How real estate prices have changed in 2023: Eurostat data

In the first quarter of 2023, the value of real estate in the EU grew by only 0.8% - the lowest rate since 2014. The growth in the value of residential real estate in Europe slowed down in the first quarter of 2023, Eurostat notes. According to the data, the cost of housing in the European Union rose by only 0.8%. These figures are the lowest since 2014. The largest increase in property prices was recorded in Croatia, Lithuania and Bulgaria. However, the trend was reversed in six countries, with house prices falling in Sweden, Germany, Denmark, Finland, Luxembourg and the Netherlands.

For 13 years, the value of real estate in the EU as a whole has increased by 45.9%. At the same time, the growth in prices for rental housing remains stable: since 2010, rents have increased by an average of 20.3%. In the first quarter of 2023, there was a 2.9% increase in rental prices in the region. It is worth noting that the Eurostat index is an average indicator of the value of real estate in all countries of the region. Prices for residential properties may vary in different countries depending on their type and location. Therefore, even with the negative dynamics of the real estate market, some objects may still grow in price.