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The rising cost of living is the top area of concern for European citizens, according to a 2024 Eurobarometer survey. <\/p>\n
The finding is perhaps unsurprising as the price of housing continues to increase across the EU. In the fourth quarter of 2024, house prices in the region increased by 4.9%, while rents rose by 3.2% compared to the same period in 2023. Over the course of 2024, the annual growth in EU house prices was 3.3%, and rents saw a 3.1% increase.<\/p>\n
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Price fluctuations varied across Europe, with some countries even experiencing declines.\u00a0But which European countries experienced the highest increases in house prices and rents in 2024?<\/p>\n
According to Eurostat, in 2024, the annual average change in house prices across the EU ranged from a decrease of 5.2% in Luxembourg to an increase of 16.5% in Bulgaria.<\/p>\n
House prices declined in France and Germany in 2024<\/p>\n
In addition to Luxembourg, house prices decreased in France (\u20133.7%), Finland (\u20133.5%), Germany (\u20131.6%), and Austria (\u20130.2%) in 2024.<\/p>\n
Aside from Bulgaria, significant price increases were seen in Poland (15.0%), Hungary (12.8%), and Croatia (10.4%).<\/p>\n
Large jumps were also recorded in Portugal (9.1%), Spain (8.5%), Ireland (8.5%), and the Netherlands (8.2%).<\/p>\n
According to the ONS, average annual house price inflation in the UK was 4.6% in the 12 months to December 2024.<\/p>\n
Eastern and Southeastern Europe tend to dominate the top of the rankings, showing large increases, whereas Western and Northern European countries occupy the lower end.<\/p>\n
Comparing the final quarters of 2024 and 2023, house price rises followed a similar pattern to the whole year average changes. Within the EU, Bulgaria recorded the highest quarter-on-quarter increase at 18.3%, followed by Hungary (13.0%) and Portugal (11.5%).<\/p>\n
Among the EU\u2019s four largest economies, Spain saw the highest rise at 11.3%, while France registered a decline of 1.9% over the same period. Alongside France, Finland (\u20131.9%) was the only other EU country to experience a decrease.<\/p>\n
Year-on-year change in this quarter was 1.9% in Germany and 4.5% in Italy.<\/p>\n
Turkey stands out as a significant outlier<\/p>\n
Turkey, which has experienced high inflation in recent years, stood out as a significant outlier among the non-EU countries on the list, including some candidate countries and EFTA members.\u00a0<\/p>\n
In 2024, house prices in Turkey surged by 41.5%, with a year-on-year increase of 28.5% recorded in the fourth quarter.<\/p>\n
Rent increases slightly lag behind house prices<\/p>\n
In the EU, rent increases remained slightly below house price growth, both in the annual average for 2024 and in the year-on-year change for the final quarter.\u00a0<\/p>\n
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The annual average increase in rents was 3.1%, while the year-on-year rise in the last quarter of 2024 stood at 3.2%. For house prices, these figures were 3.2% and 4.9%, respectively.<\/p>\n
Among EU countries, the annual average change in rents ranged from a decline of 0.9% in Estonia to an increase of 12.4% in Hungary. Estonia was the only country where rents decreased.\u00a0<\/p>\n
Eastern European and Balkan countries recorded the highest rent increases, while Western and Northern European countries experienced low rent growth or stagnation.\u00a0<\/p>\n
The EU’s largest economies, Germany (2.2%) and France (2.3%), both recorded rent increases below the EU average, while Italy slightly exceeded it at 3.2%.<\/p>\n
ADVERTISEMENTUK rents nearly doubled house price growth<\/p>\n
In the UK, rents rose at nearly twice the rate of house prices. Average private rents increased by 9.0% in the 12 months to December 2024, compared to a 4.6% rise in house prices over the same period.<\/p>\n
In the EU, year-on-year rent increases for the final quarter of 2024 ranged from 1.1% in Lithuania to 11.3% in Hungary.<\/p>\n
Similar to house prices, Turkey emerged as a clear outlier in rent increases, with an even greater disparity. In 2024, the annual average increase in rents reached 117.2%, while the year-on-year change in the final quarter was 109%.<\/p>\n
To better understand property trends in Turkey, it is more useful to consider real (inflation-adjusted) changes, as wages have also risen significantly in nominal terms in recent years. For instance, the nominal net minimum wage increased by 71% in 2024 compared to 2023.<\/p>\n
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