How the house prices in each European country changed
Fourth quarter of 2016 compared with fourth quarter of 2015
House prices up by 4.1% in the euro area
Up by 4.7% in the EU.
House prices, as measured by the House Price Index, rose by 4.1% in the euro area and by 4.7% in the EU in the fourth quarter of 2016 compared with the same quarter of the previous year. These figures come from Eurostat, the statistical office of the European Union.
Compared with the third quarter of 2016, house prices rose by 0.8% in both zones in the fourth quarter of 2016.
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 fourth quarter of 2016 were recorded in the Czech Republic (+11.0%), Hungary (+9.7%) and Lithuania (+9.5%), while prices remained nearly stable in Italy (+0.1%).
Compared with the previous quarter, the highest increases were recorded in Malta (+6.0%), the Czech Republic (+4.7%), the Netherlands (+3.2%) and Cyprus (+3.1%), and the largest decreases in Denmark (-1.5%), Croatia (-0.6%) and Belgium (-0.4%).
The euro area consists of Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.
The European Union includes Belgium, Bulgaria, the Czech Republic, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland, Sweden and the United Kingdom.
The data refers to the euro area and EU country compositions at a specific point in time. New Member States are integrated into the aggregates using a chain index formula.
Methods and definitions
The House Price Index (HPI) measures the price changes 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 annually chained indices with weights being updated each year. The European HPI aggregates are currently calculated as weighted averages of the national HPIs using as weights the GDP at market prices (expressed in millions Purchasing Power Standards – PPS) of the countries concerned.
The figures are not seasonally adjusted.
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.
Revisions and time table
Compared with News Release 14/2017 of 19 January 2017, the annual growth rate for the third quarter of 2016 remains unchanged at +3.4% for the euro area and has been revised from +4.3% to +4.2% for the EU. The quarterly growth rate remains unchanged at +1.3% for the euro area and has been revised from +1.5% to +1.4% for the EU.