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13 October, 2022

How real estate prices in the EU countries changed in the second quarter of 2022

The cost of residential real estate in the EU countries increased by 9,9% in the 2nd quarter of 2022 compared to the same period in 2021. In the Eurozone, prices increased by 9,3%. The House Price Index (HPI) was published by Eurostat.

We go over the countries where investors buy real estate and get the most profit along with a residence permit or second citizenship.

Residency permit and permanent residence in the European Union: real estate price dynamics
Photo: Adobe Stock

Residential property prices dynamics in the European Union and the Eurozone

Residental property prices in the second quarter of 2022 increased by 9,9% year-over-year. The rate decreased slightly compared to the first quarter — by 0,6%.

The cost of residential real estate has increased in all countries of the European Union and the Eurozone, while in 16 countries prices have increased by more than 10%. Record growth was recorded in:

  • Estonia — by 27,4%;
  • Czech Republic — by 23,1%;
  • Hungary — by 22,8%;
  • Lithuania — by 22,1%.

In Cyprus, Finland and Denmark, prices increased the least — up to 2,8%.

Real estate prices increase in the European Union from 2010 to the second quarter of 2022

The increase in the average cost of housing over 12 years was 48% in the European Union. Housing prices in Estonia almost tripled — by 196%, and more than doubled in Hungary, Luxembourg, Latvia, Lithuania, the Czech Republic and Austria.

Housing prices dynamics in the second quarter of 2022

Country Prices increase in the second quarter of 2021
EU + 9,9%
Eurozone + 9,3%
Cyprus + 2%
Finland + 2,2%
Denmark + 2,8%
Italy + 5,2%
Belgium + 5,9%
Norway + 6,7%
France + 7,1%
Sweden + 7,1%
Switzerland + 7,5%
Malta + 7,7%
Spain + 8,1%
Romania + 8,5%
Germany + 10,2%
Luxembourg + 11,5%
Austria + 12,4%
Poland + 12,4%
Croatia + 13,6%
Ireland + 14,4%
Bulgaria + 14,6%
Slovenia + 15,6%
Latvia + 16,5%
Slovakia + 16,6%
Netherlands + 18,2%
Iceland + 20,7%
Lithuania + 22,1%
Hungary + 22,8%
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Residential rental prices have been rising steadily since 2010. Over the past 12 years, rental prices have increased by an average of 18%, although in some countries prices increased 2—2,5 times:

  • in Estonia — by 140%;
  • in Lithuania — by 139,1%;
  • in Ireland — 82,1%.

In the second quarter of 2022, rent growth was 1,7% compared to the same period last year.

House prices and rental prices in the European Union from 2010 to 2022

Real estate in the European Union: House Price Index for the period from 2010 to the second quarter of 2022
Source: Eurostat

Housing prices dynamics in countries with investment programs

The Eurostat report provides data on three EU countries where investors can get residence permits for buying real estate: Portugal, Malta and Cyprus. 

The House Price Index was also calculated for Turkey. Foreigners can get citizenship in the country by buying a home.

How to get Turkey citizenship or a Portugal, Malta, or Cyprus residence permit

to the first quarter of 2022
Compared to 2015Compared
to 2010
Portugal+ 3,1%+ 88,31%+ 75,41%
Malta+ 3,6%+ 44,76%+ 59,1%
Cyprus+ 2,3%+ 6,35%- 5,8 %
Turkey+ 35,2%+ 482,4%+ 902,24%
Source Eurostat

The Cyprus real estate market is recovering from the 2021 price decline. Apartment prices increased by 8,09% and house prices by 11,48% year-over-year. Data for the second quarter of 2022 was published by the RICS Institute together with KPMG.

Resale housing market sales in Turkey increased by 34,6%, and new housing market sales — by 24,2% from January to June 2022 compared to the previous year. 

Demand from foreigners increased by 72,7%, with them buying 4,9% of the total number of real estate sold.

Portugal housing prices increased by 13,2% in the second quarter of 2022. The data is provided by The National Statistics Institute or INE. Lisbon and the northern regions account for 58% of real estate transactions.

Malta apartment prices rose by 6,1% in the first quarter of 2022, according to the country's National Statistics Office. The increase in residential real estate prices was 9,5%. 

How to get Turkey citizenship or a Portugal, Malta, or Cyprus residence permit

To obtain citizenship, residence permit or permanent residence by the purchase of real estate, applicants need to take part in the state investment program. Foreigners will need to meet investment conditions, pass a Due Diligence check, and confirm the legality of their income.

The government of each state sets its own requirements for the minimum real estate price.

Turkish citizenship — investment starts from $400,000. Investors can purchase housing or commercial properties, a plot of land, or a share in a real estate project. After three years, the property is allowed to be sold.

Portugal residence permit — investment starts from €280,000. This amount is provided for the purchase of a property older than 30 years in a sparsely populated area of the country. If an investor wants to buy a newer residential or commercial real estate, they need to buy a property worth at least €500,000 in other areas.

Malta permanent residence — investment starts from €300,000. To obtain permanent residency, investors can buy a property worth:

  • at least €300,000 in the south of Malta or Gozo Island;
  • at least €350,000 in other regions of the country.

Investors also have the right to rent real estate for €10,000 or €12,000 a year, depending on the region. You will need to rent the property for five years.

Cyprus permanent residence —  investment starts from €300,000. An investor can buy one or two new properties. They also pay VAT of 19%, but if they buy a single home to live in, the rate is reduced to 5%.

Investment properties in Turkey, Portugal and Cyprus

Residence permit in Portugal by real estate investment

Apartments in Lisbon — located in the city center, overlooking a river. For sale are the apartments with two or three bedrooms. Prices starts at €726,000

Turkey citizenship by real estate investment

Apartments in Istanbul — a new residential complex in the European part of the city. For sale are studios and apartments with one or two bedrooms. Prices start at $264,000

Cyprus permanent residence for real estate investment

Office spaces in Limassol — located in a business district. For sale are the offices for small and medium-sized businesses. Prices start at €562,000  

Immigrant Invest is a licensed agent for government programs in the EU and the Caribbean. If you want to become a resident of Portugal, Cyprus, or Malta or get Turkey citizenship, please consult investment program experts.

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How real estate prices in the EU countries changed in the second quarter of 2022