The country sits near the middle of the table among different member states, with rents rising by 25% over the same period. Estonia leads the way in the biggest increases, while Cyprus, Italy and Greece saw price declines.
Between 2010 and the first quarter of 2022, house prices in the European Union (EU) soared by 45% and rents by 17%. These indicators still had similar evolutions in the first year of the period, but the trajectories diverged significantly from the second quarter of 2011. Although rents have increased steadily over these 12 years, house prices have fluctuated considerably.
After a sharp drop between the second quarter of 2011 and the first quarter of 2013, house prices remained more or less stable between 2013 and 2014, says Eurostat. Then there was a rapid rise in early 2015 as house prices rose much faster than rents.
When comparing the first quarter of 2022 with 2010, house prices rose more than rents in 19 EU member states. On closer inspection, prices more than doubled in Estonia, Hungary, Luxembourg, the Czech Republic, Latvia, Lithuania and Austria.
Looking at the various Member States, Estonia appears at the top of the table with an almost 180% jump in house prices and rents. Behind appears Hungary and Luxembourg. On the other hand, prices and rents fell by around 25% in Greece. Also noteworthy is Italy, where rents rose by around 5%, but prices dropped by around 10%.
Portugal appears in the middle of the table, but above the European average, as shown in the Eurostat chart. In national territory, house prices soared 70% in the last 12 years and rents 25%.