EUROSTAT European Union Statistical Office : House prices up by 4.3% in both the euro area and the EU

14/2019 - 18 January 2019

Third quarter of 2018 compared with third quarter of 2017

House prices up by 4.3% in both the euro area and the EU

House prices, as measured by the House Price Index, rose by 4.3% in both the euro area and the EU in the third quarter of 2018 compared with the same quarter of the previous year. These figures come from Eurostat, the statistical office of the European Union.

Compared with the second quarter of 2018, house prices rose by 1.6% in the euro area and by 1.5% in the EU in the third quarter of 2018.

House prices - annual rate of change for the euro area and the EU (%)

12

10

8

6

4

2

0

-2

-4

-6

-8

Q1 Q2 Q3 Q4	Q1 Q2 Q3 Q4	Q1 Q2 Q3 Q4	Q1 Q2 Q3 Q4	Q1 Q2 Q3 Q4	Q1 Q2 Q3 Q4	Q1 Q2 Q3 Q4	Q1 Q2 Q3 Q4	Q1 Q2 Q3 Q4	Q1 Q2 Q3 Q4	Q1 Q2 Q3 Q4	Q1 Q2 Q3 Q4	Q1 Q2 Q3
2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018

House price developments in the EU Member States

Among the Member States for which data are available, the highest annual increases in house prices in the third quarter of 2018 were recorded in Slovenia (+15.1%), the Netherlands (+10.2%) and Ireland (+9.1%), while prices fell in Sweden (-2.1%) and Italy (-0.8%).

Compared with the previous quarter, the highest increases were recorded in the Netherlands (+3.3%), Malta (+3.1%) and Croatia (+2.8%), while decreases were observed in Italy (-0.8%), Romania (-0.7%), Finland (-0.4%), Slovakia (-0.3%) and Hungary (-0.2%).

Quarterly and annual changes in house prices

Change compared with the previous quarter, %				Change compared with the same quarter of the previous year, %
2017	2018			2017	2018
Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
Euro areap	0.8	0.5	1.4	1.6	4.2	4.5	4.4	4.3
EUp	0.6	0.6	1.5	1.5	4.4	4.6	4.3	4.3
Belgium	-0.5	0.0	1.0	2.1	3.6	2.5	3.9	2.6
Bulgaria	1.6	0.9	2.8	0.8	8.2	7.1	7.5	6.3
Czechia	0.9	2.2	3.0	2.4	8.4	7.6	8.1	8.7
Denmark	-1.9	3.7	1.4	0.3	4.4	5.9	4.6	3.5
Germany	1.9	-0.2	1.5	2.1	4.6	5.5	4.9	5.4
Estonia	1.3	1.5	1.1	0.2	4.9	6.6	7.4	4.1
Ireland	2.6	1.6	2.4	2.2	11.8	12.3	12.6	9.1
Greece	:	:	:	:	:	:	:	:
Spain	0.9	1.4	2.6	2.2	7.2	6.2	6.8	7.2
France	-0.5	0.2	0.9	2.2	3.3	2.9	2.8	2.8
Croatia	3.2	0.9	-0.2	2.8	7.6	8.5	4.5	6.8
Italy	-0.4	-0.2	0.6	-0.8	-1.2	-0.5	-0.4	-0.8
Cyprus	2.7	-1.8	0.6	0.2	2.5	3.7	1.2	1.7
Latvia	0.0	5.3	3.1	0.1	7.9	11.4	8.7	8.6
Lithuania	0.2	2.4	2.7	1.1	6.9	7.8	7.4	6.6
Luxembourg*	1.1	2.9	0.9	1.9	4.2	6.4	5.1	7.0
Hungary	1.7	3.2	2.2	-0.2	6.3	11.4	10.6	7.0
Malta	3.2	-4.6	3.6	3.1	4.9	5.3	5.8	5.0
Netherlands	2.3	2.8	1.5	3.3	8.5	9.3	9.2	10.2
Austria	1.5	0.8	0.9	1.6	6.5	5.3	3.7	4.9
Poland	1.3	1.5	2.3	1.3	3.9	6.0	6.2	6.5
Portugal	1.2	3.7	2.3	1.0	10.5	12.2	11.2	8.5
Romania	1.2	2.1	3.1	-0.7	5.6	6.6	4.7	5.7
Slovenia	3.7	4.4	4.2	1.9	10.0	13.4	13.4	15.1
Slovakia	0.5	2.9	1.2	-0.3	5.8	11.7	7.0	4.4
Finland	-0.5	0.1	1.8	-0.4	1.2	0.0	0.8	1.0
Sweden	-2.8	-0.8	0.6	1.0	3.0	-0.4	-1.7	-2.1
United Kingdom	-0.1	-0.2	1.2	2.2	4.6	4.2	3.2	3.1
Iceland	1.0	1.4	1.2	2.1	17.3	13.7	8.0	5.8
Norway	-0.1	1.2	2.2	0.2	0.6	-1.1	0.5	3.5

* excluding newly built single-family houses : data not available

p provisional (entire time series)

The source datasets are availablehere (compared with the previous quarter) andhere (compared with the same quarter of the previous year)

Geographical information

The euro area consists of Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.

The European Union includes Belgium, Bulgaria, the 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, Sweden and the United Kingdom.

The data refers to the euro area and EU country compositions at a specific point in time. New Member States are integrated into the aggregates using a chain index formula.

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.

Revisions and time table

Compared with News Release156/2018 of 5 October 2018, the annual growth rate for the second quarter of 2018 has been revised from +4.3% to +4.4% for the euro area and remains unchanged for the EU. The quarterly growth rate for the second quarter of 2018 remains unchanged for the euro area and has been revised from +1.4% to +1.5% for the EU.

For more information

Eurostatwebsite section on HPI Eurostatdatabase section on HPI

EurostatStatistics Explained article on housing price statistics EurostatHandbook on Residential Property Price Indices Eurostat €-indicatorsrelease calendar

Issued by: Eurostat Press Office	For further information on data and methodology:
Baiba GRANDOVSKA	Svetoslava PAVLOVA
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Vincent TRONET
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