In the last quarter of 2024, residential property prices in the eurozone saw a 4.2% rise compared to the same period the previous year. This data was shared by Eurostat, the European Union’s official statistics office.

Across the broader European Union, the price increase was even steeper, reaching 4.9% year-over-year when compared to the end of 2023. This uptick marks a noticeable shift from the inflation rate seen in the third quarter of 2024, during which the eurozone reported a 2.7% rise, while the EU as a whole experienced a 3.9% growth in house prices.

From a quarterly perspective, between the third and fourth quarters of 2024, property values in the eurozone went up by a more moderate 0.6%, with the EU witnessing an increase of 0.8%.

Focusing on EU Member States individually, most countries experienced rising property prices over the year. Out of the nations with available data, twenty-four reported an annual growth in housing costs.

The most remarkable surges were seen in Bulgaria, where there was an astounding 18.3% increase, followed by Hungary at 13.0%, and Portugal at 11.6%. However, not all countries matched this upward trajectory. Both France and Finland noted yearly decreases of 1.9%.

Reviewing the comparison with the previous quarter, eighteen Member States saw an increase in prices, while six observed a decline.

Malta and Finland reported no change on a quarterly basis. The most significant quarter-on-quarter drops occurred in France and Cyprus, both recording a 1.0% decrease, and in Estonia, where prices fell by 0.7%.

In contrast, Slovakia experienced the most substantial quarterly growth at 3.6%, with Slovenia and Portugal following, showing increases of 3.1% and 3.0%, respectively.

These statistics suggest a continued upward trajectory in the EU housing market, although there are considerable differences among Member States, reflecting the diverse economic environments and dynamics of housing markets throughout the region.