House prices in the euro area rose by 4.2% year-on-year in the fourth quarter of 2024, while the broader EU market saw an even sharper 4.9% increase, according to Eurostat data. This marks a strong recovery from earlier in the year, with growth rates of just 2.7% in the euro area and 3.9% across the EU in the third quarter.
However, while the overall trend is positive, the picture is far from uniform across the European Union, with notable disparities between countries.
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In a deeper dive into individual nations, 24 EU members experienced annual price increases, with Bulgaria leading the pack at an impressive 18.3%, followed by Hungary (13.0%) and Portugal (11.6%). On the other hand, two countries—France and Finland—saw annual declines of 1.9%.
Quarterly data for the final months of 2024 painted a more mixed picture. Six countries saw prices fall, while two—Malta and Finland—reported stable levels. France and Cyprus both recorded a 1.0% quarterly dip, the largest declines among EU nations, while Estonia wasn’t far behind with a 0.7% drop. Meanwhile, Slovakia posted the strongest quarterly growth at 3.6%, followed by Slovenia (3.1%) and Portugal (3.0%).
Quarterly and annual changes in house prices
These numbers highlight a consistent upward trajectory in most EU countries, but they also underscore the variability in housing market performance. The data reflect how differing economic conditions, local policies, and demand factors continue to shape the European property landscape, with countries like Cyprus and France grappling with short-term challenges amidst broader regional growth.
