In the latest data released by Eurostat on Thursday, Greece stands out with a notable decline in rental prices amidst a mixed picture across the European Union. While the fourth quarter of 2023 saw a 0.3% decrease in house prices throughout the EU, rents bucked the trend, rising by 0.6% compared to the previous quarter.
However, the contrast becomes starker when examining the longer-term trends. Compared to the fourth quarter of 2022, house prices across the EU increased marginally by 0.2%, whereas rents saw a significant surge of 3.0%.
This divergence is not unique to Greece but highlights a broader shift in the housing market across the EU. While rents have been steadily increasing since 2010, house prices have shown a more erratic pattern, including fluctuations and more rapid increases.
Greek rental prices recorded a stark 19% decrease, the only decline in rent prices among the EU countries analysed. This contrasts sharply with the significant increases seen in other countries, with Estonia (+207%), Lithuania (+172%), and Ireland (+102%) leading the way in rental price hikes.
When comparing the data with 2010 figures, Greece's rental market downturn becomes even more pronounced. While house prices have more than doubled in several EU countries since 2010, Greece stands as an exception, seeing a substantial decrease in rental prices, unlike its counterparts such as Estonia (+217%), Hungary (+185%), and Lithuania (+162%).
(Source: Eurostat)
