The European housing market continues to see significant changes, with house prices in the EU rising by 3.8% and rents increasing by 3.2% in the third quarter of 2024 compared to the same period in 2023, according to Eurostat data.
On a quarterly basis, house prices increased by 1.4%, and rents by 0.9%, from the second quarter of 2024.
Trends Since 2010
Housing prices and rents in the EU have diverged in their patterns since 2011. Rents have shown steady growth, while house prices have experienced fluctuations, including periods of decline and rapid increases. Between 2010 and the third quarter of 2024, house prices across the EU surged by 54.1%, while rents increased by 26%.
National Data Highlights
Comparing 2010 to the third quarter of 2024, house prices outpaced rent increases in 20 of the EU countries with available data. Notably:
- Hungary and Estonia: House prices more than tripled, with both countries recording a staggering 230% increase.
- Lithuania: A 181% rise in house prices.
- Other notable increases: Latvia (+154%), Czechia (+135%), Austria (+114%), Portugal (+113%), Bulgaria (+110%), and Luxembourg (+103%).
- Italy: The only EU country where house prices declined over this period, falling by 4%.
Rents increased in 26 EU countries, with significant growth seen in:
- Estonia: A 216% increase in rent prices, the highest in the EU.
- Lithuania and Ireland: Rent prices rose by 183% and 109%, respectively.
- Hungary: An increase of 108%.
- Greece: The only EU country where rents decreased, dropping by 16%.
Broader Implications
The housing data highlights persistent disparities between EU countries, driven by varying economic conditions, housing policies, and demographic trends. Greece’s unique position as the only EU member to record a decline in rents underscores the country’s distinct housing market dynamics, shaped by economic challenges and shifts in housing demand over the years.
These findings provide a snapshot of the EU housing market’s evolution and underline the significant regional differences that continue to shape housing affordability and investment decisions across Europe.
Read more: Eurostat reports
(Source: Eurostat)