Latvian house prices have doubled since 2010

According to data published October 7 by Eurostat, average house prices in Latvia almost doubled in little more than a decade,.

Rents and house prices in the EU have continued their steady increase in Q2 2021, going up by 1.3% and 7.3% respectively, compared to Q2 2020.

Between 2010 and Q2 2011, house prices and rents in the EU followed similar paths, but since Q2 2011, those paths have diverged significantly. While rents increased steadily throughout the period up to Q2 2021, house prices have fluctuated considerably, with Latvia among the more extreme examples.

Over the period 2010 until Q2 2021, rents increased by 16% and house prices by 34% across the whole EU. In Latvia though, rents went up by 36% and house prices by 99%.

When comparing Q2 2021 with 2010, house prices increased more than rents in 18 EU Member States. House prices increased in 23 EU countries and decreased in four, with the highest rises in Estonia ( 133%), Luxembourg ( 111%) and Hungary ( 109%). Decreases were observed in Greece (-28%), Italy (-13%), Cyprus (-8%) and Spain (-3%).

For rents, the pattern was alittle different. When comparing Q2 2021 with 2010, prices increased in 25 EU Member States and decreased in two, with the highest rises in Estonia ( 142%), Lithuania ( 109%) and Ireland ( 66%). Decreases were recorded in Greece (-25%) and Cyprus (-3%).

Recently, Latvian house prices have been among the fastest risers in the EU. Compared with the previous quarter, prices increased in all Member States in the second quarter of 2021. The highest increase of all was recorded in Latvia ( 6.7 %), followed by Slovenia ( 4.5 %) and Austria ( 4.2 %).


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