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European Residential Real Estate Market Average Monthly Rent for a Furnished One-Bedroom Apartment in Major European Cities (EUR) Q1 2022
DUBLIN, March 27, 2024 (Globe Newswire) — The “Residential Real Estate in Europe – Market Share Analysis, Industry Trends and Statistics, Growth Forecasts 2020-2029” report has been added. ResearchAndMarkets.com Recruitment.
European residential real estate market size is estimated at USD 1.95 trillion in 2024 and is projected to reach USD 2.43 trillion by 2029, growing at a CAGR of 4.5% during the forecast period (2024-2029) To do.
The demand for affordable residential real estate is increasing and is driving the market. Moreover, investors are showing interest in investing in the market as the market has seen a significant increase in prices.
Main highlights
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Like other real estate assets, the European housing market has gradually changed due to the health crisis. The two main trends influencing real estate over the past few years are the demand for space, which has led to an increase in larger homes and apartments, and the return to nature, which has led to migration from cities to the countryside. The multifamily housing model, which is currently booming in the Italian market, is also starting to emerge as a new trend.
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From a price perspective, the housing market has experienced modest growth in most cases despite the overall uncertainty surrounding the economy. Many countries are reporting unprecedented demand for new housing immediately following the strictest lockdowns. Furthermore, this trend is expected to continue throughout 2022, potentially supporting further price increases.
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Following 5% annual growth in the first quarter of 2022, mortgage loan balances in the second quarter of 2022 increased by 4.2% compared to the same period last year. According to data, the latest data on gross home lending shows that the total amount fell by -1% annually (compared to Q2 2021), ending five consecutive quarters of stable year-on-year growth. . Overall gross lending amounted to approximately EUR 395 billion (approximately USD 423.56 billion), the highest level since the second quarter of 2021.
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Recent geopolitical developments in Europe have had an impact on the resumption of activity after several years of disruption due to the pandemic, and inflation has reached its highest level in years (+5.3% y-o-y). The residential real estate market has also been significantly affected. In the fourth quarter of 2021, mortgage rates in the euro area stabilized at a historically low level of 1.31%. Over the past year, the number of transactions increased by an average of 17% in 12 countries, and residential rental prices increased by 1.8%.
Rising transaction prices of newly built homes that support the market
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House prices in the second quarter of 2022 increased by 18.2% compared to the same period last year. As a result, the Netherlands remains in the top five EU countries with the fastest growth in house prices. New data from Statistics Netherlands (CBS), the Netherlands Cadastral Office, the Land Registration and Mapping Agency (Kadaster) and Eurostat confirm this. Transaction prices of new and used owner-occupied homes are included in the housing price index. The average increase in house prices across the EU in the second quarter of 2022 was close to 10%. After Estonia (+27%), the Czech Republic (+23%), Hungary (+23%) and Lithuania (+22%), the Netherlands experienced the most significant increase in house prices.
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The average transaction price for new homes in the second quarter of 2022 increased by 16.9% compared to the same period last year. Furthermore, this is the first time that the median sales price of new homes has exceeded €500,000 (US$531,500). Existing owned homes are typically 18.4% more expensive than new construction. This growth was not as large compared to the first quarter of 2022, which reached a record 20.3%.
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More than 47,000 owner-occupied homes were sold in the second quarter of 2022. This was a 10.2% decrease year-over-year, but a 7.9% increase from Q1 2022. The number of new homes sold was about 8,000, down 13.8% for the year. transaction.
Rental segment experiencing significant growth in the market
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Rental prices are rising due to a combination of factors, including a lack of available space, high land and construction costs, and the desire of well-paid workers to live in desirable central areas.
Companies mentioned in this report include, but are not limited to:
For more information on this report, please visit https://www.researchandmarkets.com/r/wfbijn.
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