The official statistical agency of the EU, Eurostat, warned: “long-term tourists” who want to move to Europe about the increase in housing prices – both for purchase and for rent. According to his data, the cost of housing increased by more than 10% in the first quarter of 2022. Compared to 2010, price growth in many countries exceeded 100%. At the same time, they continue to grow, followed by the prices of products, etc. And this is bad news for foreigners who want to move to the European Union.
“EU rents and house prices continued their steady growth in the first quarter of 2022, rising by 1.4% and 10.5% respectively compared to the first quarter of 2021,” Eurostat said in a statement. Eurostat experts also analyzed the price difference in the period from 2010 – in particular, they noted that housing prices remained stable in the period from 2013 to 2014. Then, at the beginning of 2015, there was a rapid rise. And still, housing prices are rising at a much faster rate than rents.
According to Eurostat, in the first quarter of 2022, compared to 2010, housing prices increased in 24 EU member states and decreased in three.
The greatest increase in housing prices during this time was recorded in Estonia at +174%, Hungary at +152%, and Luxembourg at +131%. Interestingly, prices in tourist countries even decreased slightly – we are talking about Greece -23 percent, Italy -10 percent, and Cyprus -8 percent.
Rents when comparing the first quarter of 2022 with 2010 increased in 25 EU member states and decreased in two. The highest rent growth was registered in Estonia at +177%, Lithuania at +127%, and Ireland at +77%. A relatively significant decrease in rent was recorded only in Greece -25%, in Cyprus it was 1%.
“Expect that not only housing prices and rents but also food prices in the EU have increased,” Eurostat warned tourists in the end.