The latest Eurostat report notes that house prices and rents across Europe have "diverged" in recent years.
Ireland has had one of the largest increases in housing rents in Europe over the past 13 years. According to data released by Eurostat, rents in Ireland increased by 100% from 2010 to the third quarter of last year.
This is the third highest increase of all countries in Europe, after Estonia (218%) and Lithuania (170%). The average increase in the EU is less than 25%.
The long-standing problem, coupled with the recent departure of a large number of small landlords from the market, has exacerbated the pressure on the Irish rental market.
In the third quarter of this year, rents in the open market grew at an annual rate of 8%, according to data from DAFT. The average market rent in Ireland is close to €1,825 per month. That's almost 25 times.
Eurostat's latest report on the European housing market notes that house prices and rents across Europe have "diverged" since the second quarter of 2011.
"Rents have been steady** since then and into the second quarter of 2023, but house prices have fluctuated widely," the report said. ”
The data shows that while rents in Ireland are 100% higher, house prices are just over 60% higher than they were in 2010.
At the same time, house prices are 210% higher in Estonia, 185% in Hungary, 158% in Lithuania, 141% in Latvia, 123% in Austria, 122% in the Czech Republic and 107% in Luxembourg. Greece saw a 14 percent decline, Italy 8 percent and Cyprus 2 percent.
According to Statistics Ireland, in October last year, residential properties in Ireland increased by 2 year-on-year3%, with a decrease of 06% and 4% outside Dublin**5%。
The agency's latest residential property** index shows that as of October last year, the median value of a dwelling was 3230,000 euros.