Estonia saw the biggest increase in house prices in the European Union between 2010 and 2023, with an increase of 217%, according to data from Eurostat.
The data, which compared house prices in the fourth quarter of 2023 with that of the fourth quarter of 2010, also showed notable increases in house prices in Hungary (+185%), Lithuania (+162%), Latvia (+135%), Czechia (+123%), Austria (+111%), and Luxembourg (+102%).
House prices decreased in Italy (-8%) and Cyprus (-3%), however.
Highest rents in Europe
In terms of rental prices, the highest rent increases were also seen in Estonia (+207%), while Lithuania (+172%) and Ireland (+102%) also recorded a notable increase.
The only EU country to see a decrease in rent prices was Greece, where rents went down 19%.
Overall, between 2010 and the fourth quarter of 2023, house prices in the EU increased by 48%, while rents rose by 23%.
House prices across Europe
On a quarter-on-quarter basis, house prices decreased by 0.3% across the European Union in the fourth quarter, while rents increased by 0.6%, Eurostat‘s data showed.
Compared to the fourth quarter of 2022, meanwhile, house prices in the EU increased by 0.2%, while rents increased by 3.0%.
Looking at the data over a longer period, following a sharp decline between the second quarter of 2011 and the first quarter of 2013, house prices remained relatively stable from 2013 to 2014. Subsequently, there was a rapid rise in early 2015, with house prices outpacing rents until the third quarter of 2022.
From the fourth quarter of 2022, house prices experienced two consecutive quarters of decline before rising again in the second and third quarters of 2023. However, they saw a slight decline in the fourth quarter of 2023.
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