House prices up by 4.2% in the euro area
Overview
In the fourth quarter of 2024, house prices, as measured by the House Price Index, increased by 4.2% in the euro area and by 4.9% in the EU compared with the same quarter of the previous year. In the third quarter of 2024, house prices increased by 2.7% and 3.9% in the euro area and EU, respectively. These figures come from Eurostat, the statistical office of the European Union.
Compared with the third quarter of 2024, house prices increased by 0.6% in the euro area and by 0.8% in the EU in the fourth quarter of 2024.
House price developments in the EU Member States
Among the Member States for which data are available, two showed an annual decrease in house prices in the fourth quarter of 2024, and twenty-four showed an annual increase. The falls were registered in France and Finland (both -1.9%), while the highest increases were recorded in Bulgaria (+18.3%), Hungary (+13.0%) and Portugal (+11.6%).
Compared with the previous quarter, prices decreased in six Member States, remained stable in two (Malta and Finland) and increased in eighteen Member States. The largest falls were registered in France, Cyprus (both -1.0%) and Estonia (-0.7%), while the highest increases were recorded in Slovakia (+3.6%), Slovenia (+3.1%) and Portugal (+3.0%).
Table
Quarterly and annual changes in house prices |
||||||||
|---|---|---|---|---|---|---|---|---|
Change compared with the previous quarter, % |
Change compared with the same quarter of the previous year, % |
|||||||
2024 |
2024 |
|||||||
Q1 |
Q2 |
Q3 |
Q4 |
Q1 |
Q2 |
Q3 |
Q4 |
|
Euro area |
0.1 |
1.9 |
1.5 |
0.6 |
-0.3 |
1.4 |
2.7 |
4.2 |
EU |
0.6 |
1.9 |
1.5 |
0.8 |
1.5 |
3.0 |
3.9 |
4.9 |
Belgium |
0.8 |
-0.3 |
1.6 |
0.8 |
3.2 |
3.3 |
3.6 |
2.9 |
Bulgaria |
7.1 |
3.4 |
3.9 |
2.7 |
16.0 |
15.1 |
16.5 |
18.3 |
Czechia |
0.9 |
2.6 |
2.2 |
2.4 |
1.2 |
4.2 |
6.1 |
8.4 |
Denmark |
-2.6 |
3.1 |
3.1 |
0.2 |
1.1 |
3.9 |
5.2 |
3.7 |
Germany |
-0.6 |
1.5 |
0.7 |
0.3 |
-5.2 |
-2.5 |
-0.4 |
1.9 |
Estonia |
2.0 |
2.8 |
-0.5 |
-0.7 |
7.8 |
6.7 |
6.4 |
3.6 |
Ireland |
2.3 |
1.5 |
2.9 |
2.4 |
6.3 |
8.4 |
9.9 |
9.3 |
Greece |
: |
: |
: |
: |
: |
: |
: |
: |
Spain |
2.7 |
3.6 |
2.8 |
1.8 |
6.4 |
7.9 |
8.3 |
11.4 |
France |
-2.2 |
-0.2 |
1.6 |
-1.0 |
-4.8 |
-4.6 |
-3.5 |
-1.9 |
Croatia |
1.7 |
4.3 |
2.4 |
1.4 |
9.1 |
10.0 |
12.3 |
10.1 |
Italy |
-0.2 |
3.2 |
0.7 |
0.7 |
1.6 |
2.9 |
3.8 |
4.5 |
Cyprus |
1.4 |
1.2 |
0.7 |
-1.0 |
1.1 |
2.5 |
2.7 |
2.3 |
Latvia |
2.7 |
2.0 |
3.4 |
-0.2 |
3.6 |
0.7 |
5.3 |
8.1 |
Lithuania |
3.3 |
2.8 |
1.0 |
2.4 |
9.9 |
10.4 |
8.9 |
9.8 |
Luxembourg |
-0.7 |
0.9 |
0.0 |
1.1 |
-11.2 |
-8.4 |
-1.9 |
1.4 |
Hungary |
8.6 |
1.8 |
0.8 |
1.3 |
12.0 |
12.9 |
13.4 |
13.0 |
Malta |
1.9 |
1.7 |
1.6 |
0.0 |
6.7 |
6.9 |
7.0 |
5.2 |
Netherlands |
2.0 |
2.6 |
3.7 |
2.1 |
3.7 |
7.7 |
10.4 |
10.8 |
Austria |
-1.2 |
3.0 |
0.5 |
-0.6 |
-2.9 |
-0.2 |
0.5 |
1.7 |
Poland |
4.3 |
2.9 |
1.6 |
1.2 |
18.0 |
17.7 |
14.4 |
10.4 |
Portugal |
0.6 |
3.9 |
3.7 |
3.0 |
7.0 |
7.8 |
9.8 |
11.6 |
Romania |
1.3 |
0.5 |
0.5 |
1.6 |
5.5 |
6.8 |
3.9 |
4.0 |
Slovenia |
1.2 |
2.2 |
1.7 |
3.1 |
6.3 |
6.7 |
7.9 |
8.5 |
Slovakia |
-1.7 |
3.0 |
2.9 |
3.6 |
-3.0 |
4.0 |
6.2 |
7.9 |
Finland |
-1.3 |
0.2 |
-0.7 |
0.0 |
-4.3 |
-5.0 |
-2.9 |
-1.9 |
Sweden |
0.5 |
1.4 |
0.7 |
-0.3 |
-1.6 |
-0.8 |
0.3 |
2.4 |
Iceland |
1.6 |
2.9 |
3.8 |
0.7 |
5.7 |
6.1 |
11.2 |
9.2 |
Norway |
2.8 |
3.5 |
-0.4 |
-1.1 |
1.8 |
3.0 |
4.8 |
4.7 |
Switzerland |
-1.0 |
1.1 |
0.5 |
1.8 |
1.5 |
1.4 |
1.7 |
2.4 |
: not available Source datasets: prc_hpi_q (compared with the previous quarter) and prc_hpi_q (compared with the same quarter of the previous year)
|
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Notes for users
Revisions and timetable
Compared with Euro indicators release of 10 January 2025, revisions for the euro area and the EU are highlighted in bold in the table below:
Revisions |
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|---|---|---|---|---|---|---|
Q1 2024 |
Q2 2024 |
Q3 2024 |
||||
Quarterly changes |
Previous |
Current |
Previous |
Current |
Previous |
Current |
Euro area |
0.0 |
0.1 |
1.9 |
1.9 |
1.4 |
1.5 |
EU |
0.6 |
0.6 |
1.9 |
1.9 |
1.4 |
1.5 |
Annual changes |
||||||
|---|---|---|---|---|---|---|
Euro area |
-0.3 |
-0.3 |
1.4 |
1.4 |
2.6 |
2.7 |
EU |
1.5 |
1.5 |
3.0 |
3.0 |
3.8 |
3.9 |
|
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The next release with data (first quarter of 2025) is scheduled for 4 July 2025.
Methods and definitions
The House Price Index (HPI) measures the price changes of all residential properties purchased by households (flats, detached houses, terraced houses, etc.), both newly built and existing, independently of their final use and independently of their previous owners. The Member States’ HPIs are compiled by the National Statistical Institutes. The euro area and the EU aggregate HPIs are compiled by Eurostat. HPIs are computed as annually chained indices with weights being updated each year. The European HPI aggregates are currently calculated as weighted averages of the national HPIs using as weights the GDP at market prices (expressed in millions Purchasing Power Standards - PPS) of the countries concerned.
The figures are not seasonally adjusted.
Missing country data is estimated by Eurostat using data from non-harmonised sources. These estimates are not published but are used to calculate euro area and EU aggregates.
Geographical information
Euro area (EA20): Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.
European Union (EU27): Belgium, Bulgaria, Czechia, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland and Sweden.
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