Over the past 12 years, rents and house prices have increased dramatically, according to Eurostat, the EU’s statistics agency.
Since 2010, rents increased by 18% and house prices by 49%. The growth in prices and rents followed a largely even path until 2011, after which over the next decade, both renting and buying became more expensive.
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. Following a rapid rise in 2015, the increase in house prices now outstrips the growth of rental costs, the latest Eurostat report shows.
Credit: Eurostat
House prices more than doubled in Estonia (+199%), Hungary (+173%), Luxembourg (+140%), Lithuania (+137%), Latvia (+134%), Czechia (+133%), and Austria (+130%) since 2010. When comparing the third quarter of 2022 with 2010, house prices increased more than rents in 19 EU Member States. Decreases in house prices were only observed in Greece (-22%) and Cyprus (-0.3%).
Rents have also increased sharply across the EU. When comparing the third quarter results for 2022 with 2010, prices in 26 EU Member States increase. The highest increases were seen in Estonia (+233%) and Lithuania (+151%). Only in Greece did rents get cheaper (-24%).
Credit: Eurostat
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In Belgium, house prices increased by just less than 50% and rents by around 20%. Last year, the medium price for a terraced or semi-detached house was €260,000, up 6.1% from 2021. A fully detached house averaged at €365,000, up 4.3%.
Rents and house prices in the European Union continued to increase in the third quarter of 2022, rising by 2.1% and 7.4%, respectively, compared with the third quarter of 2021.
