Decline in house prices in the EU

House prices fell by 2.1% in the euro area and 1.0% in the European Union (EU) in the third quarter of 2023 compared with the same period last year, Eurostat reported today.

According to the EU statistics service, house prices rose 0.3% quarter-on-quarter in the 20 eurozone countries and 0.8% in the 27 member states as a whole.

On an annualized basis, ten member countries recorded a decrease in the indicator, with Luxembourg (-13.6%), Germany (-10.2%) and Finland (-7.0%) being the most notable, while the largest increases were recorded in Croatia (10.9%), Poland (9.3%) and Bulgaria (9.2%).

Compared to the second quarter of 2023, house prices declined in seven of the 27 Member States, most notably in Luxembourg (-6.3%), Finland (-2.7%) and Germany (-1.4%). The most significant increases were noticeable in Poland (4.5%), Romania (3.4%) and Denmark (3.1%).

In Portugal, house price growth slowed to 7.8% year-on-year and 1.8% quarter-on-quarter.

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