House prices

Property prices up 70% in Portugal since 2010

The country is near the middle of the table among the different Member States, with rents up 25% over the same period. Estonia leads the largest increases, while Cyprus, Italy and Greece saw price declines.

Between 2010 and the first quarter of 2022, house prices in the European Union (EU) have risen by 45% and rents by 17%. These indicators again experienced similar trends 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, housing 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, according to Eurostat. Then there was a rapid increase in early 2015, with house prices rising much faster than rents.

Comparing the first quarter of 2022 with 2010, house prices rose more than rents in 19 EU Member States. On closer inspection, prices have more than doubled in Estonia, Hungary, Luxembourg, the Czech Republic, Latvia, Lithuania and Austria.

If we look at the different Member States, Estonia appears at the top of the table with an increase of almost 180% in house prices and rents. Behind appears Hungary and Luxembourg. In contrast, prices and rents fell by around 25% in Greece. Also of note is Italy, where rents have increased by around 5%, but prices have fallen by around 10%.

Portugal appears in the middle of the table, but above the European average, as shown in the Eurostat graph. Nationally, housing prices have risen by 70% over the past 12 years and rents by 25%.