While the rise in housing prices is already beginning to slow down at the European level, Portugal remains among the countries experiencing a slowdown. Climbs steeper It maintains a growth rate well above the European average. In the third quarter of last year, home sales prices in Portugal were twice as high as in the eurozone as a whole, exacerbating a discrepancy already felt in previous quarters.
Data was published this Tuesday by Eurostat, which reports that in the third quarter of 2022, home sales prices increased by 7.4% in the European Union and 6.8% considering only eurozone countries, compared to the same period in 2021. Compared to the previous quarter, Prices rose 0.9% in the European Union and 1% in the Eurozone.
This movement was seen in most of the countries under analysis, recording an annual increase in 15 of the EU member states, but with notable differences between different countries. The largest increases are seen in Estonia, Hungary and Lithuania, all with price increases of around 20% (nearly three times the European average), while Denmark was the only country where prices fell by 2.4%.
In Portugal, house prices rose 13.1% in the quarter under review, compared to the same period in 2021, which is almost double the eurozone average. Thus, Portugal is among the countries where home sales prices rose the most in the third quarter of last year, prolonging the trend seen in previous quarters.
Despite these increases in annual terms, it has already begun to notice a clear slowdown in the increase in prices on a quarterly basis, and in some cases, there has been a decline in prices.
The quarterly rise of 1% that occurred in the eurozone, in the third quarter of 2022, represents half of the variance recorded in the previous quarter and is the smallest quarterly rise recorded in three years.
At the same time, declines were recorded in several countries, most notably Denmark, where prices fell 3.8% qoq, as well as Sweden (down 3.1%), Finland, Romania, and Italy (all down 1%) and Germany (down 0.4%). %).
Here too, Portugal again stands out from the rest of the countries with one of the sharpest quarterly increases, recording a price increase of 2.9% compared to the second quarter of 2022.
Prices have increased by 50% since 2010
In the report published this Tuesday, Eurostat also carried out a long-term analysis of the evolution of house prices, concluding that in the European Union as a whole, these prices rose by nearly 50% from the beginning of 2010 until the third quarter. last year.
Here, too, there are notable differences between countries. In the period under analysis, prices increased in 24 EU member states, after falling in only three.
Estonia is the country with the highest increase of almost 200%, followed by Hungary, Luxembourg, Lithuania, Latvia, Czechia and Austria, all of which increased by more than 100%, meaning that prices in these countries have doubled over the course of the year. trajectory of the past decade.
Greece, Italy and Cyprus, for their part, are the three countries in which price declines were recorded in the period under review.
In Portugal, prices increased by more than 80% during the period under review, standing above countries such as France, Spain, Ireland and the Netherlands.
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