During the first quarter of this year, house prices rose by 9.8% in the Eurozone and by 10.5% in the EU compared to the same period in 2021. This is the highest growth since 2005 in the case of the Eurozone and since 2006 for the Union in general.
In Spain, real estate prices rose by 8.5% year-on-year and 2.6% qoq, compared to 6.3% year-on-year and 1.2% qoq during the last quarter of 2021.
This is evidenced by the published data of the EU statistical office Eurostat. According to the statistics, the growth in housing prices in the entire euro area reached 1.7%, and 2.1% in the EU compared to the last 2021 quarter.
The year-on-year growth shows an acceleration from what was recorded in the last quarter of 2021, when it was 9.4% for the Eurozone and 10.1% for the EU. In terms of quarterly growth, 2.1% in the EU is in line with the previous quarter, while 1.7% in the euro area is below the 1.9% recorded in the last three months of 2021.
In other countries the Czech Republic (+24.7%), Estonia (+21%), and Hungary (+20.6%) recorded the largest year-on-year house price growth, while the smallest was recorded in Cyprus (+1.1%), Finland (+4.3%), and Italy (+4.6%). In 17 of the 27 EU countries, house prices rose by more than 10%.
In quarterly terms, prices increased in all countries, with the smallest price increases are registered in Malta (+0.4%), Cyprus (+0.5%), and Germany (+0.8%), and the largest are shown in Estonia (+7.1%), Hungary (+6.7%), and Bulgaria (+5.2%).