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ARCHIVED - House prices up by 5.0% in the euro area and 5.2% in the EU during second quarter of 2020
In spite of coronavirus containment measures in most member states, prices continued to rise, as property completions agreed prior to the generalised lockdowns were concluded.
In the second quarter of 2020, house prices as measured by the House Price Index, rose by 5.0% in the euro area and by 5.2% in the EU compared with the same quarter of the previous year.
In the first quarter 2020 house prices rose by 5.1% and 5.6% respectively.
These figures come from Eurostat, the statistical office of the European Union.
Compared with the first quarter of 2020, house prices rose by 1.7% in the euro area and 1.5% in the EU in the second quarter of 2020.
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 second quarter of 2020 were recorded in Luxembourg (+13.3%), Poland (+10.9%) and Slovakia (+9.7%), while prices fell in Hungary (-5.6%, see note under the table) and Cyprus (-2.9%).
Compared with the previous quarter, the highest increases were recorded in Luxembourg (+4.4%), Italy (+3.1%) and Austria (+2.5%), while decreases were observed in Hungary (-7.4), Estonia (-5.8%), Latvia (-2.3%), Bulgaria (-1.1%) and Ireland (-0.1%).
In Spain the figure is +2.2% and in the UK the figure is +1.2%. This ties in with reports issued in Spain from valuers, who indicate that house prices in Spain rose in the second quarter as the sales being completed were already “in the system” but that by the third quarter of the year prices had started to fall due to the uncertainty caused by the coronavirus.