In the last quarter of 2023, house prices in the Eurozone experienced a decrease of 1.1% compared to the same period of the previous year, while in the entire European Union, prices had a slight increase of 0.2%. In contrast, Spain saw a notable increase of 4.3% in the value of homes, according to Eurostat data.
This decline in the euro zone marks the third consecutive quarter of declines, with reductions of 2.2% and 1.6% in the previous quarters. In the wider EU picture, eight countries recorded declines in property prices, while 18 experienced increases. The most significant reductions were seen in Luxembourg, Germany and Finland, with the most pronounced in Luxembourg at 14.4%. In contrast, Poland, Bulgaria and Croatia experienced the most prominent increases.
Regarding the quarterly evolution, the price of housing in the euro area fell by 0.7%, and in the EU it fell by 0.3%. In Spain, however, a decrease of 1% was recorded in the last quarter of the year, contrasting with the increase of 2.5% in the previous quarter. This was the first quarterly reduction since the last quarter of 2022.
