Property prices across the European Union have skyrocketed by 48% between 2010 and 2023, with the cost of living following a similar trend, as revealed in a recent Eurostat report. Some EU residents now face housing expenses that have doubled over the past decade, with stark disparities between member states.
Ireland: The Costliest Place to Call Home
Ireland claims the dubious honor of having the EU’s highest utility costs, double the EU average. Luxembourg follows closely at 86% above average, while Denmark isn’t far behind at 80% above.
Croatia’s Affordable Appeal
On the opposite end of the spectrum, Croatia joins Bulgaria and Poland in offering some of the lowest housing costs in the EU. In 2023, Croatian housing expenses were 53.4% below the EU average, an improvement from 2010, when they were 49% lower.
The Price of Property and Rentals Skyrockets
Estonia has witnessed the steepest rise in property prices since 2010, with a staggering 209% increase, followed by Hungary (+191%) and Lithuania (+154%). However, a rare decrease in property prices was recorded in Italy (-8%) and Cyprus (-2%).
Rental prices have also surged, climbing by 22% across the EU. The sharpest spikes were again seen in Estonia (+211%), Lithuania (+169%), and Ireland, where rental costs have doubled. Croatia’s rental market, though growing, remains relatively stable at just 6% above the EU average.
Ownership Still Dominates
Despite the escalating costs, homeownership remains the norm across the EU, with 69% of residents owning their properties. Croatia is among the leaders, with over 90% of its population owning homes. In contrast, renting dominates in Switzerland and Germany, where over half the population lives in rented accommodation.
Life in Croatian Homes
In Croatia, 77% of people live in houses, and households average three people per home. However, the country struggles with overcrowding, averaging just one room per household member, the lowest in the EU alongside Poland.
While much of Europe grapples with an intensifying housing crisis, Croatia’s affordable property and rental markets offer a rare glimmer of hope in an increasingly expensive continent.
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Publish date : 2024-12-03 23:14:00
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