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Hungarian House Prices Increase at Fastest Pace in EU

Hungary Today 2019.07.11.

While both in the euro-zone and the European Union as a whole, the pace of increase in house prices slowed down slightly in the first quarter of the year, Hungary was the one who saw the highest rate of increase during this period, Eurostat’s report found.

According to the Statistical office of the EU’s (Eurostat) recent report, housing prices from January-March, both in the European Union as a whole and in the euro-zone, rose by 4.0% based on a yearly comparison. In addition, a rise of 0.3% was observed compared to the previous quarter.

According to wire service MTI’s summary, in the EU, both last year’s second and third quarters saw a 4.6% increase in housing prices, and 4.5% in the fourth quarter. In comparison to the previous quarter, the 1.6% growth rate in the second and third quarters fell to 0.5% in the last quarter.

Housing Prices Continue to Eat up Wage Growth in Hungary

But in a yearly comparison, from January-March, among the EU’s 28 countries, Hungary was the one where housing costs increased the most, by 11.3%. The Czech Rep. comes in second with 9.4%, followed by Portugal with 9.2%. Italy was the only one where prices have fallen (by 0.8%). Greece is the only country not included in the report.

Likewise, Hungary leads on a quarter-yearly comparison too, with an increase of 3.7%, followed by Portugal (3.6%) and Croatia (3.5%). Decreases were observed in six countries, the most significant being in Malta with 4.2%, followed by Great Britain (1.3%), Ireland (1.0%), Finland (0.8%), Italy (0.5%) and Germany (0.3%).

featured image via Pixabay