House prices in the European Union (EU) as a whole rose by 9.1% year-on-year in the third quarter of 2021, their highest increase since the second quarter of 2007, according to data published by Eurostat. The largest increases were recorded in the Czech Republic (22%), Lithuania (18.9%), Estonia (17.3%) and the Netherlands (16.8%). The most moderate increases were observed in Cyprus (2.2%), Italy, and Spain(both 4.2%).
House prices in the euro area specifically rose by 3.3% quarter-on-quarter in the third quarter of 2021, while compared with the same period in 2020 the increase was 8.8%. In both cases, they represent the highest price increases on the books, which date back to 2005.
For the European Union (EU) as a whole, house prices in the third quarter of 2021 recorded a quarterly increase of 3.1%, four tenths more than between April and June last year, while compared with the third quarter of 2020 the rise was 9.2%, the highest year-on-year increase since the second quarter of 2007.
Among individual countries, house prices rose in all EU states. The smallest price increases compared with the second quarter were observed in Romania (0.1%), Finland (0.2%) and Denmark (0.3%), while the largest quarter-on-quarter increases were recorded in the Czech Republic (7.3%), the Netherlands (5.9%), Lithuania (5.4%) and Ireland (5.1%).
Compared with the third quarter of 2020, all EU members recorded house price increases. In particular, the largest increases were recorded in the Czech Republic (22%), Lithuania (18.9%), Estonia (17.3%) and the Netherlands (16.8%). The most moderate year-on-year house price increases were observed in Cyprus (2.2 per cent), Italy and Spain (4.2 per cent each).
