House prices in the euro area rose at the highest annual rate since they were first collected in 2005 with more than half of the member states experiencing double-digit increases.
The price of houses rose 8.8% in the euro area and 9.2% in the EU and in the three months from July to September last year compared to the same quarter in 2020, according to the EU’s statistical service Eurostat.
The highest increases in EU Member States were recorded in Czechia (+22.0%), Lithuania (+18.9%), Estonia (+17.3%) and The Netherlands (+16.8%), while the lowest increases were recorded in Italy and Spain (+4.2% each) and Cyprus (+2.2%).
Compared with the previous quarter, prices increase in all members states, with the lowest increases in Romania (+0.1%), Finland (+0.2%) and Denmark (+0.3%) and the highest increases were recorded in Czechia (+7.3%), The Netherlands (+5.9%), Lithuania (+5.4%) and Ireland (+5.1%).
House prices and rents since 2010
In a separate article, Eurostat reports that rents and house prices in the EU have risen by 16% and 39% respectively since 2010.
When comparing Q3 2021 with 2010, house prices increased in 23 EU countries and decreased in four, with the highest rises in Estonia (+141%), Hungary (+118%), Luxembourg (+117%), Latvia (+106%) and Austria (+104%), with falls recorded Greece (-28%), Italy (-12%), Cyprus (-6%) and Spain (-0.5%).
The pattern for rents was different. When comparing Q3 2021 with 2010, rents increased in 25 EU Member States and decreased in two, with the highest rises in Estonia (+162%), Lithuania (+111%) and Ireland (+68%), with falls recorded in Greece (-25%) and Cyprus (-3%).