According to a new study by Eurostat, house prices in the EU increased by an average of 48% between 2010 and 2023. At the same time, the cost of utilities (water, electricity and gas) has also risen significantly in several countries.
In fact, in 2023, the most expensive utilities were in Ireland (twice as expensive as the EU average). Luxembourg was the second most expensive (86% above the EU average), followed by Denmark (80% above). On the other hand, Bulgaria and Poland were the cheapest countries for housing maintenance, with costs 61% and 56% below the EU average respectively. Cyprus was ranked 16th.
Interestingly, according to Eurostat, Cypriots became the EU's top property investors last year. The total amount invested by the island's residents in the purchase of housing on the island was equivalent to 8.6% of the country's GDP. In Italy, the figure was 7%, slightly higher than in Germany (6.9%) and France (6.4%). The lowest values were recorded in Poland (2.2% of GDP) and Greece (2.3%). On average, investment in housing in the EU amounted to 5.8% of GDP in 2023, i.e. around one trillion euro.
According to a new study by Eurostat, house prices in the EU will increase by an average of 48% between 2010 and 2023. At the same time, the cost of utilities (water, electricity and gas) has also risen significantly in a number of countries.
In fact, in 2023, the most expensive utilities were in Ireland (twice as expensive as the EU average). Luxembourg was the second most expensive (86% above the EU average), followed by Denmark (80% above). On the other hand, Bulgaria and Poland were the cheapest countries for housing maintenance, with costs 61% and 56% below the EU average respectively. Cyprus was ranked 16th.
Interestingly, according to Eurostat, Cypriots became the EU's top property investors last year. The total amount invested by the island's residents in the purchase of housing on the island was equivalent to 8.6% of the country's GDP. In Italy, the figure was 7%, slightly higher than in Germany (6.9%) and France (6.4%). The lowest values were recorded in Poland (2.2% of GDP) and Greece (2.3%). On average, investment in housing in the EU amounted to 5.8% of GDP in 2023, i.e. around one trillion euro.
On average across the EU, people spent around a fifth (19.7%) of their disposable income on housing last year, with the highest proportions in Greece (35.2%), Luxembourg (27.6%) and Denmark (25.9%). However, there was an overall improvement in the proportion of people who had accumulated mortgage, rent or utility arrears - the EU figure fell from 12.4%in 2010 to 9.3% in 2023, with only five Member States recording an increase. The only country to buck the improving trend was Greece, where almost half the population was in arrears.
In terms of home ownership, there were huge differences across the bloc. In Romania, for example, more than 95% of the population owned their homes. This was followed by Slovakia, Croatia and Hungary, where more than 90%of the population owned a home. In Cyprus, 69% of the population owned their own home in 2023, placing it 23rd in the ranking. However, renting was most common in Switzerland and Germany. There, more than half of the population were renters. In Cyprus, the figure was 31%. Across the block as a whole, more than two-thirds of the population, 69%, owned their home in 2023, while the remaining 31% rented.
In the EU in 2023, more than half of the population will live in houses, almost 48% will live in apartments and only a small proportion of 0.6% will choose alternative forms of accommodation such as boats and caravans. While the choice between a house and an apartment may also be largely determined by whether the house is located in an urban or rural area, in the overall comparison of countries, Ireland leads the way with 90% of the population living in houses. The second country with the highest proportion of houses is the Netherlands (79%), and third place is shared by Belgium and Croatia (both 77%). It should be noted that in Cyprus 73% of the population live in private houses and 27% in flats. Spain leads in the number of citizens preferring flats to houses (66%), followed by Latvia (65%), Malta (63%) and Germany (61%).