Germany, France, Italy, Spain, Netherlands, Poland, Belgium, Sweden, Ireland, Austria, Norway, Denmark, Romania, Czech Republic, Finland, Portugal, Hungary, Bulgaria.
By Wolf Richter for WOLF STREET.
Prices of existing homes of all types (“dwellings”) in the 18 largest countries in the European Union (EU) and in the European Economic Area (EEA) have not shiftd in lockstep:
In some countries they have exploded in recent years, such as in Hungary (+21% year-over-year, +296% since 2010) or in Portugal (+18% YoY, +150% since 2010); they have surged in many others; and they don’t view so rosy in markets such as in Finland (-3.1% YoY, -13% from 2010).
In Italy, despite the blistering surge, prices are still below 2010 during the prior hoapplying bubble that then imploded.
Here is a wild ride across the hoapplying markets of the largegest countries by GDP, based on data from Eurostat through Q3 on Friday. The data goes back to 2005 for some countries, and less far for other countries; but I put all of them on the same timeline going back to 2005 for clearer comparison. The vertical axis represents the index value; the index was set with a value of 100 for 2010.
Prices declined from peak in prior years in 6 of the 18 countries (year of peak):
- Finland: -13.4% (Q2 2022), back to 2010 levels.
- Germany: -8.1% (Q2 2022)
- Sweden: -6.4% (Q2 2022)
- France: -4.3% (Q3 2022)
- Italy: -2.9% (Q2 2011)
- Austria: -2.3% (Q3 2022)
Biggest price gains since 2010:
- Hungary: 296%
- Czech Republic: 162%
- Portugal: 150%
- Bulgaria: 139%
- Austria: 126%
- Norway: 120%
- Poland: 108%
- Netherlands: 95%
- Sweden: 85%
- Germany: 85%
- Ireland: 79%
- Denmark: 74%.
Biggest year-over-year gains:
- Hungary: 21.1%
- Portugal: 17.7%
- Bulgaria: 15.4%
- Spain: 12.8%
- Czech Republic: 10.8%
- Netherlands: 7.7%
- Ireland: 7.5%
- Denmark: 6.8%
- Romania: 6.6%
Biggest quarter-over-quarter gains in Q3:
- Portugal: 4.1%
- Bulgaria: 3.8%
- Hungary: 3.1%
- Spain: 2.9%
- Ireland: 2.6%
- Czech Republic: 2.5%
- Denmark: 2.5%
- Belgium: 2.4%
- Romania: 2.3%
- Netherlands: 2.0%
The two countries with quarter-over-quarter declines in Q3:
- Finland: -2.2%
- Norway: -0.5%.
The home price indices for the 18 largest countries in the EU or EEA:
The little tables display either three or four columns, from left to right: % alter since 2010; quarter-over-quarter (QoQ) % alter; year-over-year (YoY) % alter; and % decline from the peak, if applicable.
| Germany, Prices of Existing Homes | |||
| since 2010 | QoQ | YoY | From peak |
| 85% | 1.0% | 3.3% | -8.1% |
| France, Prices of Existing Homes | |||
| Since 2010 | QoQ | YoY | From peak |
| 33% | 1.6% | 0.7% | -4.3% |
| Italy, Prices of Existing Homes | |||
| Since 2010 | QoQ | YoY | From peak |
| 0% | 0.7% | 3.9% | -2.9% |
| Spain, Prices of Existing Homes | ||
| Since 2010 | QoQ | YoY |
| 37% | 2.9% | 12.8% |
| Netherlands, Prices of Existing Homes | ||
| Since 2010 | QoQ | YoY |
| 95% | 2.0% | 7.7% |
| Poland, Prices of Existing Homes | |||
| Since 2010 | QoQ | YoY | |
| 108% | 0.9% | 4.0% | |
| Belgium, Prices of Existing Homes | |||
| Since 2010 | QoQ | YoY | |
| 62% | 2.4% | 3.7% | |
| Sweden, Prices of Existing Homes | |||
| Since 2010 | QoQ | YoY | From peak |
| 85% | 0.5% | 0.5% | -6.4% |
| Ireland, Prices of Existing Homes | |||
| Since 2010 | QoQ | YoY | |
| 79% | 2.6% | 7.5% | |
| Norway, Prices of Existing Homes | |||
| Since 2010 | QoQ | YoY | |
| 120% | -0.5% | 5.1% | |
| Austria, Prices of Existing Homes | |||
| Since 2010 | QoQ | YoY | From peak |
| 126% | 1.6% | 2.7% | -2.3% |
| Denmark, Prices of Existing Homes | |||
| Since 2010 | QoQ | YoY | |
| 74% | 2.5% | 6.8% | |
| Romania, Prices of Existing Homes | |||
| Since 2010 | QoQ | YoY | |
| 34% | 2.3% | 6.6% | |
| Czech Republic, Prices of Existing Homes | |||
| Since 2010 | QoQ | YoY | |
| 162% | 2.5% | 10.8% | |
| Finland, Prices of Existing Homes | |||
| Since 2010 | QoQ | YoY | From peak |
| 6% | -2.2% | -3.1% | -13.4% |
| Portugal, Prices of Existing Homes | |||
| Since 2010 | QoQ | YoY | |
| 150% | 4.1% | 17.7% | |
| Hungary, Prices of Existing Homes | ||
| Since 2010 | QoQ | YoY |
| 296% | 3.1% | 21.1% |
| Bulgaria, Prices of Existing Homes | ||
| Since 2010 | QoQ | YoY |
| 139% | 3.8% | 15.4% |
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