The European statistics provider has announced bad news for foreigners looking to move to the European Union.
Foreigners planning to move to the EU should be prepared for higher rents and house prices as they have continued their steady increase in the first quarter of 2022.
The rent prices in the EU in the first quarter of 2022 went up by 1.4 per cent, and the house prices went up by 10.5 per cent compared with the first quarter of 2021.
“Rents and house prices in the EU have continued their steady increase in the first quarter of 2022, going up by 1.4 per cent and 10.5 per cent respectively, compared with the first quarter of 2021,” the statement of Eurostat reads.
Eurostat explains that between 2010 and the second quarter of 2011, rents and house prices in the EU followed similar paths. However, since the second quarter of 2011, those paths have diverged significantly.
While rents increased steadily, it has been highlighted that house prices have fluctuated considerably.
After a steep decline between the second quarter of 2011 and the first quarter of 2013, Eurostat noted that house prices remained stable between 2013 and 2014. Then, in early 2015, there was a rapid rise. At that time, house prices increase at a much faster pace than rents.
When comparing the figures registered in the first quarter of 2022 with those registered in the first quarter of 2010, house prices increased more than rents in 19 European Union Member States.
According to Eurostat, in the first quarter of 2022, house prices increased in 24 EU Member States, and they decreased in three. Compared to the first quarter of 2010, the highest rises in house prices were recorded in Estonia (+174 per cent), Hungary (+152 per cent), and Luxembourg (+131 per cent). On the other hand, decreases were observed in Greece (-23 per cent), Italy (-10 per cent), and Cyprus (-8 per cent).
As for rents, when comparing the first quarter of 2022 with 2010, the prices increased in 25 EU Member States and decreased in two. The highest rises in rents were registered in Estonia (+177 per cent), Lithuania (+127 per cent), and Ireland (+77 per cent). Similar to house prices, decreases in rents were recorded in Greece (-25 per cent) and Cyprus (-1 per cent).
Expect for house prices and rents, food prices have also increased in the EU, SchengenVisaInfo.com reports.
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