According to Eurostat, the statistical office of the European Union, house prices for the second quarter of 2021 experienced their highest annual increase since the fourth quarter of 2006 in the euro area.

The records also show that this is the highest increase since the third quarter of 2007 in the EU.

It was noted, “In the second quarter of 2021, house prices, as measured by the House Price Index, rose by 6.8 per cent in the Euro area and by 7.3 per cent in the EU compared with the same quarter of the previous year.”

Additionally, house prices rose by 5.7 per cent in the Euro area and 6.1 per cent in the EU during the first quarter of 2021. However, in comparison to the first quarter of 2021, house prices rose by 2.6 per cent in the Euro area and 2.7 per cent in the EU in the second quarter of 2021.

House price developments in the EU Member States. Eurostat stated that among the Member States for which data are available, the highest annual increases in house prices in the second quarter of 2021 were recorded in Estonia (+16.1 per cent), Denmark (+15.6 per cent) and Czechia (+14.5 per cent).

However, prices fell only in Cyprus (-4.9 per cent). In comparison with the previous quarter, the highest increases were recorded Latvia (+6.7 per cent), Slovenia (+4.5 per cent) and Austria (+4.2 per cent).