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House prices rose 8.6%, above the European average

Since 2006, house prices have not seen such a sharp increase in the European Union.

In the last quarter of 2020, house prices rose 5.4% in the euro area and 5.7% in the European Union, compared to the same quarter of 2019.

The figures now released by Eurostat show that the year-on-year price increase accelerated between October and December compared to the previous quarter, when the variations were 4.9% and 5.3%, respectively.

In the chain variation, in the quarter in question, house prices rose 1.4% in the euro area and 1.3% in the EU, variations similar to those of the previous quarter.

Portugal stands out above the European average with an increase in prices between October and December of 8.6% compared to the same quarter of 2019, and with a quarterly variation of 2.1%.

The biggest year-on-year increases in house prices were recorded in Luxembourg, where prices rose 16.7% compared to 2019, in Denmark, with a 9.8% rise, and in Lithuania, with 9.4%.

The largest changes in the chain were registered in Cyprus and Luxembourg, both with 4.7%, in Lithuania, with 3.9%, and in Estonia, with 3.8%. On the contrary, the falls were registered in Spain (-0.8%) and Hungary (-0.7%).

Source: Eurostat

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