Greece Sees Decline In Rent Prices Despite EU-Wide Increases

House prices and rents in the EU experienced notable rises between Q4 2023 and Q1 2024, according to Eurostat data released. In the first quarter of 2024, EU house prices increased by 0.4%, while rents rose by 0.9% compared to the previous quarter.

Over the year, house prices saw a 1.3% increase, and rents climbed by 3.0%. Despite these trends, Greece stands out as the only EU country where rent prices decreased, dropping by 19% since 2010. This is in contrast to the general upward trend in the EU, where rents increased in 26 countries, with significant rises in Estonia, Lithuania, and Ireland.

House prices in Greece, however, followed a different trajectory, aligning with the overall EU pattern of fluctuations and eventual growth. Between 2010 and Q1 2024, house prices in the EU rose by 49% and rents by 24%. Some countries saw house prices more than double, particularly in Estonia, Hungary, and Lithuania. Conversely, Italy and Cyprus experienced declines in house prices, with Italy seeing an 8% drop and Cyprus a 1.2% decline.