Housing prices in Europe rise in mid-2023
Фото: Roman Kraft, Unsplash
A new Eurostat study provides some rather interesting statistics. According to it, the housing crisis has not only affected Luxembourg, but also many other European countries. Prices have been affected by the wave of expatriants, the financial crisis and EU-wide disruptions in the supply of building materials.
The cost of buying for real estate started a consistent rise in 2014 and maintained it until the end of 2022. Since the beginning of 2023, house prices have initially sagged, but now they have returned to a positive trend, although they have lost 1% compared to the previous period. As for rent, everything is stable here — prices are growing, but their dynamics are much smoother.
The Estonian property market has experienced the biggest shock. In the period from 2010 to 2023, the cost of buying residential property increased by 210%, rent - by 218%. Property in Hungary has risen in price by 185%, in Lithuania by 158%, in Latvia by 141%, in Luxembourg — "only" by 107%. Flats in Greece (-14%), Italy (-8%) and Cyprus (-2%) became cheaper.
As for rent, only Greece became cheaper. The country has dropped 20% of the initial cost. In all other countries, growth of varying intensity is noticeable. For example, in Lithuania the cost of rent has increased by 170%, in Ireland - by 100%, and in Luxembourg — by 25%, which is quite small when compared to the same indicator for purchase.
