Rents and house prices in the EU have continued their steady increase in the first quarter of 2022, going up by 1.4% and 10.5% respectively, compared with the first quarter of 2021.
This information comes from data on rents and house prices published by Eurostat today. The article presents a handful of findings from the more detailed Statistics Explained article on housing price statistics.
Between 2010 and the second quarter of 2011, house prices and rents in the EU followed similar paths, but since the second quarter of 2011, those paths have diverged significantly. While rents increased steadily throughout the period up to the first 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. Then, there was a rapid rise in early 2015, since when house prices have increased at a much faster pace than rents.
Over the period 2010 until the first quarter of 2022, rents increased by 17% and house prices by 45%.
Since 2010, house prices more than doubled in Estonia, Hungary, Luxembourg, Czechia, Latvia, Lithuania and Austria
When comparing the first quarter of 2022 with 2010, house prices increased more than rents in 19 EU Member States.
House prices increased in 24 EU Member States and decreased in three, with the highest rises in Estonia (+174%), Hungary (+152%) and Luxembourg (+131%). Decreases were observed in Greece (-23%, see notes), Italy (-10%) and Cyprus (-8%).
When comparing the first quarter of 2022 with 2010 for rents, prices increased in 25 EU Member States and decreased in two, with the highest rises in Estonia (+177%), Lithuania (+127%) and Ireland (+77%). Decreases were recorded in Greece (-25%) and Cyprus (-1%).
For more information:
- Statistics Explained article on housing price statistics - house price index
- Database on housing price and sales
- Dedicated section on housing price and sales
House prices: data from Bank of Greece, 2021 instead of Q1 2022