The housing market went crazy

Bulgaria ranks eighth in the European Union in terms of housing prices during the first quarter of the year, as well as on a quarterly basis.

According to data between January and May, the housing prices on the market in the country increased by 7.5%, which is above the average level in the EC during the period of 6.1%.

According to the European Union, the leader in terms of annual housing prices in the Union is Luxembourg with 17%, followed by Denmark with 15.3%, Lithuania with 12%, Czech Republic with 11.9%.

Germany and Austria also reported the highest annual prices for housing prices in Bulgaria – 9.4% and 8.3%, respectively. Kipup is the only country that has seen a drop in house prices on an annual basis in the first quarter of 5.8%.

In the fourth quarter of 2020, housing prices in Bulgaria increased by 3.2%, which is almost twice as fast as in the previous year in the EC.

 The leader in this indicator is Estonia with a three-month rate of housing prices of 6.6%, followed by Denmark with 5.8% and Lithuania with 5%. The Czech Republic is followed by the Czech Republic with 4.6%, Hungary with 4.5%, Luxembourg with 4.3% and the Netherlands with 4%.

At the EC level, house prices rose by 6.1% on an annual basis during the first quarter, and in the euro area they rose by 5.8%.

According to the data of the European agency on a quarterly basis, housing prices increased by 1.7% in the EC and by 1.3% in the euro area.

17 member states of the union report a faster increase in housing prices compared to rents between 2010 and the first quarter of this year.

During the period, the number of dwellings increased in 23 countries, while the number decreased in four, with the highest number reported in Estonia (+ 126.8%) and Luxembourg (+ 108.2%).

Declines were registered in Greece (-28.1%), Italy (-14.4%), Cyprus (-8.9%) and Spain (-4.8%).

The tendencies in renting are different. During the ten-year period, the prices increased in 25 countries, and decreased in only two. The leader is again Estonia with 140.4%, followed by Lithuania with 108.6% and Iceland with 63.3%.


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