Housing prices across the European Union have risen by an average of 53% between 2015 and 2024, according to data from Eurostat and the OECD, as reported by Euronews. However, this growth has varied significantly among member states.
Hungary experienced the most dramatic increase, with housing costs roughly tripling since 2015. The Czech Republic followed, with prices approximately doubling in under a decade. For instance, apartments in Budapest now range from €250,000 to €1.5 million. Iceland also saw significant growth, with average housing prices in Reykjavik and surrounding areas reaching €558,000, according to the Central Bank of Iceland.
Countries like Lithuania, Portugal, Bulgaria, Estonia, and Poland showed similar upward trends, while Finland recorded no major overall price rise since 2015, although prices differ greatly between rural regions and cities like Helsinki. Greece exhibits a comparable pattern, with slight urban price increases since 2008, based on Bank of Greece data.
Beyond the EU, Turkey’s housing market surged dramatically, with prices increasing 17-fold since 2015. A typical two-room apartment in Istanbul now costs around €120,000.
Rent prices across the EU also increased but at a slower rate, rising 26.7% from 2010 to 2024. Estonia saw the steepest rent hike, with rents more than tripling since 2010. Lithuania, Iceland, and Hungary also recorded significant increases. In contrast, rents in Greece declined by about 13% over the same period.
Estonia reported the highest housing price rise in the EU, nearly doubling since 2015, followed by Poland and the Czech Republic, where prices reached about 180% of 2015 levels. Spain saw the smallest increase at 20%, well below the EU average increase of over 40%.
In terms of affordability, Ireland is the most expensive EU country for housing, while Bulgaria remains the cheapest, according to 2023 Eurostat figures. The Czech Republic’s housing prices align with those in Estonia and Slovakia near the lower end of the EU spectrum.
High housing and rental costs contribute to delayed independence among young Europeans, who on average leave their parental homes at 26.3 years old. This age varies widely, from 21.4 years in Finland to 31.8 years in Croatia.
