Croatia still above EU average in terms of house price growth

Brač (Photo: Perica Oreskovic/Unsplash)

ZAGREB, 14 January (Hina) – In Q3 2020 Croatia continued to record an increase in house prices that was above the EU average but it was also among the four countries where those prices fell compared to the previous quarter, shows a Eurostat report.

Real estate prices in the EU in Q3 2020 rose by 5.2% from the same period of 2019 and the same increase was also registered in Q2.

In the euro area house prices grew by 4.9%, just as in Q2.

Among the EU countries for which data were available, house prices grew the most in Q3 again in Luxembourg, by 13.6%, and in Poland, by 10.9%. Austria followed with an increase of 8.8%.

In Croatia, prices of real estate in Q3 2020 grew by 6.9% from the same period of 2019. They grew by 8.3% in Q2 and by 9.1% in Q1.

A year-on-year decline in house prices was reported in Q3 only by Cyprus and Ireland, of 1.4% and 0.8% respectively.

House prices in the EU in Q3 grew by 1.4% from Q2, when they rose at the same rate.

Among EU countries, real estate prices in Q3 grew the most on the quarter in Hungary, by 5.2%, according to preliminary statistics.

Hungary is followed by Denmark and Latvia, with quarterly increases of 4.2% and 3.7% respectively.

In Croatia house prices in Q3 were down from Q2 for the first time in slightly more than two years, by 0.6%. They grew by 1.8% in Q2 and by 2.7% in Q1.

The other countries that saw a quarterly drop in house prices were Cyprus (-4.8%), Romania (-2.6%) and Italy (-2.5%).