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House prices down by 1.3 per cent

House prices in the euro zone were down by 1.3% in the third quarter of 2013, according to new figures from Eurostat, the EU statistics agency, with Cyprus one of the countries with the largest falls.

HOUSE prices, as measured by the House Price Index (HPI), fell by 1.3% in the euro area and by 0.5% in the EU in the third quarter of 2013 compared with the same quarter of the previous year, according to data published by Eurostat, the statistical office of the European Union.

Compared with the second quarter of 2013, house prices rose by 0.6% in the euro area and by 0.7% in the EU in the third quarter of 2013.

House prices in EU Member States

Among the EU Member States for which data are available, the highest annual increases in house prices in the third quarter of 2013 were recorded in:

  • Estonia (+11.1%)
  • Luxembourg (+6.5%, flats only)
  • Latvia (+6.2%)

and the largest falls were recorded in:

  • Croatia (-16.9%)
  • Cyprus (-8.0%)
  • Spain (-6.4%)

The highest quarterly increases in the third quarter of 2013 were recorded in Estonia (+5.3%), Ireland (+4.1%), and the United Kingdom (+2.5%), and the largest falls in Slovenia (-4.0%), Denmark (-3.3%) and Romania (-2.4%).

Further reading

Eurostat News Release 9/2014 – 21 January 2014

Readers' comments

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  • Deanna says:

    @ Nigel.

    Thanks for that info: I am really surprised that the devaluation isn’t greater, considering the general state of the economy.

  • @Deanna – the figures for residential apartments and houses (NOT holiday homes) since the 3rd quarter of 2009 are as follows:

    Average apartment prices have fallen by 35%
    Average 3-bed semis have fallen by 26%

    (Above figures from the RICS Cyprus Property Price Index)

    Holiday homes will have seen a sharper drop.

  • Deanna says:

    What would be interesting is the total fall since the doodoo hit the fan in 2008.

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