House Prices Down

January 19, 2017

House prices, as measured by the House Price Index, rose by 3.4% in the euro area, by 4.3% in the EU and dropped by -3.3 in Cyprus, during the third quarter of 2016 compared with the same quarter of the previous year.

Cyprus (-3.3%) along with Italy (-0.9%) were the only two countries where decrease in prices has been observed in annual basis.

These figures come from Eurostat, the statistical office of the European Union. Compared with the second quarter of 2016, house prices rose by 1.3% in the euro area, by 1.5% in the EU and by 0.2% in Cyprus, for the third quarter of 2016.

Among the Member States for which data are available, the highest annual increases in house prices in the third quarter of 2016 were recorded in Hungary (+11.6%), Latvia (+10.8%) and Bulgaria (+8.8%). Compared with the previous quarter, the highest increases were recorded in Malta (+5.4%), Ireland (+4.7%), Estonia, Lithuania and Hungary (all +3.4%), while a decrease was observed in Romania (-0.7%).