In total, in the EU countries, over 12 years, rents have increased by an average of 19%, and housing prices by 47%.
Housing prices in our country have risen by 60 percent over the last 12 years. in the case of rents, the growth is much more modest – by 25 percent, according to the latest Eurostat data for the period from 2010 to the end of 2022.
In total, in the EU countries, over 12 years, rents have increased by an average of 19%, and housing prices by 47%. House prices more than doubled in Estonia, Hungary, Lithuania, Luxembourg, Latvia, Austria and the Czech Republic.
Comparing the fourth quarter of 2022 with 2010, house prices increased more than rents in 18 EU countries. During this period, house prices increased in 24 EU countries and decreased in three.
They have more than doubled in Estonia (+199%), Hungary (+174%), Lithuania (+142%), Luxembourg (+136%), Latvia (+133%), Austria (+126%) and the Czech Republic (+ 125%). Decreases were observed in Greece (-14%, see methodological notes), Italy (-9%) and Cyprus (-4%).
Rents have increased in 26 EU countries and decreased in one, with the highest rates in Estonia (+216%) and Lithuania (+160%). The only decrease was registered in Greece (-23%).
In Bulgaria, during the period from October to December 2022, housing prices rose by 13.4 percent compared to the same period in 2021. Thus, our country ranked 5th among the EU members with the largest annual growth in the House Price Index.
In the fourth quarter of 2022, EU rents and house prices increased compared to the same period in 2021, with rents up 2.5% and house prices up 3.6%.
Compared to the third quarter of 2022, house prices showed a decline for the first time since the upward trend began in 2015 (-1.5% in the fourth quarter of 2022 compared to the third quarter of 2022). Meanwhile, rents continued their upward trajectory (+0.6% from Q3 2022). House prices and rents in the EU followed a similar upward path between 2010 and the second quarter of 2011.
After this quarter, however, house prices and rents developed differently. While rents increased steadily over this period through the fourth quarter of 2022, home prices fluctuated significantly. After falling sharply between the second quarter of 2011 and the first quarter of 2013, house prices remained more or less stable between 2013 and 2014.
After rising rapidly in early 2015, house prices grew faster than rents until the second quarter of 2022. In the third quarter of 2022, house prices increased at the same rate as rents (both +0.7 % compared to the second quarter of 2022).
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