House prices advance 0.8% in the EU in the 1st quarter and Portugal has the 6th largest increase (8.7%)

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The price of houses increased, in the first quarter, 0.4% in the euro zone and 0.8% in the European Union (EU), compared to the same period in 2022, with Portugal registering the sixth largest increase (8.7%), says Eurostat today.

According to data from the European Statistical Office, the year-on-year rise in house prices slowed down in both areas, following a 3.0% increase in the eurozone and 3.6% in the EU in the fourth quarter of 2022.

Year-on-year, house prices fell between January and March by 0.9% in the euro zone and 0.7% in the EU.

Year-on-year, six member states recorded declines in house prices: Sweden (-6.9%), Germany (-6.8%), Denmark (-6.2%), Finland (-5.1%), Luxembourg (-1.5%), and the Netherlands (-0.1%).

In the remaining 21 EU countries, the indicator rose, especially in Croatia (14.0%), Lithuania (13.1%), and Bulgaria (9.5%).

In the quarterly comparison, house prices fell in 11 member states, most notably Luxembourg (-4.1%), Germany (-3.1%) and Finland (-1.8%).

The largest increases were in Denmark (2.5%), Hungary (2.2%), Croatia and Cyprus (2.0% each).

In Portugal, the indicator advanced 8.7% year-on-year – the sixth highest among the 27 – and 1.3% compared to the fourth quarter of 2022.

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