House prices down by 0.4% in the euro area (2024)

Euro indicators 5 July 2024 Next release: 3 October 2024

First quarter of 2024 compared with first quarter of 2023

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Up by 1.3% in the EU

Overview

In the first quarter of 2024, house prices, as measured by the House Price Index, fell by 0.4% in the euro area and rose by 1.3% in the EU compared with the same quarter of the previous year. In the fourth quarter of 2023, house prices fell by 1.2% in the euro area and rose by 0.2% in the EU. These figures come from Eurostat, the statistical office of the European Union.

Compared with the fourth quarter of 2023, house prices fell by 0.1% in the euro area and rose by 0.4% in the EU in the first quarter of 2024.

House prices down by 0.4% in the euro area (1)

House price developments in the EU Member States

Among the Member States for which data are available, seven showed an annual decrease in house prices in the first quarter of 2024, and nineteen showed an annual increase. The largest falls were registered in Luxembourg (-10.9%), Germany (-5.7%) and France (-4.8%), while the highest increases were recorded in Poland (+18.0%), Bulgaria (+16.0%) and Lithuania (+9.9%).

Compared with the previous quarter, prices decreased in eight Member States and increased in eighteen Member States. The largest falls were registered in Denmark (-2.5%), France (-2.1%) and Slovakia (-1.7%), while the highest increases were recorded in Bulgaria (+7.1%), Hungary (+5.1%) and Poland (+4.3%).

Tables

Quarterly and annual changes in house prices

Change compared with the previous quarter, %

Change compared with the same quarter of the previous year, %

2023

2024

2023

2024

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Euro area

0.2

0.2

-0.8

-0.1

-1.6

-2.2

-1.2

-0.4

EU

0.4

0.7

-0.3

0.4

-0.9

-1.1

0.2

1.3

Belgium

-0.4

1.3

1.4

0.7

1.8

1.0

2.8

3.1

Bulgaria

4.3

2.7

1.2

7.1

10.7

9.2

10.1

16.0

Czechia

-0.4

0.3

0.3

0.9

-2.9

-3.5

-1.0

1.2

Denmark

0.4

1.8

1.6

-2.5

-6.2

-4.8

-0.9

1.2

Germany

-1.3

-1.4

-2.0

-1.1

-9.6

-10.2

-7.2

-5.7

Estonia

3.8

-0.3

2.1

2.0

5.0

3.8

5.8

7.8

Ireland

-0.5

1.5

2.9

2.3

2.7

1.4

3.1

6.3

Greece

:

:

:

:

:

:

:

:

Spain

2.1

2.5

-1.0

2.7

3.7

4.5

4.3

6.4

France

-0.5

0.4

-2.7

-2.1

0.7

-1.6

-3.6

-4.8

Croatia

3.5

0.3

3.4

1.7

13.7

10.9

9.5

9.1

Italy

1.9

-0.1

0.0

-0.1

0.6

1.7

1.8

1.7

Cyprus

-0.1

0.5

-0.6

1.4

3.6

0.6

1.6

1.1

Latvia

4.9

-1.1

-2.7

2.7

5.4

3.0

0.8

3.7

Lithuania

2.4

2.4

1.5

3.3

9.4

8.7

8.3

9.9

Luxembourg

-2.2

-6.6

-2.2

-0.3

-5.9

-13.9

-14.5

-10.9

Hungary

1.0

1.4

-0.5

5.1

6.4

4.7

6.0

7.1

Malta

1.6

1.5

1.6

1.9

5.3

5.7

6.7

6.7

Netherlands

-1.2

1.1

1.7

2.0

-4.1

-3.7

0.1

3.6

Austria

0.2

-0.2

-1.8

-0.4

-2.8

-5.4

-3.0

-2.2

Poland

3.2

4.5

4.8

4.3

7.0

9.3

13.0

18.0

Portugal

3.1

1.8

1.3

0.6

8.7

7.6

7.8

7.0

Romania

-0.8

3.4

1.5

1.3

0.1

4.8

3.7

5.5

Slovenia

1.9

0.5

2.6

1.2

7.5

5.6

6.9

6.3

Slovakia

-4.0

0.8

1.9

-1.7

-2.2

-4.1

-1.4

-3.0

Finland

0.9

-2.9

-1.0

-1.3

-5.6

-7.2

-4.8

-4.3

Sweden

0.6

-0.4

-2.3

0.5

-6.8

-4.2

-2.9

-1.6

Iceland

2.5

-0.9

2.5

1.6

10.1

2.7

3.8

5.7

Norway

2.3

-2.2

-1.1

2.8

1.9

-0.5

2.1

1.8

Switzerland

1.2

0.2

1.1

-1.0

2.4

1.3

1.3

1.5

: not available

Source datasets: prc_hpi_q (compared with the previous quarter) and prc_hpi_q (compared with the same quarter of the previous year)

House prices down by 0.4% in the euro area (2)

Notes for users

Revisions and timetable

Compared with Euro indicators release of 4 April 2024, revisions for the euro area and the EU are highlighted in bold in the table below:

Revisions

Q2 2023

Q3 2023

Q4 2023

Quarterly changes
(Q/Q-1) in %

Previous

Current

Previous

Current

Previous

Current

Euro area

0.2

0.2

0.2

0.2

-0.7

-0.8

EU

0.5

0.4

0.7

0.7

-0.3

-0.3

Annual changes
(Q/Q-4) in %

Euro area

-1.6

-1.6

-2.2

-2.2

-1.1

-1.2

EU

-1.0

-0.9

-1.1

-1.1

0.2

0.2

House prices down by 0.4% in the euro area (3)

The next release with data (second quarter of 2024) is scheduled for 3 October 2024.

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.

Geographical information

Euro area (EA20): Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.

European Union (EU27): Belgium, Bulgaria, 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 and Sweden.

For more information

  • Website section on Housing price statistics

  • Database section on Housing price statistics

  • News article on House prices and rents

  • Statistics Explained article on Housing price statistics

  • Statistics Explained article on Owner-occupied housing price statistics

  • Statistics Explained article on House sales statistics

  • Handbook on Residential Property Price Indices

  • Euro indicators dashboard

  • Release calendar for euro indicators

  • Statistics Code of Practice

Get in touch

Media requests

Eurostat Media Support

Phone: (+352) 4301 33 408

E-mail: eurostat-mediasupport@ec.europa.eu

Further information on data

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House prices down by 0.4% in the euro area (2024)

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