In the first quarter of 2021, house prices, as measured by the House Price Index, rose by 5.8% in the euro area and by 6.1% in the EU, but decreased by 5.8% in Cyprus compared with the same quarter of the previous year, according to figures published by Eurostat, the statistical office of the European Union.
This is the highest annual increase for the euro area since the fourth quarter of 2006, and since the third quarter of 2007 for the EU. In the fourth quarter of 2020 house prices rose by 5.6%, 5.8% and 2.4% respectively.
Compared with the fourth quarter of 2020, house prices rose by 1.3% in the euro area, 1.7% in the EU and decreased in Cyprus by 5.8% in the first quarter of 2021.
Among the Member States for which data are available, the highest annual increases in house prices in the first quarter of 2021 were recorded in Luxembourg (+17.0%), Denmark (+15.3%), Lithuania (+12.0%), Czech Republic (+11.9%) and the Netherlands (+11.3%), while prices fell only in Cyprus (-5.8%).
Compared with the previous quarter, the highest increases were recorded in Estonia (+6.6%), Denmark (+5.8%) and Lithuania (+5.0%), while decreases were observed only in Cyprus (-5.8%), Malta (-1.6%) and Slovakia (-1.2%).