Eurozone sees highest increase in house prices since 2007

Eurozone sees highest increase in house prices since 2007
Credit: Belga

House prices in the eurozone rose at the strongest pace since 13 years in the first quarter of 2020, according to Eurostat.

Prices rose by 5% on average compared to the year before, marking the strongest increase since the second quarter of 2007, according to Eurostat’s report.

The figures have not been affected by the lockdown measures in European countries that took effect in the first quarter, Eurostat said. The quarter runs from the beginning of January to the end of March.

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Across the European Union as a whole, the increase was 5.5%, Eurostat reported.

Within the EU member states, prices rose most sharply in Luxembourg (+14%), followed by Slovakia, Estonia, Poland and Portugal.

Hungary was the only country in which prices fell, by 1.2%, compared to the first quarter of 2019.

In Belgium, prices rose by 3.6% year-on-year in the first quarter, according to Eurostat, and while the country saw a nearly 30% drop in sales throughout the lockdown, prices in June were up 8,4% compared to the same period the year before.

The Brussels Times

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