House prices in the European Union fell by 0.7% in the first quarter of 2023 compared to the fourth quarter of 2022, while rents rose by 0.9%, according to data published on Wednesday by the European Statistics Office (Eurostat) and cited by Agerpres.

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This is the second consecutive quarterly decline in home prices, following a 1.4% drop in the fourth quarter of 2022. Compared to the first quarter of 2022, housing prices and rents in the 27 EU member states increased by 0.8% and 2.9%, respectively.

Between 2010 and the second quarter of 2011, house prices and rents in the EU moved in similar ways, but after the second quarter of 2011 they moved differently: while rents increased significantly until the first quarter of 2023, house prices fluctuated significantly .

After falling sharply between the second quarter of 2011 and the first quarter of 2013, house prices remained more or less stable from 2013 to 2014. Then there was a sharp rise in early 2015, and house prices have risen faster since then. rates than rents until the second quarter of 2022.

The Baltic countries are the champions of housing price and rent growth

Also, house prices rose at the same pace as rents in the third quarter of 2022 (up 0.7% in both categories compared to the second quarter of 2022). From the fourth quarter of 2022, housing prices began to fall, while rents continued to rise.

Between 2010 and the first quarter of 2023, rents increased by 20% and house prices by 46%. If we compare the first quarter of 2023 with 2010, in 18 EU countries house prices have increased more than rents. During this period, housing prices increased in 24 EU countries and decreased in three: Greece (minus 14%, 2022 data), Italy (minus 9%) and Cyprus (minus 2%).

Housing prices more than doubled in Estonia (200%), Hungary (180%), Lithuania (146%), Latvia (132%), Luxembourg (126%), the Czech Republic (123%) and Austria (122%).

In Romania, the growth was almost 25%. As for rent, prices increased in 26 EU countries and decreased in Greece (minus 22%). The largest increase was observed in Estonia (212%) and Lithuania (165%). In Romania, the growth was more than 25%.