EU home prices in Q1 down 1.4% year-over-year, with prices in eurozone down 2.2%; EU home prices rise most in Estonia, Latvia, Luxembourg, largest declines in Spain, Hungary, Portugal

BRUSSELS , July 11, 2013 (press release) – First quarter 2013 compared with first quarter 2012
Euro area house prices down by 2.2%
EU down by 1.4%


House prices, as measured by the House Price Index1 (HPI), fell by 2.2% in the euro area2 and by 1.4% in the EU3 in the first quarter of 2013 compared with the same quarter of the previous year, according to data published by Eurostat, the statistical office of the European Union.

Compared with the fourth quarter of 2012, house prices fell by 1.0% in the euro area and by 0.6% in the EU in the first quarter of 2013.

House price indices - euro area and EU

2010 = 100

Source: Eurostat

House price developments in the EU Member States

Among the Member States for which data are available, the highest annual increases in house prices in the first quarter of 2013 were recorded in Estonia (+7.7%), Latvia (+7.2%), Luxembourg (+4.3%) and Sweden (+4.1%), and the largest falls in Spain (-12.8%), Hungary (-9.3%), Portugal (-7.3%) and the Netherlands (-7.2%).

The highest quarterly increases in the first quarter of 2013 were recorded in Romania (+4.3%), Estonia (+3.1%), Latvia and Slovakia (both +2.3%), and the largest falls in Spain (-5.1%), Cyprus (-4.8%), Hungary (-3.3%) and Portugal (-3.2%).

Quarterly and annual house price developments

 

Percentage change compared with the
previous quarter

Percentage change compared with the
same quarter of the previous year

2012

2013

2012

2013

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Belgium

0.1

1.1

-0.8

0.4

2.6

1.8

1.1

0.8

Germany

1.3

:

:

:

2.3

:

:

:

Estonia

3.3

2.5

-1.4

3.1

7.7

8.3

5.8

7.7

Ireland

-2.0

1.5

0.0

-2.6

-14.4

-9.6

-4.5

-3.0

Greece

:

:

:

:

:

:

:

:

Spain

-3.2

-3.7

-1.4

-5.1

-16.0

-16.1

-12.8

-12.8

France

0.1

0.6

-1.4

-0.7

-0.2

-1.6

-2.0

-1.4

Italyp

-0.8

-1.7

-2.2

-1.1

-2.0

-3.7

-5.2

-5.7

Cyprus

5.4

-1.3

0.5

-4.8

0.8

-0.1

5.4

-0.4

Luxembourg*

1.7

1.0

1.6

-0.1

4.3

7.1

3.9

4.3

Malta

1.2

0.3

2.1

0.3

0.6

0.7

5.4

3.9

Netherlands

-1.5

-3.8

0.8

-2.9

-5.6

-8.9

-6.4

-7.2

Austria

:

:

:

:

:

:

:

:

Portugalp

-2.4

-0.9

-1.1

-3.2

-8.3

-7.7

-6.0

-7.3

Slovenia

1.1

-2.6

-3.5

0.7

-5.7

-6.0

-8.8

-4.3

Slovakia

-0.9

0.7

-2.0

2.3

-2.5

-2.3

-2.9

0.0

Finlandp

1.1

0.2

0.0

0.7

1.8

2.1

3.1

2.1

Euro areap

-0.2

-0.6

-0.5

-1.0

-2.1

-2.3

-1.7

-2.2

Bulgariap

0.4

-0.1

-1.7

-0.9

-1.6

-1.0

-1.3

-2.2

Czech Republic

0.1

-0.2

-0.1

-0.6

-2.0

-1.6

-0.7

-0.9

Denmark

1.3

0.5

-0.5

0.3

-5.5

-1.8

1.3

1.6

Latvia

1.4

2.1

1.2

2.3

1.2

0.1

7.4

7.2

Lithuania

-1.1

1.0

-0.8

0.7

-0.9

0.3

-1.2

-0.2

Hungary

-3.4

-0.9

-2.0

-3.3

-4.1

-3.7

-5.2

-9.3

Poland

c

c

c

c

c

c

c

c

Romania

-0.6

-4.2

-0.1

4.3

-8.9

-5.6

-1.3

-0.8

Sweden

1.1

0.7

0.5

1.7

-0.1

0.8

3.8

4.1

United Kingdom

1.1

1.8

-0.7

-0.1

2.0

1.9

2.3

2.2

EUp

0.0

-0.3

-0.5

-0.6

-1.6

-1.7

-1.0

-1.4

Iceland

2.1

1.3

0.1

0.7

7.6

6.7

4.7

4.2

Norway**

4.4

0.9

-0.1

2.8

7.9

8.5

8.9

8.2


* only flats

** only existing dwellings

: data not available

p provisional

c confidential

Source: Eurostat

  1. The House Price Indices (HPIs) describe the price developments 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 annual chain indices allowing weights to be changed each year. The European HPI aggregates are currently calculated as weighted averages of the national HPIs using as weights the GDP at market prices (based on millions PPS) of the countries concerned.

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.

The Member States’ HPIs are compiled following a harmonised methodology. The methodology is summarised in the Handbook on Residential Property Price Indices, just published in the full 2013 edition on the homepage of Eurostat and in the Housing Price Statistics dedicated page:

http://epp.eurostat.ec.europa.eu/portal/page/portal/hicp/methodology/hps/rppi_handbook

and in a Technical Manual:

http://epp.eurostat.ec.europa.eu/portal/page/portal/hicp/methodology/hps/owner_occupied_housing

This quarterly News Release is complemented by a Statistics Explained article on the Eurostat website:

http://epp.eurostat.ec.europa.eu/statistics_explained/index.php/Housing_price_statistics_-_house_price_index

  1. The euro area initially included Belgium, Germany, Ireland, Spain, France, Italy, Luxembourg, the Netherlands, Austria, Portugal and Finland. Greece was included from 1 January 2001, Slovenia from 1 January 2007, Cyprus and Malta from 1 January 2008, Slovakia from 1 January 2009 and Estonia from 1 January 2011.
  2. The EU included 15 Member States until April 2004, 25 Member States from May 2004 until December 2006 and 27 Member States from January 2007. From 1 July 2013 the EU also includes Croatia, for which data will be incorporated when available.

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