House prices fall in Italy, the only exception in the EU. But rents are growing

Brussels – Home buying in the European Union is increasingly a luxury, with prices increasing in all countries except Italy, which saw a 5 percent decrease since 2010 (although rents have not decreased).

The second quarter of 2024 brings no good news for the increase in prices and rents. Eurostat data show that house prices rose 1.9 percent and rents by 0.7 percent compared with the first quarter. Even worse is the comparison with the same quarter of 2023: house prices increased 2.9 percent and rents 3.0 percent.

Between 2010 and the second quarter of 2024, house prices and rents have seen two different trends.
The increase in rents has been gradual and steady. House prices, on the other hand, have fluctuated more, going up and down in the period under exam.
Between 2010 and the second quarter of 2024, house prices increased by 52 percent and rents by 25 percent. 

Among European countries, the Baltic states posted staggering increases, with Estonia up 232 percent, Lithuania 178 percent, and Latvia 146 percent. Hungary also saw a +218 percent soar. The two exceptions were Cyprus, which saw no increase, and Italy, the only country with a slight decrease of 5 percent.

The same Italian success does not apply to rents, with Italy joining 25 of the 27 countries that saw increases. Estonia still leads with an increase of more than 200 percent, followed by Lithuania (+178 percent), Ireland, and Hungary, up just over 100 percent. However, the only country to record a decrease is Greece, where rents fell by 18 percent between 2010 and 2024.