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.
Head of the Austrian office
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%.
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
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
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
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
TU, Istanbul
40 m² — 148 m²
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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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