Rents and house prices in the EU have continued their steady increase
Rents and house prices in the EU have continued their steady increase in the second quarter of 2022, going up by 1.7% and 9.9%, respectively, compared with the second quarter of 2021.
This information comes from data on rents and house prices published by Eurostat. The article presents a handful of findings from the more detailed Statistics Explained article on housing price statistics.
House prices and rents in the EU followed a similar path between 2010 and the second quarter of 2011. However, after this quarter, house prices and rents have evolved differently. While rents increased steadily throughout this period up to the second quarter of 2022, house prices have fluctuated considerably.
After a sharp decline between the second quarter of 2011 and the first quarter of 2013, house prices remained more or less stable between 2013 and 2014. After a rapid rise in early 2015, house prices increased faster than rents.
From 2010 until the second quarter of 2022, rents increased by 18% and house prices by 48%.
House prices more than doubled in Estonia, Hungary, Luxembourg, Latvia, Lithuania, Czechia and Austria
When comparing the second quarter of 2022 with 2010, house prices increased more than rents in 19 EU Member States.
Over this period, house prices increased in 24 EU Member States and decreased in three. They more than doubled in Estonia (+196%), Hungary (+168%), Luxembourg (+135%), Latvia (+131%), Lithuania and Czechia (both +130%) and Austria (+121%). Decreases were observed in Greece (-23%, see methodological notes), Italy (-8%) and Cyprus (-6%).
When comparing the second quarter of 2022 with 2010 for rents, prices increased in 25 EU Member States and decreased in two, with the highest rises in Estonia (+214%), Lithuania (+139%) and Ireland (+82%). Decreases were recorded in Greece (-24%) and Cyprus (-0.2%).
- House prices: data from Bank of Greece, 2021 instead of Q2 2022.