Analysis of remarkable dynamics and variations at country level

In the third quarter of 2023, the European Union saw a simultaneous 0.8% increase in both house prices and rents compared to the previous quarter. Data recently published by Eurostat provides an overview of trends in the housing market. Here are the main findings from the detailed "Statistics Explained" article on house price statistics:

• Quarterly changes (Q3 2023 vs. Q2 2023):

  • House prices and rents in the EU saw a synchronised increase of 0.8%.

• Year-on-year change (Q3 2023 vs. Q3 2022):

  • Housing prices fell by -1.0%.
  • In contrast, rents increased by 3.0%.

• Country-specific analysis:

  • Housing prices have doubled in several countries, including Estonia, Hungary, Lithuania, Latvia, Austria, the Czech Republic and Luxembourg.
  • Overall, house prices increased by 48% and rents by 22% between 2010 and Q3 2023.
  • A column chart illustrates the percentage change in house prices and rents for each EU country between 2010 and Q3 2023.

• Country outperformance (2010 - Q3 2023):

  • Estonia saw house prices more than triple, while Hungary, Lithuania, Latvia, Austria, the Czech Republic and Luxembourg saw increases of more than 100%.
  • Greece saw declines in both house prices (-14%) and rents (-20%).

• Significant rent increases:

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

This comprehensive analysis provides a detailed understanding of EU housing market dynamics, capturing both recent trends and historical patterns.