In the third quarter of 2024, house prices showed significant growth across the European Union (EU) and the euro area, according to the latest data from Eurostat, the statistical office of the European Union.
EU and Euro Area Trends
The House Price Index reveals that house prices increased by 2.6% in the euro area and by 3.8% in the EU compared to the same quarter in 2023. This marks an acceleration from the second quarter of 2024, when house prices rose by 1.4% and 3.0% in the euro area and EU, respectively.
Quarter-on-quarter, house prices in both the euro area and the EU grew by 1.4% in the third quarter of 2024, maintaining a steady upward trend.
Divergent Trends Among Member States
Among EU Member States, housing markets exhibited varying dynamics in annual growth:
Four Member States recorded annual decreases in house prices, with the most significant drops observed in France (-3.5%), Finland (-2.8%), and Luxembourg (-1.7%).
Conversely, 22 Member States experienced annual price increases, with Bulgaria (+16.5%), Poland (+14.4%), Hungary (+13.4%), Croatia (+12.3%), and the Netherlands (+10.3%) leading the growth.
Quarterly Developments
Compared with the second quarter of 2024, house prices declined in only two Member States—Finland (-0.6%) and Estonia (-0.5%). Meanwhile, the most substantial quarterly increases were recorded in Bulgaria (+3.9%), Portugal (+3.7%), and the Netherlands (+3.6%).
A Growing Market
The data highlights the overall resilience of the EU housing market, with notable regional variations reflecting local economic conditions and housing demand. While some countries grapple with price declines, others are experiencing rapid growth, driven by robust demand and market dynamics.
As housing affordability remains a pressing issue for many citizens, these trends will likely continue to draw attention from policymakers and market analysts across Europe.
