21 January 2016 – Cinco Días
The evolution of house prices across the European Union varied significantly between countries during the third quarter of 2015, just as it did between different regions in Spain. In this way, the data published yesterday by Eurostat, the EU’s Office for Statistics, shows that house prices rose by 2.3% on average in the Eurozone and by 3.1% across the EU as a whole, compared with the same period in 2014. If the evolution of house prices is measured with respect to the second quarter of 2015, then they rose by 1.0% on average in the Eurozone and by 1.3% across the EU as a whole.
Spain stands out in the ranking by country, with an average increase of 4.5% between July and September compared with the same period last year. As such, house prices here rose by almost twice the average recorded in countries that share the euro currency. Moreover, that figure represents the greatest increase since the last quarter of 2007. The increase amounted to 0.7% with respect to the previous three months. The highest YoY increases amongst State members during Q3 2015 were recorded in Switzerland (13.7%), Austria (9.3%), Ireland (8.9%) and Denmark (7.2%).
By contrast, the countries that recorded the most significant price decreases were Letonia, with a YoY decline of 7.6%, Croatia (-3.0%), Italy (-2.3%) and France (-1.2%).
A comparison of the evolution of real estate prices and GDP in the Eurozone, as well as in the rest of the EU, shows that in global terms, houses are currently being sold at higher prices in those countries in which the economic recovery is well underway and where employment is also on the rise.
Moreover, the improvement in access to credit in general terms across the whole of Europe is driving up property sales, such as in the case of Spain, and so the logical result is that prices are also rising. (…).
Other noteworthy statistics include the fact that house prices rose by 5.6% YoY in both the UK and Germany in Q3 2015. (…). Meanwhile, in France and Italy, house prices depreciated by 1.2% and 2.3% YoY in the same period (…).
Original story: Cinco Días (by Raquel Díaz Guijarro)
Translation: Carmel Drake