The figures mark a strong recovery in the property market from 2024, with significant rent increases adding to housing affordability concerns across major European cities. Rents across the EU rose 3.2% annually and 0.9% quarterly during the same period.
Portugal led price increases at 16.3%, followed by Bulgaria (15.1%), Croatia (13.1%), Spain (12.3%) and Slovakia (12.2%). The Netherlands recorded a 10.7% increase, whilst Finland was the only member state to register a decline at -1.9%.
Cyprus registered a 2% increase in housing prices during the first quarter compared to the same period in 2024, below the EU average.
Quarter-on-quarter comparisons revealed price decreases in four EU countries and increases in 22 member states. Slovenia recorded the largest quarterly decline at -2.0%, followed by Luxembourg (-1.2%) and Finland (-1.0%).
Hungary posted the highest quarterly increase at 5.2%, with Portugal (4.8%) and Croatia (4.5%) following. Cyprus recorded a 1.1% quarterly increase.
Between 2016 and 2021, housing prices increased faster than inflation in at least 24 of the 27 EU countries annually. This trend continued in 2022 and 2023, affecting 16 and five countries respectively.
In 2024, housing prices rose less than inflation in seven EU countries – Germany, France, Luxembourg, Austria, Romania, Finland and Sweden – whilst exceeding inflation rates in all remaining member states.
Housing transactions increased in 13 of 17 countries with available data in 2024 compared to 2023, marking the first majority growth since 2021. Luxembourg led with a 47.1% increase, followed by Hungary (34.7%) and the Netherlands (16.7%).
Slovenia (-17.7%), France (-9.1%) and Ireland (-2.8%) recorded transaction decreases. Cyprus registered a 31% increase in transactions during 2023 compared to 2022.
Between 2010 and the first quarter of 2025, EU housing prices increased 57.9% whilst rents rose 27.8%. Housing prices exceeded rental increases in 21 of 26 EU countries with available data.
Estonia recorded the highest 15-year rental increase at 220%, followed by Lithuania (184%), Hungary (124%) and Ireland (115%). Greece was the only country where rental prices remained 11% below 2010 levels despite recent increases.
