[ad_1]
House prices in the euro area fell by 1.1% in the last three months of 2023. However, prices increased slightly across the EU.
advertisementOne of the countries hardest hit by the decline in property prices was Luxembourg, where house prices fell by 14.4%, following a 13.9% decline in the previous three months.
Average house prices in the euro area fell by 1.1% year-on-year in the last three months of 2023, according to Eurostat’s House Price Index.
House prices across the European Union showed a slight increase of 0.2% over the year.
The results show that average prices are not as low as before, with the index falling by 2.2% in the euro area and 1.1% in the EU in the third quarter of last year.
The biggest price decline was detected in Luxembourg
Luxembourg real estate prices have fallen to their lowest level since the end of 2020. The decline was due to a combination of high interest rates and rental investors losing appetite. Housing market transactions decreased significantly. By the end of 2023, these were effectively half the number of deals completed in 2022.
Eight European countries reported a decline in house prices in the last three months of 2023, although not as dramatically as Luxembourg. In Germany, prices fell by 7.1% and in Finland by 4.4%.
The highest increase in real estate prices was in Poland, where prices rose by 13%. Bulgaria and Croatia followed, with real estate prices increasing by 10.1% and 9.5% respectively.
Compared to the previous three months to September, prices fell in a total of 11 countries. France fell by 2.7% and Latvia by 2.5%. The news from Italy was even more encouraging as prices remained stable.
The highest growth rates over this period were recorded in Poland with an increase of 4.8%, Croatia with an increase of 3.4% and Ireland with an increase of 3%.
[ad_2]
Source link
