Paperjam.lu

 

The steep increase in purchase prices seen in the grand duchy was the third highest in the EU, with only Estonia (105.1%) and Hungary (92.2%) seeing a bigger rise in prices between the third quarter of 2010 and the same period in 2020.

House prices increased by 28.6% across the EU but fell in Greece (-31.0%), Italy (-15.5%), Cyprus (-7.7%) and Spain (-4.5%), countries hit hard by the aftermath of the 2008 financial crisis.

The cost of buying a house advanced more quickly than rents, Eurostat said in its report, with an average increase in rents between 2010 and 2020 of 14.6%.

Rents rose the most in Estonia (+136.6%), Lithuania (+106.9%) and Ireland (+62.2%). Greece (-25.2%) and Cyprus (-4.5%) were the only member countries seeing rents fall.