Brussels: Europe and the Arabs
In the fourth and final quarter of 2023, house prices fell by 0.3% while rents rose by 0.6% in the EU compared to the third quarter of 2023.
Compared to the fourth quarter of 2022, house prices in the EU rose by 0.2%, while rents rose by 3.0%.
This information comes from data on house prices and rents published by the European Statistical Center (Eurostat) on Thursday.
Housing prices and rents in the EU followed a similar pattern between 2010 and the second quarter of 2011, but are now evolving differently. While rents rose steadily from then until the second quarter of 2023, home prices followed a different pattern, including rapid declines and increases.
After a sharp decline between the second quarter of 2011 and the first quarter of 2013, housing prices remained fairly stable between 2013 and 2014. A rapid rise followed in early 2015, and housing prices rose faster than rents until the third quarter of 2022. Since the fourth quarter of 2022, home prices have declined for two consecutive quarters before rising again in the second and third quarters of 2023 and falling slightly in Fourth quarter of 2023.
House prices have more than doubled in Estonia, Hungary, Lithuania, Latvia, the Czech Republic, Austria and Luxembourg since 2010.
Between 2010 and Q4 2023, house prices rose by 48% and rents by 23% in the EU.
When comparing the fourth quarter of 2023 with 2010, among member states for which data is available, house prices rose more than rents in 19 EU countries. House prices more than doubled in Estonia (+217%), Hungary (+185%), Lithuania (+162%), Latvia (+135%), Czech Republic (+123%), Austria (+111%), and Luxembourg. . (+102%). Decreases were observed in Italy (-8%) and Cyprus (-3%).
Rents rose in 26 EU countries with the highest rises in Estonia (+207%), Lithuania (+172%) and Ireland (+102%). The only decrease in rental prices was recorded in Greece (-19%).