Filenews 14 October 2024
Despite the high prices recorded in rental prices in our country and expressed discomfort by citizens, the increase recorded comparatively from 2010 to the second quarter of 2024 is one of the lowest in the EU-27 and the Eurozone.
At least, this is what Eurostat's comparative country data shows.
Rents increased in 26 EU countries, with the highest increases recorded in Estonia (+203%), Lithuania (+178%), Ireland (+106%) and Hungary (+104%). The only decrease in rental prices was recorded in Greece (-18%).
The difference in rents in Cyprus in the period 2010 with the second quarter of 2024 is 9.02%, while in the EU-27 the increase is 24.83% and in the Eurozone of "20" the increase in rental prices is 22.95%.
In Austria the increase recorded is 69.26%, in Belgium 33.70%, in the Czech Republic 54.43%, in Germany 22.92%, in Denmark 28.56%, in Spain 10.22%, in Finland 37.05%, in France 13.86%, in Italy 13.34%, in Poland 82.09%, in Portugal 41.97%, in Slovenia 66.99%, in Slovakia 22.42%.
It's not just rents but also house prices.
Comparing the second quarter of 2024 with 2010, among EU countries for which data are available, house prices increased more than rents in 20 countries.
House prices have more than tripled in Estonia (+232%) and Hungary (+218%) and have more than doubled in Lithuania (+178%), Latvia (+146%), Czechia (+131%), Austria (+111%), Portugal (+106%), Luxembourg (+103%) and Bulgaria (+102%).
House prices did not change in Cyprus and decreased in Italy (-5%). Let's see what is happening in the other countries comparing the same period: In the EU-27 the increase was 51.8%, in the Eurozone 43.5%, in Austria 111.4%, in Belgium 51.9%, in Germany 74.1%, in Denmark 55.3%, in Spain 17.9%, in Finland 9%, in France 26%, in Malta 78.9%, Slovenia 68.7%, Slovakia 84.1%.
Different paths
From 2010 to the second quarter of 2024, in the EU, rents increased by 24.8% and house prices by 51.8%. In the EU, in the second quarter of 2024, compared to the same period of 2023, rents increased by 3.0% and house prices increased by 2.9%.
In the second quarter of 2024, rents in the EU increased by 0.7% and house prices increased by 1.9% compared to the first quarter of 2024.
House prices and rents in the EU followed a similar path between 2010 and the second quarter of 2011, but have evolved differently since then.
While rents have been rising steadily, house prices have followed a more volatile pattern, combining periods of decline followed by rapid increases.
Between 2016 and 2021, house prices rose each year more than inflation in 24 to 26 EU countries. In 2022, house prices increased less than inflation in 10 EU countries. In 2023, house prices decreased in 10 EU countries, increased less than inflation in 11 EU countries and increased more than inflation in 6 countries (Bulgaria, Greece, Croatia, Lithuania, Malta and Portugal).
It is noted that the characteristics of the house that most affect the price are the type of house (flat, detached house, detached house, etc.), its size and location.
