House sales statistics

Data extracted on 7 October 2024

Planned article update: 14 January 2025

Highlights

In the second quarter of 2024 when compared with the same quarter of 2023, the number of transacted dwellings decreased in half of the 14 EU Member States covered, while the other half increased.

Two vertical bar charts showing percentage annual rate of change of the quarterly number of transacted dwellings. The upper chart shows the first and second quarters of 2024 and the chart below, the four quarters of 2023. Fourteen countries as vertical bars, are displayed per quarter. The available countries are: Austria, Belgium, Bulgaria, Cyprus, Denmark, Finland, France, Hungary, Ireland, Luxembourg, Netherlands, Portugal, Slovenia and Spain.

Quarterly number of transacted dwellings
2024-Q1 to Q2 and 2023-Q1 to Q4
(%)
Source: Eurostat (prc_hpi_hsnq)

This article covers changes in the total number and value of dwellings (both newly built and existing dwellings) sold to households. Quarterly and annual figures on the number and value of transacted dwellings are presented for a subset of EU Member States that provided data for the period from 2022 to 2024-Q2. A breakdown between the number of transacted newly built and existing dwellings is shown (see Figure 3). Annual changes on the total value of transactions are presented together with house prices for the euro area (see Figure 5).

Full article

Quarterly number of transacted dwellings: annual changes

For the 14 EU countries for which data are available (see Figure 1), when comparing the quarterly number of transacted dwellings with the same quarter of the previous year, it can be noticed that:

In the second quarter of 2024, the number of transacted dwellings decreased in 7 countries, with the largest falls observed in Austria (-20.5%), Slovenia (-19.7%), Ireland (-18.1%) and France (-14.6%). It increased in 7 countries with the highest rises recorded in Luxembourg (+26.3%) and Hungary (21.7%).

In the first quarter of 2024, the number of transacted dwellings decreased in 6 countries, with the largest falls observed in Slovenia (-24.4%) and France (-21.1%). It increased in 8 countries with the highest rises recorded in Cyprus (+42.5%), Hungary (+37.5%) and the Netherlands (+12.3%).

In the fourth quarter of 2023, the number of transacted dwellings decreased in 9 countries, with the largest falls observed in Luxembourg (-35.5%) and France (-24.5%). It remained stable in the Netherlands and it increased in Denmark (+40.1%), Cyprus (+20.3%), Bulgaria (+19.1%) and Finland (+8.2%).

In the third quarter of 2023, the number of transacted dwellings decreased in 12 countries, with the largest falls observed in Luxembourg (-41.0%) and Finland (-23.4%). It only increased in Cyprus (+48.3%) and in Denmark (+10.2%).

In the second quarter of 2023, the number of transacted dwellings decreased in 12 countries, with the largest falls observed in Luxembourg (-44.7%), Austria (-35.4%), Hungary (-34.9%) and Finland (-32.4%). It only increased in Cyprus (+36.8%) and Ireland (+2.1%).

In the first quarter of 2023, the number of transacted dwellings decreased in 12 countries, with the largest falls observed in Luxembourg (-50.0%), Finland (-41.6%) and Hungary (-41.1%). As in the second quarter of 2023, it only increased in Cyprus (+17.1%) and in Ireland (+3.0%).

Figure 1: Quarterly number of transacted dwellings
Annual rate of change, 2024-Q1 to Q2 and 2023-Q1 to Q4
(%)
Source: Eurostat (prc_hpi_hsnq)

Annual number of transacted dwellings: changes

In 2023, when compared with 2022, the number of transacted dwellings decreased in 13 out of the 16 EU countries for which data are available (see Figure 2). The largest decreases were observed in Luxembourg (-43.3%), Austria (-27.4%) and Hungary (-27.0%), while increases were recorded in Cyprus (+31.0%), Poland (+3.9%) and Ireland (+0.6%).

In 2022, when compared with 2021, the number of transacted dwellings decreased in 10 countries and increased in 6 countries. The largest decreases were observed in Denmark (-24.8%), Austria (-17.0%), Finland (-16.6%), the Netherlands (-16.2%) and Luxembourg (-15.1%). The highest increases were recorded in Cyprus (+27.4%), Ireland (+7.7%) and Spain (+6.0%).

Luxembourg is the only country covered that showed a decrease in the number of transacted dwellings every year over the most recent 5 years (2019 to 2023).

Vertical bar chart showing percentage annual average rate of change of annual number of transacted dwellings in 16 EU Member States. Each country has two columns comparing the year 2022 with 2023. The available countries are: Austria, Belgium, Bulgaria, Cyprus, Denmark, Finland, France, Hungary, Ireland, Latvia, Luxembourg, Netherlands, Poland, Portugal, Slovenia and Spain.

Figure 2: Annual number of transacted dwellings
Annual average rate of change, 2022 and 2023
(%)
Source: Eurostat (prc_hpi_hsna)

Among the 16 above mentioned EU Member States, 13 provided a breakdown of their transactions by newly built and existing dwellings for 2022 and 2023. In all these countries, the number of transactions for newly built dwellings in 2022 and 2023 was lower than for existing dwellings. This explains why changes in the number of transactions for newly built dwellings had less impact on the changes in the total number of transactions than changes in the number of transactions for existing dwellings (see Figure 3).

In 2023, when compared with 2022, 11 of the 13 countries covered recorded a decrease in the number of transactions. Among them, 9 countries showed a larger drop in transactions for newly built dwellings than for existing dwellings. In Portugal, transactions of existing dwellings fell more than those of newly built dwellings, while in Slovenia and Ireland, transactions of existing dwellings decreased whereas those for newly built dwellings rose.

For newly built dwellings, the number of transactions decreased the most in Luxembourg (-68.3%) and only increased in Slovenia (+46.9%) and Ireland (+4.9%). For existing dwellings, the largest decline in the number of transactions was again observed in Luxembourg (-36.8%) and it increased only in Poland (+7.6%) and Bulgaria (+0.1%).

Vertical bar chart showing percentage annual average rate of change of annual number of transacted dwellings by type of purchase in 13 EU Member States. Each country has three columns representing total, newly built dwellings and existing dwellings for the year 2023. The available countries are: Austria, Bulgaria, Finland, France, Hungary, Ireland, Latvia, Luxembourg, Netherlands, Poland, Portugal, Slovenia and Spain.

Figure 3: Annual number of transacted dwellings by type of purchase
Annual average rate of change, 2023
(%)
Source: Eurostat (prc_hpi_hsna)

Number of transacted dwellings: share of each quarter in the year

When considering the average quarterly number of transacted dwellings between 2015 and 2023, seasonal patterns could be observed among the 15 EU countries for which data are available (see Figure 4). The average number of transacted dwellings was the highest in the fourth quarter in 9 countries (Ireland, Bulgaria, Belgium, Cyprus, the Netherlands, Spain, Luxembourg, Austria and Portugal), in the second or third quarters in 5 countries (Denmark, Hungary, France, Finland and Slovenia) and in the first quarter only in 1 country (Poland). In 12 of the 15 countries (i.e. all with the exception of Denmark, Hungary and Poland), the first quarter of the year showed the lowest number of transacted dwellings.

Vertical bar chart showing percentage share of each quarter as the average of 2015 to 2023 in number of transacted dwellings in 15 EU Member States. Each country has four columns representing Q1, Q2, Q3 and Q4. The countries displayed are: Austria, Belgium, Bulgaria, Denmark, Finland, France, Cyprus, Hungary, Ireland, Luxembourg, Netherlands, Poland, Portugal, Slovenia and Spain. Notes: data for Bulgaria cover the period 2017-2023, Cyprus the period 2021-2023.

Figure 4: Share of each quarter in number of transacted dwellings
Average, 2015-2023
(%)
Source: Eurostat (prc_hpi_hsnq)

Annual value of transacted dwellings and house prices: changes

The total value of transacted dwellings is equal to the sum of the transaction prices of all dwellings sold in the respective period. As shown in Figure 5, between 2012 and 2017 and between 2021 and 2023, changes in the total value in the euro area outscored significantly the changes in house prices. This suggests that, in the years when prices decreased, there was a tendency for seeing a contraction in the number of dwellings sold; and when prices increased, the opposite happened. This 'amplification mechanism' has reached peaks in:

2012, when prices decreased by -2.0% and the value of transactions by -14.9%,
2017, when prices increased by +4.4% and the value of transactions by +15.1%,
2021, when prices increased by +7.9% and the value of transactions by +25.9%,
2023, when prices decreased by -1.2% and the value of transactions by -16.8%.

In 2020, during the COVID-19 pandemic, lockdown measures in euro area countries led to a drop in the number of transacted dwellings that explained a decrease in the total value of transacted dwellings despite a continuous increase in house prices.

In 2021, the very high increase in house prices (+7.9%) and total value of transacted dwellings (+25.9%) suggests a significant recovery in the number of transactions in 2021 following the 2020 COVID-19 pandemic slowdown in market activity.

In 2022, house prices in the euro area increased again significantly by +7.1% but the total value of transacted dwellings decreased slightly by -0.1% due to a decreasing number of transactions in many countries (as shown in Figure 2). This suggests a market turnaround that was confirmed in 2023.

In 2023, house prices decreased slightly in the euro area (-1.2%) but the total value of transacted dwellings decreased very significantly (-16.8%) due to a significant decrease in the number of transactions in a majority of countries (also as shown in Figure 2).

Line chart showing percentage annual average rate of change in the euro area. Each of the 2 lines represents the total value of transacted dwellings and house prices over the years 2011 to 2023. Notes: Changes in the total value of housing transactions are estimated for Euro area 20 based on 15 Euro area countries representing, in 2023, 70% of the Euro area Gross Domestic Product (GDP) weight.

Figure 5: Value of transacted dwellings and house prices in the euro area (EA20)
Annual average rate of change, 2011-2023
(%)
Source: Eurostat (prc_hpi_hsva) and (prc_hpi_a)

Source data for tables and graphs

House Price Sales - Release second quarter 2024

Data sources

House sales statistics are sent by Member States to Eurostat on a voluntary basis. This explains why only a subset of EU Member States send their data to Eurostat.

Depending on the tables, between 15 and 21 EU Member States, as well as the EFTA country Norway, report data. Data for the United Kingdom is only available until 2019.

Annual and quarterly tables reflecting the number and value of transacted dwellings are available:

Two annual tables (prc_hpi_hsva and prc_hpi_hsna) show an average annual index (2015=100) and an annual average rate of change.

Two quarterly tables (prc_hpi_hsvq and prc_hpi_hsnq) show a quarterly index (2015=100), a quarterly rate of change, an annual rate of change and a percentage share of the quarter in the year.

Due to missing countries, the EU (EU27) and euro area (EA20) aggregates are not available in the online tables with house sales statistics, but for the purpose of this publication, in Figure 5, the change in the total annual value of transacted dwellings for the euro area has been estimated based on data available from 15 countries representing about 70% of the euro area weight in 2022 (calculated from the GDP at market prices (based on PPS), price updated with the HPI of the fourth quarter of the countries concerned as available in table prc_hpi_cow).

Figure 5 also shows, for the euro area (EA20), the annual average rate of change of house prices, available in table: prc_hpi_a.

Statistics on house sales and house prices sent by countries cover the same statistical universe: namely the transactions of newly built and existing dwellings (apartments and houses) where the buyer is a household.

Context

In addition to house price statistics, house sales statistics are important to policy makers to have a more complete picture of the residential real estate market.