In Q1 2022, real estate prices in the EU rose by 10.5% year-on-year, the largest increase since the end of 2006. At the end of 2021, they went up by 10.1%.
In the euro area, real estate prices rose by 9.8% in Q1 2022, which is the largest increase since 2005, when Eurostat started publishing data. In Q4 2021, the prices went up by 9.4%.
All EU member states, for which data were available, saw a year-on-year increase in prices in Q1 2022, and 17 of them saw a two-digit growth rate.
Real estate prices increased the most in the Czech Republic (+24.7%), followed by Estonia (+21%) and Hungary (+20.6%).
In Croatia, real estate prices went up by 13.5% y-o-y in Q1 2022. In Q4 2021, they increased by 9.1% y-o-y.
The increase in real estate prices was the smallest in Cyprus (+1.1%), followed by Finland (+4.3%) and Italy (+4.6%).
Eurostat did not have the data on Greece.
Acceleration in Croatia
In the period from January to March, price growth in the EU was stable, 2.1%.
In the euro area, it slightly decelerated, from 1.9% in the last three months of 2021, to 1.7% at the beginning of this year.
All members saw a quarterly increase in real estate prices, with Estonia recording the largest increase (+7.1%), followed by Hungary (+6.7%) and Bulgaria (+5.2%).
In Croatia, real estate prices in Q1 2022 rose by 5% from Q4 2021, when they went up by 2.5%.
The smallest quarterly increase in real estate prices was registered on Malta (+0.4%), followed by Cyprus (+0.5%) and Germany (+0.8%).