Housing prices in Luxembourg have doubled since 2010
Фото: Roman Kraft, Unsplash
The updated Eurostat report presents such data. The study focuses on the correlation of prices for buying and renting real estate over the last 14 years. Both graphs show a stable growth in value, but with some refinements.
The average price of real estate in the European Union fell quite sharply between 2011 and 2013, after which it began to rise rapidly. It only stopped in the second half of 2022 due to geopolitical complications. Another small decline occurred in the last quarter of 2023, but it had almost no impact on the overall picture.
The rental market is no less interesting. Unlike the purchase market, it has not lost value and is still growing. The increase is not as pronounced as in the first case, but in the case of renting, this indicator is often even more tangible. It is worth considering how many people buy and rent housing. From this point of view, the increase in rents affects many times more of the EU population.
Over the 14 years from 2010 to 2023, purchase prices will increase by an average of 48% and rental prices by 23%. Buying an apartment has become more than twice as expensive in the Baltic States (217% to 135% growth), Hungary (+185%), Luxembourg (+102%) and some other countries. Only in Italy and Cyprus did prices fall. There, house prices fell by 8% and 3% respectively.
As far as rents are concerned, Luxembourg is fortunately not breaking any records: the increase is just under 25%. However, this is still noticeable due to the initially high price per square meter.
As for the absolute leaders — there are three of them: Estonia (+207%), Lithuania (+172%) and Ireland (+102%). And the only decrease in the EU was observed in Greece: rent became 19% cheaper.
