia (+192%), Hungary (+172%) and Luxembourg (+135%), while decreases were registered in Italy (-9%) and Cyprus (-5%).

Rental rates. There was a steady increase in rental prices within the EU between 2010 and 2022 – in total 18% during the whole period. There was an increase in all Member States except Greece (-25%). The largest increases were registered in Estonia (+210%), Lithuania (+144%) and Ireland (+84%). In Cyprus the increase was only +0.2%.

Inflation. The level of inflation in the EU between  2010 and  2022 was about 28%. The highest values were observed in Estonia (56%), Hungary (53%), Lithuania (49%) and Romania (47%). The lowest price increases were recorded in Greece (12%), Cyprus and Ireland (both 16%).

Rating. The cost of housing compared to the EU average varies significantly between Member States. The highest housing costs in 2022 compared to the EU average were found in Ireland (112% above the EU average), Luxembourg (87% above) and Denmark (82% above). On the other hand, the lowest rates were observed in Bulgaria (63% below the EU average) and Poland (60% below).

Dynamics. Looking at the evolution between 2010 and 2022, the level of house prices relative to the EU average have increased in 17 Member States and decreased in 10. The largest increases were observed in Ireland (from 17% above average to 112% above average EU) and Slovakia (from 44% below to 3% below the EU average). And the largest declines were noted in Greece (from 8% below to 30% below the EU average) and Cyprus (from 8% below to 23% below).

Source: Eurostat

Photo by ALEXANDRE LALLEMAND on Unsplash

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