According to Eurostat, Cyprus was the only EU member state that had an annual drop in home prices during the first quarter of 2021, and only one of three that saw a quarterly drop.
Annual home prices in the EU member states increased by 6.1 percent on average compared to the same quarter in 2020. According to Eurostat, this is the eurozone’s greatest annual growth since the fourth quarter of 2006, and the EU’s largest annual increase since the third quarter of 2007.
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Luxembourg (+17.0 percent ), Denmark (+15.3 percent ), Lithuania (+12.0 percent ), Czechia (+11.9 percent ), and the Netherlands (+11.3 percent ) saw the biggest yearly gains in home prices in the first quarter of 2021, while prices decreased only in Cyprus (-5.8 percent ).
For Cyprus, this is the biggest yearly drop since the first quarter of 2014, following the island’s economic collapse in 2013.
House prices in EU member countries grew by an average of 1.7 percent in the first quarter of 2021 compared to the fourth quarter of 2020. Cyprus had the greatest drop of the three states where property prices decreased.
In comparison to the previous quarter, the biggest gains were reported in Estonia (+6.6 percent ), Denmark (+5.8 percent ), and Lithuania (+5.0 percent ), with only Cyprus (-5.8 percent ), Malta (-1.6 percent ), and Slovakia showing reductions (-1.2 percent ).
The Index of House Prices
The House Price Index (HPI) tracks the changes in the prices of all residential properties acquired by households (flats, detached homes, terraced houses, etc.), both newly built and existing, regardless of their eventual use or prior owners.