Alex Trelinski
HOUSE price increases in Spain soared three times higher than the rest of the Eurozone.
Figures produced by the European Statistics Institute(Eurostat) showed Spanish property prices in the fourth quarter of 2024 were 11.2% up on the same period in 2023.
In contrast, the Eurozone recorded an increase of just 4.2%.
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It means in the current sequence of Eurostat reports starting in 2017, Spain has recorded the largest-ever property price increase and leads the Eurozone rankings.
Germany meanwhile reported a 1.9% price hike last year with France actually down by 2.0%.
There were increases of over 10% in Greece and Portugal.
In the European Union as a whole, housing became more expensive by 4.9% in the fourth quarter of 2024.
The largest increases were in Bulgaria (18.3%) and Hungary (13%), while they fell by 1.9% in both France and Finland.
Meanwhile, a report from real estate firm Solvia released on Tuesday shows Spain’s real estate sector enjoying a major boost last year- especially in the second half.
It puts that down to the drop in interest rates, better job stability and more foreign buyers.
Solvia suggests that although the supply of new builds is starting to improve, it is still well short of support the every strong current demand.
It means the shortage is ‘driving prices up and making it hard for some parts of the population’ to get onto the property ladder.
