House prices up by 2.9% in the euro area and up by 3.6% in the EU in Q4 of 2022

April 6, 2023

In the fourth quarter of 2022, house prices, as measured by the House Price Index, rose by 2.9% in the euro area  and by 3.6% in the EU compared with the same quarter of the previous year. In the third quarter of 2022, house prices rose by 6.6% and 7.3% in the euro area and EU respectively. These figures come from Eurostat, the statistical office of the European Union.

Compared with the third quarter of 2022, house prices fell by 1.7% in the euro area and by 1.5% in the EU in the fourth quarter of 2022. This is the largest quarterly decrease for the euro area since the fourth quarter of 2008 (-1.7%) and since the first quarter of 2009 (-1.9%) for the EU.

House price developments in the EU Member States

Among the Member States for which data are available, seven showed an annual increase in house prices in the fourth quarter of 2022 of more than 10%. The highest increases were recorded in Croatia (+17.3%), Estonia (+16.9%), Hungary (+16.5%) and Lithuania (+16.0%), while prices fell in Denmark (-6.5%), Sweden (-3.7%), Germany (-3.6%) and Finland (-2.3%).

Compared with the previous quarter, prices decreased in fifteen Member States. The highest increases were recorded in Croatia (+4.7%), Romania (+2.5%) and Lithuania (+1.9%) and the largest falls in Denmark (-6.5%), Germany (-5.0%) and Cyprus (-4.0%).

Source: Eurostat
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