Rising House Prices and Rents: Q2 to Q3 2023 Market Update

According to data from Eurostat, EU rents and home prices grew by 0.8% in the third quarter of 2023 when compared to the second quarter of the same year.
In the EU, rents increased by 3.0% but house prices fell by 1.0% from the third quarter of 2022.
This information is based on rent and home price data that Eurostat released today. A few findings from the more in-depth Statistics Explained article on housing price statistics are presented in this article.

Between 2010 and the second quarter of 2011, rents and house prices in the EU increased in a manner that was similar to each other. Following this quarter, rents and home prices changed in distinct ways. House prices varied during this time, whereas rents rose gradually until the second quarter of 2023.

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 sharp increase in early 2015, home prices continued to rise faster than rents through the third quarter of 2022. After declining for two quarters in a row starting in the fourth quarter of 2022, home prices increased in the second and third quarters of 2023.


In Estonia, Hungary, Lithuania, Latvia, Austria, Czechia, and Luxembourg, house prices have more than doubled. The third quarter of 2023 saw a 22% increase in rent and a 48% increase in house prices. In 18 of the 27 EU member states, home prices rose more than rent in the third quarter of 2023 compared to 2010. In Estonia (+210%), Hungary (+185%), Lithuania (+158%), Latvia (+141%), Austria (+123%), Czechia (+122%), and Luxembourg (+107%), the price of a home more than tripled during this time. Greece (-14%, see methodological notes), Italy (-8%), and Cyprus (-2%), on the other hand, showed decreases. There was an increase in rent in 26 EU countries; Estonia (+218%), Lithuania (+170%), and Ireland (+100%) saw the biggest increases. Greece experienced the lone decline in rent prices, which was -20%.

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