In the third quarter of 2023, both house prices and rents in the EU rose by 0.8% compared to the second quarter of 2023, according to data from Eurostat which were released today.

Compared to the third quarter of 2022, house prices in the EU fell by -1%, while rents rose by 3%.

After a sharp decline between the second quarter of 2011 and the first quarter of 2013, house prices in the EU remained more or less stable between 2013 and 2014. A rapid rise followed in early 2015, and house prices rose faster than rents through the third quarter of 2022 From the fourth quarter of 2022, house prices fell for two consecutive quarters before rising again in the second and third quarters of 2023.

Between 2010 and the third quarter of 2023, house prices rose by 48% and rents by 22%. Comparing the third quarter of 2023 with 2010, house prices rose more than rents in 18 of the 27 EU countries.

During this period, house prices more than tripled in Estonia (+210%) and more than doubled in Hungary (+185%), Lithuania (+158%), Latvia (+141%), Austria (+123 %), the Czech Republic (+122%) and Luxembourg (+107%). Decreases were observed in Greece (-14%), Italy (-8%) and Cyprus (-2%).

Rents rose in 26 EU countries with the highest increases in Estonia (+218%), Lithuania (+170%) and Ireland (+100%). The only decrease in rental prices was recorded in Greece (-20%).