Greece only EU country with significant decrease in house prices and rents

Greece is one of only three countries in the EU that saw a decrease in housing prices and rents whilst elsewhere on the continent they 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.

According to the latest Eurostat data, Greece experienced a -23% decrease in house prices along only with Italy (-8%) and Cyprus (-6%) while 24 EU Member States experienced increases.

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),

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 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%.

[Eurostat]