House prices fall in Eurozone, excluding Portugal - fourth biggest surge ever

Real estate prices in the Eurozone and the European Union

In the second quarter, real estate prices in the Eurozone fell by 1.7% and in the European Union by 1.1% year-on-year. However, the cost of housing in Portugal increased by 8.7%. These data were released today by Eurostat.

Housing prices change

A survey by the EU statistical office found that compared to the first quarter of the year, house prices rose by 0.1% on average across the 20 eurozone countries and by 0.3% in the 27 EU member states. In the EU, nine members of the union experienced a decline in house prices compared to the same period last year, while the 17-member country experienced an increase.

Decline and rise in real estate prices

The strongest declines in real estate prices compared to the second quarter of 2022 were recorded in Germany (-9.9%), Denmark (-7.6%) and Sweden (-6.8%). The largest increases were recorded in Croatia (13.7%), Bulgaria (10.7%), Lithuania (9.4%) and Portugal (8.7%).

The change in house prices compared to the first quarter.

Housing prices fell in 11 countries and rose in 15 compared to the first quarter of the year. The most significant drops were recorded in Slovakia (-3.9%), Luxembourg (-2.7%) and Hungary (-1.7%), while the most significant increases were recorded in Latvia (5.1%), Bulgaria (4.3%) and Estonia (3.8%). In Portugal, the figure rose by 3.1% between the first and second quarters.