Change in housing prices in the European Union Member States, Q4 2024, year 2024
Released: 9 April 2025
In Q4 2024, housing prices in the European Union were 4.9% higher than a year earlier. Average prices rose in all countries except France and Finland, with Hungary showing one of the strongest increases, by 13.0%. In general, our area saw higher price increases than the EU as a whole, but the rate was lower in the other three Visegrad countries than in Hungary, ranging from 7.9% to 10.4%.
Compared to the previous (Q3 2024) quarter, price levels in Hungary rose by 1.3%, with growth typical of most EU countries.
In 2024 as a whole, average housing prices in the EU rose by 3.3% and in Hungary by 12.8% compared with the previous year. In this respect, Hungary’s rate was also one of the highest among the Member States.
According to the November 2024 Housing Market Report of the National Bank of Hungary, a significant amount of household savings may flow into the housing market in 2025, leading to a price increase, due to two main factors: from 2025, voluntary pension savings may be used tax-free for the purchase or renovation of housing, and the previously high yields on Premium Hungarian Government Securities (PMÁP) will be lower, so that households are likely to shift a significant amount of funds to the housing market.
Several housing market players are forecasting double-digit price increases for 2025. Duna House expects 10-20%, MBH Mortgage Bank 14–17% and OTP Ingatlanpont 10–15%.
Table 1
Change in housing prices in the European Union Member States, Q4 2024
Territorial units
Change compared to the previous period, %
Change compared to the same period in the previous year, %
European Union average
0.8
4.9
Euro area
0.6
4.2
Austria
–0.6
1.7
Belgium
0.8
2.9
Bulgaria
2.7
18.3
Croatia
1.4
10.1
Cyprus
–1.0
2.3
Czechia
2.4
8.4
Denmark
0.2
3.7
Estonia
–0.7
3.6
Finland
0.0
–1.9
France
–1.0
–1.9
Germany
0.3
1.9
Hungary
1.3
13.0
Ireland
2.4
9.3
Italy
0.7
4.5
Latvia
–0.2
8.1
Lithuania
2.4
9.8
Luxembourg
1.1
1.4
Malta
0.0
5.2
Netherlands
2.1
10.8
Poland
1.2
10.4
Portugal
3.0
11.6
Romania
1.6
4.0
Slovakia
3.6
7.9
Slovenia
3.1
8.5
Spain
1.8
11.4
Sweden
–0.3
2.4
Source: Euro indicators. Download date: 8 April 2025.
Data of Greece was not available.
Figure 1
Figure 2
Figure 3
Released: 9 April 2025
In Q4 2024, housing prices in the European Union were 4.9% higher than a year earlier. Average prices rose in all countries except France and Finland, with Hungary showing one of the strongest increases, by 13.0%. In general, our area saw higher price increases than the EU as a whole, but the rate was lower in the other three Visegrad countries than in Hungary, ranging from 7.9% to 10.4%.
Compared to the previous (Q3 2024) quarter, price levels in Hungary rose by 1.3%, with growth typical of most EU countries.
In 2024 as a whole, average housing prices in the EU rose by 3.3% and in Hungary by 12.8% compared with the previous year. In this respect, Hungary’s rate was also one of the highest among the Member States.
According to the November 2024 Housing Market Report of the National Bank of Hungary, a significant amount of household savings may flow into the housing market in 2025, leading to a price increase, due to two main factors: from 2025, voluntary pension savings may be used tax-free for the purchase or renovation of housing, and the previously high yields on Premium Hungarian Government Securities (PMÁP) will be lower, so that households are likely to shift a significant amount of funds to the housing market.
Several housing market players are forecasting double-digit price increases for 2025. Duna House expects 10-20%, MBH Mortgage Bank 14–17% and OTP Ingatlanpont 10–15%.
| Territorial units | Change compared to the previous period, % | Change compared to the same period in the previous year, % |
|---|---|---|
| European Union average | 0.8 | 4.9 |
| Euro area | 0.6 | 4.2 |
| Austria | –0.6 | 1.7 |
| Belgium | 0.8 | 2.9 |
| Bulgaria | 2.7 | 18.3 |
| Croatia | 1.4 | 10.1 |
| Cyprus | –1.0 | 2.3 |
| Czechia | 2.4 | 8.4 |
| Denmark | 0.2 | 3.7 |
| Estonia | –0.7 | 3.6 |
| Finland | 0.0 | –1.9 |
| France | –1.0 | –1.9 |
| Germany | 0.3 | 1.9 |
| Hungary | 1.3 | 13.0 |
| Ireland | 2.4 | 9.3 |
| Italy | 0.7 | 4.5 |
| Latvia | –0.2 | 8.1 |
| Lithuania | 2.4 | 9.8 |
| Luxembourg | 1.1 | 1.4 |
| Malta | 0.0 | 5.2 |
| Netherlands | 2.1 | 10.8 |
| Poland | 1.2 | 10.4 |
| Portugal | 3.0 | 11.6 |
| Romania | 1.6 | 4.0 |
| Slovakia | 3.6 | 7.9 |
| Slovenia | 3.1 | 8.5 |
| Spain | 1.8 | 11.4 |
| Sweden | –0.3 | 2.4 |
Data of Greece was not available.