Rents and house prices in the EU have continued their steady increase in Q3 2021, going up by 1.2 % and 9.2 % respectively, compared with Q3 2020. This information comes from data on rents and house prices published by Eurostat today. The article presents a handful of findings from the more detailed Statistics Explained article on housing price statistics.
Between 2010 and Q2 2011, house prices and rents in the EU followed similar paths, but since Q2 2011, those paths have diverged significantly. While rents increased steadily throughout the period up to Q3 2021, house prices have fluctuated considerably.
After a sharp decline between Q2 2011 and Q1 2013, house prices remained more or less stable between 2013 and 2014. Then, there was a rapid rise in early 2015, since when house prices have increased at a much faster pace than rents.
Over the period 2010 until Q3 2021, rents increased by 16 % and house prices by 39 %.
Since 2010, house prices more than doubled in Estonia, Hungary, Luxembourg, Latvia and Austria
When comparing Q3 2021 with 2010, house prices increased more than rents in 18 EU Member States. House prices increased in 23 EU countries and decreased in four, with the highest rises in Estonia (+141 %), Hungary (+118 %), Luxembourg (+117 %), Latvia (+106 %) and Austria (+104 %). Decreases were observed in Greece (-28 %), Italy (-12 %), Cyprus (-6 %) and Spain (-0.5 %).
For rents, the pattern was different. When comparing Q3 2021 with 2010, prices increased in 25 EU Member States and decreased in two, with the highest rises in Estonia (+162 %), Lithuania (+111 %) and Ireland (+68 %). Decreases were recorded in Greece (-25 %) and Cyprus (-3 %).
For more information:
- House Prices: data from Bank of Greece; 2020 instead of third quarter of 2021.
- Eurostat Statistics Explained article on housing price statistics – house price index
- Eurostat database on housing price and sales statistics
- Eurostat dedicated section on housing price and sales statistics