House prices rise in EU

New figures show that house prices in many European Union countries surged in the 12 months to the second quarter of 2017.

The latest data released by Eurostat shows that house prices across the Union grew by 4.4 per cent between the second quarter of 2016 and the second quarter of 2017.

The price rises were particularly prominent in the Czech Republic (13.3 per cent), Ireland (10.6 per cent) and Lithuania (10.2 per cent).

Greece remains at the bottom of the European property market price growth rankings. Greece, along with Italy, were the only countries to see house prices fall in this 12-month period. Property prices in Greece fell by 1.2 per cent, while those in Italy dropped 0.2 per cent.

On a quarter by quarter basis, the price rises were less pronounced. House prices grew 1.8 per cent in the EU as a whole in the April to June period, with the highest price increases recorded in Latvia (6.1 per cent) and Slovakia (5.6 per cent).

The largest declines in the past quarter were recorded in Hungary (-1.5 per cent) and Belgium (-0.7 per cent).

Article published 12th October 2017