Estonia and Lithuania Lead in Housing and Rental Price Growth in the EU, Croatia at the Bottom of the Rankings

Housing and rental prices in the European Union continued to rise in the second quarter of 2022. Compared to the same period last year, house prices increased by 1.7 percent, while rental prices rose by 9.9 percent, according to Eurostat data.

Considering the period from 2010 to the second quarter of 2022, rents in the EU increased by 18 percent, and house prices by as much as 48 percent.

House prices more than doubled in as many as 7 countries

Comparing the second quarter of 2022 with 2010, house prices rose more than rents in 19 EU member states.

During this period, house prices increased in 24 EU member states and fell in three. They more than doubled in:

• Estonia (+196 percent)
• Hungary (+168 percent)
• Luxembourg (+135 percent)
• Latvia (+131 percent)
• Lithuania and the Czech Republic (both +130 percent)
• Austria (+121 percent)

A decline was recorded in:

• Greece (-23 percent)
• Italy (-8 percent)
• Cyprus (-6 percent)

In Croatia, house prices during the mentioned period increased by just over 40 percent, while rental prices rose by 15 percent. Croatia is positioned at the lower end of this Eurostat list, ahead of France and behind Belgium.

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photo Eurostat

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Rental prices fell in only two countries

Comparing the second quarter of 2022 with 2010, rental prices increased in 25 EU member states and fell in two, with the largest increases recorded in:

• Estonia (+214 percent)
• Lithuania (+139 percent)
• Ireland (+82 percent)

A decline was recorded in:

• Greece (-24 percent)
• Cyprus (-0.2 percent)

Price fluctuations

Although until 2010, house and rental prices were at similar levels, after the second quarter of 2011, they began to develop differently. Rents, in fact, continuously increased, while house prices fluctuated significantly.

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 increase in early 2015, house prices grew faster than rents.

Overall, house prices in the European Union increased by almost 50 percent, and rents by almost 20 percent.

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photo Eurostat

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