Germany, France, Italy, Spain, Netherlands, Poland, Belgium, Sweden, Ireland, Austria, Norway, Denmark, Romania, Czech Republic, Finland, Portugal, Slovakia, Hungary, Bulgaria.
By Wolf Richter for WOLF STREET.
In some of the 19 largest countries by GDP in the European Union (EU) and in the European Economic Area (EEA), prices of existing homes of all types have skyrocketed to new highs, led by Hungry (+23.7% year-over-year), Portugal (+20.9% year-over-year), and Bulgaria (+15.0% year-over-year).
In other countries, prices of existing homes have wobbled along below their peaks in prior years, including Germany, France, and Austria.
In Italy, prices of existing homes are still below where they’d been in 2011, the prior housing bubble that had imploded, despite substantial increases in recent years. And in Finland, prices have fallen by 16.6% from the peak in 2022 back to 2010 levels.
Here is our quarterly wild ride across these 19 housing markets in Europe, based on the new data from Eurostat through Q4 2025 for existing homes.
Countries where prices are below a peak in prior years (year of peak):
- Finland: -16.6% (Q2 2022), back to 2010 levels.
- Italy: -11.3% (Q2 2011)
- Germany: -9.8% (Q2 2022)
- Sweden: -7.1% (Q2 2022)
- France: -5.7% (Q3 2022)
- Austria: -4.8% (Q3 2022)
Biggest price gains since 2010:
- Hungary: 308%
- Portugal: 175%
- Czech Republic: 165%
- Bulgaria: 147%
- Slovakia: 138%
- Austria: 125%
- Poland: 113%
- Norway: 111%
- Netherlands: 94%
- Sweden: 89%
- Ireland: 88%
- Germany: 85%
- Denmark: 75%.
Biggest year-over-year gains in Q4:
- Hungary: 23.7%
- Portugal: 20.9%
- Bulgaria: 15.0%
- Slovakia: +13.4%
- Spain: 13.2%
- Czech Republic: 10.0%
- Denmark: 7.6%
- Ireland: 7.3%
- Romania: 7.1%
- Netherlands: 6.2%
- Italy: 5.1%
Biggest quarter-over-quarter gains in Q4:
- Hungary: 4.8%
- Portugal: 4.6%
- Slovakia: 3.3%
- Czech Republic: 2.4%
- Romania: 2.1%
- Ireland: 2.0%
- Spain: 1.8%
- Denmark: 1.4%
- Poland: 1.0%
The 5 countries with quarter-over-quarter declines in Q4:
- Finland: -1.2%
- Norway: -0.9%
- France: -0.7%
- Germany: -0.2%
- Sweden: -0.1%
Home price indices for the 19 largest EU/EEA countries:
Eurostat’s data goes back to 2005 for some countries, but not as far for other countries; I put all of them on the same timeline going back to 2005 for easier comparison. Eurostat does not provide home price data for Greece, though in terms of GDP, Greece would fit into the line-up here.
The vertical axis shows index values (where the values for 2010 were set at 100), rather than prices in currency, so it’s not possible to compare the price levels across the markets.
The little tables show either three or four columns, from left to right: % change since 2010; quarter-over-quarter (QoQ) % change; year-over-year (YoY) % change; and % decline from the peak in prior years, for the six countries where that occurred. For five countries the prior peak was in 2022; for Italy, it was in 2011.
| Germany, Prices of Existing Homes | |||
| since 2010 | QoQ | YoY | From peak |
| 85% | -0.2% | 3.0% | -9.8% |
| France, Prices of Existing Homes | |||
| Since 2010 | QoQ | YoY | From peak |
| 31% | -0.7% | 1.1% | -5.7% |
| Italy, Prices of Existing Homes | |||
| Since 2010 | QoQ | YoY | From peak |
| -9% | 0.8% | 5.1% | -11.3% |
| Spain, Prices of Existing Homes | ||
| Since 2010 | QoQ | YoY |
| 30% | 1.8% | 13.2% |
| Netherlands, Prices of Existing Homes | ||
| Since 2010 | QoQ | YoY |
| 94% | 0.5% | 6.2% |
| Austria, Prices of Existing Homes | |||
| Since 2010 | QoQ | YoY | From peak |
| 125% | 0.8% | 3.8% | -4.8% |
| Poland, Prices of Existing Homes | ||
| Since 2010 | QoQ | YoY |
| 113% | 1.0% | 3.1% |
| Sweden, Prices of Existing Homes | |||
| Since 2010 | QoQ | YoY | From peak |
| 89% | -0.1% | 0.8% | -7.1% |
| Belgium, Prices of Existing Homes | ||
| Since 2010 | QoQ | YoY |
| 62% | 0.3% | 3.9% |
| Denmark, Prices of Existing Homes | ||
| Since 2010 | QoQ | YoY |
| 75% | 1.4% | 7.6% |
| Ireland, Prices of Existing Homes | ||
| Since 2010 | QoQ | YoY |
| 88% | 2.0% | 7.3% |
| Czech Republic, Prices of Existing Homes | ||
| Since 2010 | QoQ | YoY |
| 165% | 2.4% | 10.0% |
| Norway, Prices of Existing Homes | ||
| Since 2010 | QoQ | YoY |
| 111% | -0.9% | 5.7% |
| Finland, Prices of Existing Homes | |||
| Since 2010 | QoQ | YoY | From peak |
| -3% | -1.2% | -3.9% | -16.6% |
| Romania, Prices of Existing Homes | ||
| Since 2010 | QoQ | YoY |
| 31% | 2.1% | 7.1% |
| Portugal, Prices of Existing Homes | ||
| Since 2010 | QoQ | YoY |
| 175% | 4.6% | 20.9% |
| Hungary, Prices of Existing Homes | ||
| Since 2010 | QoQ | YoY |
| 308% | 4.8% | 23.7% |
| Slovakia, Prices of Existing Homes | ||
| Since 2010 | QoQ | YoY |
| 138% | 3.3% | 13.4% |
| Bulgaria, Prices of Existing Homes | ||
| Since 2010 | QoQ | YoY |
| 147% | 0.1% | 15.0% |
Enjoy reading WOLF STREET and want to support it? You can donate. I appreciate it immensely. Click on the mug to find out how:
