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EU House Prices Experience Steady Growth in Q2 2024
(MENAFN) According to Eurostat's report released Thursday, house prices in the European Union increased by 2.9% year-on-year during the second quarter of 2024. This growth indicates a continuing trend in the real estate market, with significant regional variations across member states.
The most substantial annual increases in house prices were recorded in Poland, which saw a remarkable rise of 17.7%, followed by Bulgaria at 15.1%, Lithuania at 10.4%, and Croatia at 10.0%. Conversely, the largest declines occurred in Luxembourg, where prices fell by 8.3%, followed by Finland with a decrease of 4.8%, and France, which saw a drop of 4.6%. These variations highlight the diverse housing market dynamics within the EU.
On a quarterly basis, house prices across the EU rose by 1.9%, while rents increased by 0.7% in the same period. Although house prices in Hungary remained stable, 23 member states experienced price hikes, with Croatia leading the way at 4.3%. Portugal and Spain also reported significant quarterly gains, at 3.9% and 3.6%, respectively. The only decreases during this period were observed in France and Belgium, both of which saw a slight drop of 0.2%.
In the eurozone, which comprises the 19 EU countries that use the euro, house prices rose by 1.3% year-on-year and 1.8% on a quarterly basis. This upward trend in the eurozone reflects ongoing confidence in the housing market, despite the variations seen across different EU member states. The broader EU27 figure includes all member countries, emphasizing the overall resilience of the housing sector in the region.
The most substantial annual increases in house prices were recorded in Poland, which saw a remarkable rise of 17.7%, followed by Bulgaria at 15.1%, Lithuania at 10.4%, and Croatia at 10.0%. Conversely, the largest declines occurred in Luxembourg, where prices fell by 8.3%, followed by Finland with a decrease of 4.8%, and France, which saw a drop of 4.6%. These variations highlight the diverse housing market dynamics within the EU.
On a quarterly basis, house prices across the EU rose by 1.9%, while rents increased by 0.7% in the same period. Although house prices in Hungary remained stable, 23 member states experienced price hikes, with Croatia leading the way at 4.3%. Portugal and Spain also reported significant quarterly gains, at 3.9% and 3.6%, respectively. The only decreases during this period were observed in France and Belgium, both of which saw a slight drop of 0.2%.
In the eurozone, which comprises the 19 EU countries that use the euro, house prices rose by 1.3% year-on-year and 1.8% on a quarterly basis. This upward trend in the eurozone reflects ongoing confidence in the housing market, despite the variations seen across different EU member states. The broader EU27 figure includes all member countries, emphasizing the overall resilience of the housing sector in the region.
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