EU housing prices rose by 48% since 2010, Eurostat says

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 (Reuters) – House prices in the European Union rose by 48% between 2010 and the second quarter of this year, the bloc’s statistics office said this week.

From the first quarter of 2010 until the second quarter of 2022, the Housing Price Index (HPI) – which shows the price changes of residential properties purchased by households – reached an annual growth rate of 9.8% for the euro zone and 10.4% for the EU as a whole.

House prices more than doubled in Austria, Estonia, Hungary, Latvia, Lithuania, Luxembourg and the Czech Republic from 2010 until the second quarter of this year. They only dropped in Cyprus, Greece and Italy, by about 6%, 23% and 9%, respectively, Eurostat said.

Rents rose by 18% in 25 EU Member States from 2010 until the second quarter of 2022, the Office said.

The highest increases in rent were recorded in Estonia (214%), Lithuania (139%) and Ireland (82%), while Cyprus and Greece were the only two countries where rents decreased by 0.2% and about 25% respectively, for that period.

While the rent increases were steady, housing prices fluctuated, the statistics office said.

After a sharp drop in the first quarter of 2013, then a rapid rise in early 2015, house prices increased faster than rents.

In the second quarter of 2022, rents and house prices in the EU rose by 1.7% and 9.9%, respectively, compared to the second quarter of 2021.

(Reporting by Dina Kartit; edited by Barbara Lewis)

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