Czechia Ranks Second in Rental Price Increases in Europe in Recent Years

According to the research institute Eurostat, Czechia recorded the second-highest increase in rental prices in the European Union in recent years, with rent rising by 80% over the 13 years leading up to early 2020.

Since 2007, rental prices in Czechia have increased by more than 80%, and property prices by 70%—both significantly higher than in most other EU countries. The only EU country to show a faster increase in rent was Lithuania, with a rise of over 100%. As for property prices, Czechia ranked slightly lower, in fourth place.

The EU average of a 20% increase reflects a wide range of changes in the real estate market, including price drops in certain countries. For example, housing prices fell by 36% in Greece but rose by 91% in Luxembourg. Rental prices also varied across the continent, though to a lesser extent. For instance, rent dropped by 18% in Greece but rose by 102% in Lithuania. Czechia ranks toward the high end of the scale with an 82% increase in rent and a slightly lower 68% increase in property prices.

While Lithuania and Luxembourg recorded the highest increases in rent and property prices, respectively, both countries had much lower growth in the other category. Alongside Hungary, Czechia is the only country that recorded high increases in both sectors.

Although property and rental prices rose by an average of around 20% across the EU, rental costs steadily increased throughout the 13-year period. In the past five years, housing price growth has outpaced rental price growth, and by early 2020, we saw sharp increases just before the onset of the COVID-19 crisis.