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.
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%).
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 |
Previous |
Current |
Previous |
Current |
Previous |
Current |
|
0.2 |
0.2 |
0.2 |
0.2 |
-0.7 |
-0.8 |
|
|
0.5 |
0.4 |
0.7 |
0.7 |
-0.3 |
-0.3 |
|
|
Annual changes |
||||||
|---|---|---|---|---|---|---|
|
-1.6 |
-1.6 |
-2.2 |
-2.2 |
-1.1 |
-1.2 |
|
|
-1.0 |
-0.9 |
-1.1 |
-1.1 |
0.2 |
0.2 |
|
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.
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