House prices in the euro area rose at the highest annual rate since they were first collected in 2005 with more than half of the member states experiencing double-digit increases.

The price of a house rose 8.8% in the euro area and 9.2% in the EU and in the three months from July to September last year compared to the same quarter in 2020, according to the EU’s statistical service Eurostat.

The highest increases in EU Member States were recorded in Czechia (22%), Lithuania (18.9%), Estonia (17.3%) and The Netherlands (16.8%), while the lowest increases were recorded in Italy and Spain (4.2% each) and Cyprus (2.2%).

Eurostat also reported that house prices in the EU have risen by 39% since 2010. When comparing Q3 2021 with Q3 2010, house prices increased in 23 EU countries and decreased in four, with the highest rises in Estonia (141%), Hungary (118%), Luxembourg (117%), Latvia (106%) and Austria (104%). However, some property markets in the EU still have lower property prices than in 2010, these are Greece (-28%), Italy (-12%), Cyprus (-6%) and Spain (-0.5%).