Higher costs and cramped conditions: the impact of Europe’s housing crisis

Affording a home has become a political issue as rents and prices soar and supply plummets

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Decades in the making, Europe’s housing crisis is being felt from the Netherlands to Portugal, Greece to Germany, and in Britain. Prices and rents have soared, availability and affordability have plunged and housing has become a political issue.

Between 2010 and 2022, property prices across the 27-member bloc surged by 47%, according to a 2023 Eurostat report. In some countries they almost trebled: Estonia recorded a 192% rise. Only in two member states, Italy and Cyprus, did they decline.