The rents and the house prices in EU kept its continuous growth in the first quarter of 2022, rising by 1.4 and 10.5% respectively, compared to the first quarter of 2021.
This information comes from the data on rents and house prices published by Eurostat. It is also indicated that between 2010 and the second quarter of 2011, the prices of the houses and the rents in EU walked on similar paths, but from the second quarter of 2011 onwards, these paths have significantly changed. While the prices of the rents have continuously increased in the period up to the first quarter of 2022, the prices of the houses have significantly fluctuated.
– Following the considerable drop between the second quarter of 2011 and the first quarter of 2013, the house prices remained more or less stable between 2013 and 2014. After that, there was a quick rise at the beginning of 2015, and since then, the house prices have increased much faster that the rent prices – emphasized Eurostat in their analysis.
From 2010 to the first quarter of 2022, the rents have increased by 17%, while the house prices by 45%.
– Since 2010, the house prices have more than doubled in Estonia, Hungary, Luxembourg, Czech Republic, Latvia, Lithuania and Austria. When comparing the first quarter of 2022 with 2010, the house prices have increased more than the rents in 19 EU member states – as indicated in the Eurostat analysis.
The data shows that the house prices have increased in 24 EU member states, and decreased in three states, the largest growth was noted in Estonia (+174%), Hungary (+152%) and Luxembourg (+131%). Decrease was also noted in Greece (-23%), Italy (-10%) and Cyprus (-8%).
When comparing the first quarter of 2022 to 2010 in terms of rents, the prices have increased in 25 EU member states and have decreased in two states, the largest growth was noted in Estonia (+177%), Lithuania (+127%) and Ireland (+77%). Decrease was also noted in Greece (-25%) and Cyprus (-1%).
The situation in Macedonia indicates a small decline and stagnation of the real estate prices due to the fact that these prices have reached their peak.
– Up until now, we noted a great demand, and due to the decreased supply, there was a considerable growth of the real estate prices, particularly in Skopje, but in the other cities as well, with Ohrid being the most prominent one. Usually, in this period of the year, the interest drops because of the summer holidays when people go on vacations, but the interest is high now as well. I think that for now, the real estate prices have reached their peak and they will not increase yet again, but I don’t expect decrease as well – says the owner of one real estate agency in Skopje.
The prices of apartments in Skopje differ depending on the location. As indicated by our interlocutor, the highest prices are in the central area of the city, approximately 1500 EUR per square meter, followed by Karposh, followed by Aerodrom with a price of approximately 1300 EUR…
The numbers show that the average price per a square meter of a residential space in Skopje in the last three years has increased by 20%, and in the current period, prices vary depending on the location and the municipality, from 1000 to 1800 EUR per square meter. The settlements that are further from the central area of the city, such as Gjorche Petrov, have the lowest prices, while Centar and Karposh have the highest prices.
Source: Factor