House prices up by 5.1% in the euro area

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Up by 5.5% in the EU

Overview

In the fourth quarter of 2025, house prices, as measured by the House Price Index, increased by 5.1% in the euro area and by 5.5% in the EU compared with the same quarter of the previous year. In the third quarter of 2025, house prices increased by 5.1% and 5.4% in the euro area and EU, respectively. These figures come from Eurostat, the statistical office of the European Union.

Compared with the third quarter of 2025, house prices increased by 0.6% in the euro area and by 0.8% in the EU in the fourth quarter of 2025.

House prices

House price developments in the EU Member States

Among the Member States for which data are available, one country showed an annual decrease in house prices in the fourth quarter of 2025, and twenty-five showed an annual increase. The fall was registered in Finland (-3.1%), while the highest increases were recorded in Hungary (+21.2%), Portugal (+18.9%) and Croatia (+16.1%).

Compared with the previous quarter, prices decreased in three Member States, remained stable in one (Cyprus) and increased in twenty-two Member States. The falls were registered in France (-0.7%), Finland (-0.5%) and Estonia (-0.3%), while the highest increases were recorded in Slovenia (+5.1%), Hungary (+4.2%) and Portugal (+4.0%).

Table

Quarterly and annual changes in house prices
	Change compared with the previous quarter, %				Change compared with the same quarter of the previous year, %
			2025				2025
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
Euro area 20	1.2	1.7	1.5	0.6	5.3	5.2	5.1	5.1
Euro area 21	1.3	1.7	1.5	0.6	5.4	5.3	5.2	5.2
EU	1.4	1.6	1.6	0.8	5.8	5.4	5.4	5.5
Belgium	0.6	-0.1	2.4	0.5	2.7	2.9	3.7	3.5
Bulgaria	4.2	3.8	3.8	0.3	15.1	15.5	15.4	12.6
Czechia	2.3	3.1	2.5	2.0	9.9	10.5	10.8	10.4
Denmark	2.2	1.7	2.1	1.4	8.8	7.3	6.3	7.6
Germany	1.1	1.0	0.8	0.1	3.5	3.1	3.1	3.0
Estonia	3.0	3.6	-0.8	-0.3	4.6	5.5	5.2	5.5
Ireland	1.0	1.3	2.6	2.0	8.0	7.8	7.5	7.0
Greece	:	:	:	:	:	:	:	:
Spain	3.6	4.0	2.9	1.8	12.3	12.8	12.8	12.9
France	0.2	0.0	1.5	-0.7	0.5	0.7	0.7	1.0
Croatia	4.5	4.4	2.9	3.4	13.1	13.2	13.8	16.1
Italy	-0.2	2.7	0.5	0.9	4.4	3.9	3.7	4.1
Cyprus	4.2	-1.8	3.7	0.0	4.7	2.9	4.2	6.0
Latvia	0.9	3.0	4.8	1.9	5.4	6.5	7.9	11.0
Lithuania	2.4	2.8	2.9	2.4	8.8	8.8	10.8	10.8
Luxembourg	-1.0	4.4	-3.5	0.4	1.0	4.5	0.8	0.1
Hungary	9.4	-0.9	7.4	4.2	17.0	13.9	20.9	21.2
Malta	1.4	1.5	1.9	1.3	5.9	5.6	6.0	6.1
Netherlands	1.9	1.5	2.0	0.6	10.7	9.5	7.7	6.2
Austria	1.2	1.1	0.6	0.9	3.5	1.6	1.7	3.7
Poland	0.7	1.2	0.9	1.5	6.6	4.7	4.0	4.3
Portugal	4.8	4.7	4.1	4.0	16.3	17.2	17.7	18.9
Romania	2.1	0.4	2.3	1.7	4.9	4.7	6.6	6.7
Slovenia	-2.0	3.8	-1.1	5.1	3.2	5.5	2.7	5.8
Slovakia	2.1	2.2	4.9	3.1	12.2	11.3	13.4	12.8
Finland	-1.0	0.9	-2.5	-0.5	-1.9	-1.3	-3.4	-3.1
Sweden	0.6	-0.2	0.3	0.4	2.1	0.6	0.3	1.2
Iceland	0.2	1.6	1.0	0.5	7.7	6.3	3.5	3.3
Norway	4.8	2.1	-0.5	-0.6	6.8	5.3	5.1	5.7
Switzerland	0.7	1.9	0.8	0.5	4.1	5.0	5.2	3.9
: not available Source datasets: prc_hpi_q (compared with the previous quarter) and prc_hpi_q (compared with the same quarter of the previous year)

Notes for users

Revisions and timetable

Compared with Euro indicators release of 9 January 2026, revisions for the euro area and the EU are highlighted in bold in the table below:

Revisions
	Q1 2025		Q2 2025		Q3 2025
Quarterly changes (Q/Q-1) in %	Previous	Current	Previous	Current	Previous	Current
Euro area 20	1.2	1.2	1.7	1.7	1.6	1.5
Euro area 21	1.3	1.3	1.7	1.7	1.6	1.5
EU	1.4	1.4	1.6	1.6	1.6	1.6

Annual changes (Q/Q-4) in %
Euro area 20	5.3	5.3	5.1	5.2	5.1	5.1
Euro area 21	5.4	5.4	5.3	5.3	5.3	5.2
EU	5.7	5.8	5.5	5.4	5.5	5.4

The next release with data (first quarter of 2026) is scheduled for 2 July 2026.

Methods and definitions

The House Price Index (HPI) measures the price changes of all residential properties purchased by households (flats, detached houses, terraced houses, etc.), both newly built and existing, independently of their final use and independently of their previous owners. The Member States’ HPIs are compiled by the National Statistical Institutes. The euro area and the EU aggregate HPIs are compiled by Eurostat. HPIs are computed as annually chained indices with weights being updated each year. The European HPI aggregates are currently calculated as weighted averages of the national HPIs using as weights the GDP at market prices (expressed in millions Purchasing Power Standards - PPS) of the countries concerned.

The figures are not seasonally adjusted.

Missing country data is estimated by Eurostat using data from non-harmonised sources. These estimates are not published but are used to calculate euro area and EU aggregates.

Geographical information

Up to 31 December 2025, the euro area included Belgium, Germany, Estonia, Ireland, Greece, Spain,

France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Austria,

Portugal, Slovenia, Slovakia and Finland (EA20). From 1 January 2026, the euro area also includes

Bulgaria (EA21).

The aggregate data series commented on in this Euro indicator release refer to the official composition

of the euro area in the most recent month for which data are available. Thus, Euro indicator releases

with data for months up to December 2025 comment on EA20 series, while releases with data for

January 2026 onwards will comment on EA21 series.

The European Union includes Belgium, Bulgaria, Czechia, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland and Sweden (EU27) .