Housing prices are skyrocketing across the European Union.

BrusselsHousing prices continue to rise throughout the European Union, especially during the last few monthsIn the last quarter of last year, the cost of buying a home rose by an average of 4.9%, and rent rose by 3.2% compared to the same period in 2023. Compared to the previous three months, prices rose by 0.8% and 0.6%, according to data published Tuesday by the Statistics Institute.

Thus, the upward trend in housing prices is consolidating and even accelerating. With the pandemic, this pace slowed and even decreased. However, starting in the third quarter of 2023, it began to rise again until today, when the highest price increase rates since the coronavirus have been recorded. For example, in the first three previous quarters, the percentage increases in housing costs were 1.5%, 3%, and 3.9%.

One of the EU countries with the highest rates is Spain, reaching an increase of 11.4% in the last three months of 2024. Only Bulgaria (18.3%), Hungary (13%) and Portugal (11.6%) surpass it, and it is the largest economy in the European bloc. In France, prices fell by 1.9%, in Germany they rose by only 1.9%, and in Italy they grew by 4.9% compared to 2023.

From 2010 until now

On the other hand, from 2010 to the last quarter of last year, the major EU economy where home purchase and rental prices have risen the most is Germany, by almost 100% and more than 20%, respectively. In France, these rates remain around 20%, and in Spain, home purchase prices exceed 20% and rental prices remain above 10%. As for Italy, home purchase prices have fallen slightly, although rental prices are also approaching a 20% increase. However, it should be noted that during the years of the economic crisis, especially from 2011 to early 2015, and during the COVID pandemic, prices generally fell or remained stable.

In this context, the European Commission has opened the door to proposing new regulations to facilitate access to housing for Europeans, and for the first time, Ursula von der Leyen has appointed a Housing Commissioner. Although most of this sector's responsibilities fall under state or regional jurisdiction, Brussels has signaled the possibility of allocating European funds to guarantee the right to housing throughout the bloc and to increase the stock of social housing and apartments.