Tag: Hungary

Eurostat: House Prices Rose by 6.2% in Spain in 2017

11 July 2018 – Eje Prime

The acceleration of the housing market has placed Spain amongst the leading countries in Europe in terms of price rises. In fact, in just one year, the country has risen from 21st position, with an average increase of 4.6% in 2016, to 12th , with an average increase of 6.2% last year.

In 2016, Spain already exceeded the average rise for the European Union as a whole, which amounted to 4.6% at the time, but in 2017, it distanced itself further from the average, moving closer to the group of countries with the highest rises in prices: whilst in Spain, the increase amounted to 6.2% in 2017, the average rise for the European Union as a whole was 4.4%.

Spain outperformed Austria, where prices rose by 8.5% in 2016 (in 2017, they only increased by 5.3%); Norway, which went from an increase of 7.9% in 2016 to 5.4% in 2017; and the United Kingdom, where house prices increased by 7% in 2016 and by 4.5% in 2017.

Iceland, the Czech Republic and Ireland were, in that order, the three markets where house prices rose by the most in 2017, with rises of 19.5%, 11.7% and 10.9%, respectively. Iceland was the only country to feature in the top 3 in both years; in 2016, it was joined by Hungary and Sweden.

Several countries from Eastern Europe, such as Lithuania, Latvia, Bulgaria, Slovenia and Hungary (with high volatilities in terms of the evolution of house prices) were amongst the most inflationary in terms of house prices in 2017, together with countries in Western Europe, such as Portugal, where prices rose by 9.2%; the Netherlands (7.5%) and Sweden (6.4%).

At the opposite end of the spectrum, the only European country where house prices decreased in 2017 was Italy, with a reduction of -0.8%. It was accompanied by moderate price increases in Finland (1.6%), Cyprus (2.2%), France (3.6%) and Croatia and Poland (both 3.8%).

The figures from Eurostat, the European Union’s statistics office, include purchase prices of new and second-hand homes. According to the EU entity, these prices “have fluctuated significantly since 2006”. “The annual growth rate in the European Union as a whole was close to 8% in 2006 and 2007, followed by decreases of 4% as a result of the financial crisis”, it continued.

Prices started to increase in 2014, with an average cumulative rise across the whole of the European Union of 11% between 2010 and 2017, and of 6% in the Eurozone during the same period, according to Eurostat. In the case of Spain, despite the increases in recent years, the country has registered a cumulative decrease of 17% since the start of the century.

Original story: Eje Prime (by Christian de Angelis)

Translation: Carmel Drake

Eurostat: House Prices Rose By 6.3% In Q1 2016

13 July 2016 – El Mundo

House prices in Spain rose by 6.3% YoY in Q1 2016, which represents the highest increase since Q3 2007, before the burst of the Spanish real estate bubble, according to the most recent data from the EU’s statistics office, Eurostat.

During the fourth quarter of 2015, house prices in Spain rose by 4.3% YoY, i.e. by two tenths less than the YoY increase of 4.5% recorded in Q3 2015.

In this way, the Spanish real estate market has recorded eight consecutive quarters of YoY rises in terms of house prices, after six consecutive years of price decreases.

Compared to the previous quarter, house prices in Spain rose by 1.4%, after remaining stable during the final quarter of 2015, which represents the highest QoQ increase in real estate prices since the second quarter of last year, when they increased by 4.1%.

Across the Eurozone as a whole, house prices rose by 3% YoY during the first quarter of 2016, in other words, by four tenths more than the YoY increase recorded in Q4 2015 and their highest increase since Q1 2008. In quarterly terms, house prices in the Eurozone rose by 0.4% between January and March, after increasing by 0.1% during the previous quarter.

Across the European Union as a whole, prices rose by 4% YoY, compared with an increase of 3.6% during the fourth quarter, whilst the quarterly increase in house prices across the twenty eight countries amounted to 0.7%, i.e. three tenths more than in the previous three months.

Of the countries for which data was available, the highest YoY house price increases were recorded in Hungary (15.2%), Austria (13.4%) and Sweden (12.5%), whilst price decreases were observed in Italy and Cyprus (-1.2% in both cases).

Compared with the previous quarter, the highest increase in house prices was recorded in Hungary (5.2%), followed by Austria (4.2%) and Romania (3.3%), whilst the most significant price decreases were registered in Cyprus (-3.4%) and Malta (-2.8%).

Original story: El Mundo

Translation: Carmel Drake