First quarter of 2021 compared with first quarter of 2020 European House prices up by 5.8 % in the Euro Area, in the EU up by 6.1 %

In In the first quarter of 2021, house prices, as measured by the House Price Index, rose by 5.8 % in the Euro Area and by 6.1 % in the EU compared with the same quarter of the previous year. This is the highest annual increase for the euro area since the fourth quarter of 2006, and since the third quarter of 2007 for the EU. In the fourth quarter of 2020 house prices rose by 5.6 % and 5.8 % respectively. These figures come from Eurostat, the statistical office of the European Union.

Compared with the fourth quarter of 2020, house prices rose by 1.3 % in the Euro Area and 1.7 % in the EU in the first quarter of 2021.

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 first quarter of 2021 were recorded in Luxembourg (+17.0%), Denmark (+15.3%), Lithuania (+12.0%), Czechia (+11.9%) and the Netherlands (+11.3%), while prices fell only in Cyprus (-5.8%).

Compared with the previous quarter, the highest increases were recorded in Estonia (+6.6%), Denmark (+5.8%) and Lithuania (+5.0%), while decreases were observed only in Cyprus (-5.8%), Malta (-1.6%) and Slovakia (-1.2%).

Geographical information

The euro area (EA19) 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 (EU27) includes 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.

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 Release 40/2021 of April 8, 2021, revisions for the euro area and the EU are highlighted in bold in the table below: