According to Eurostat, in the first quarter of 2023, house prices, measured by the House Price Index, increased by 0.4% in the euro area and by 0.8% in the EU compared to the same quarter of the previous year.

In the fourth quarter of 2022, house prices had grown by 3.0% and 3.6% in the euro area and the EU, respectively.

These figures are provided by Eurostat, the statistical office of the European Union. Compared to the fourth quarter of 2022, house prices decreased by 0.9% in the euro area and by 0.7% in the EU in the first quarter of 2023.

House Price Developments in EU Member States: Among the EU member states for which data is available, six reported a year-on-year decrease in house prices in the first quarter of 2023.

The highest increases were recorded in Croatia (+14.0%), Lithuania (+13.1%), and Bulgaria (+9.5%), while house prices declined in Sweden (-6.9%), Germany (-6.8%), Denmark (-6.2%), Finland (-5.1%), Luxembourg (-1.5%), and the Netherlands (-0.1%).

Compared to the previous quarter, house prices decreased in eleven member states. The highest increases were observed in Denmark (+2.5%), Hungary (+2.2%), as well as Croatia and Cyprus (both +2.0%).

The largest decreases were recorded in Luxembourg (-4.1%), Germany (-3.1%), and Finland (-1.8%). In Romania, house prices increased by 4.3% in the first quarter compared to the same period of the previous year.