While house prices have gone up by 132% in Latvia over 13 years, rental prices have risen by a more modest 40%.
When comparing the first quarter of 2023 with 2010, house prices increased more than rents in 18 EU Member States.
Over this period, house prices increased in 24 EU countries and decreased in three. They more than doubled in Estonia (+200 %), Hungary (+180 %), Lithuania (+146%), Latvia (+132 %), Luxembourg (+126 %), Czechia (+123 %) and Austria (+122 %). Decreases were observed in Greece (-14 %), Italy (-9 %) and Cyprus (-2 %).
For rents, prices increased in 26 EU countries and decreased in one, with the highest rises in Estonia (+212 %) and Lithuania (+165 %). The only decrease was recorded in Greece (-22 %).
Though house prices across the EU as a whole from the 4th quarter of 2022 to the first quarter of 2023 was less that 1%, in Latvia price growth of 6% was recorded.