According to Eurostat, in the first quarter of 2023, house prices in the EU decreased by -0.7% compared to the fourth quarter of 2022, while rents increased by 0.9%. This marks the second consecutive quarterly decline in house prices, following a -1.4% decrease in the fourth quarter of 2022.

Compared to the first quarter of 2022, rents and house prices in the EU increased with a growth of 2.9% for rents and 0.8% for house prices.

These figures are based on data on rents and house prices published today by Eurostat. This article presents a handful of findings from the more detailed article in Statistics Explained about housing price statistics.

House prices and rents in the EU followed a similar upward trajectory between 2010 and the second quarter of 2011. However, after this period, house prices and rents evolved differently. While rents steadily increased during this period until the first quarter of 2023, house prices fluctuated considerably.

After a sharp decline between the second quarter of 2011 and the first quarter of 2013, house prices remained more or less stable between 2013 and 2014. After a rapid increase 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). From the fourth quarter of 2022, house prices started to decline, while rents continued to rise.

From 2010 to the first quarter of 2023, rents increased by 20%, while house prices increased by 46%.

House prices doubled in Estonia, Hungary, Lithuania, Latvia, Luxembourg, the Czech Republic, and Austria

Comparing the first quarter of 2023 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. The largest increases were observed in Estonia (+200%), Hungary (+180%), Lithuania (+146%), Latvia (+132%), Luxembourg (+126%), the Czech Republic (+123%), and Austria (+122%). Decreases were observed in Greece (-14%, see methodological notes), Italy (-9%), and Cyprus (-2%).

For rents, prices increased in 26 EU countries and decreased in one, with the largest increases in Estonia (+212%) and Lithuania (+165%). The only decrease was recorded in Greece (-22%).