House prices up by 9.8% in the euro area

In the first quarter of 2022, house prices, as measured by the House Price Index, rose by 9.8 percent in the euro area and by 10.5 percent in the EU compared with the same quarter of the previous year.

According to Eurostat, the statistical office of the European Union, this is the highest annual increase for the euro area since 2005 when house prices started to be collected, and since the fourth quarter of 2006 for the European Union.

In the fourth quarter of 2021, house prices rose by 9.4 percent and 10.1 percent in the Euro Area and EU respectively with Portugal showing an above-average rise 12.9 percent.

Portugal showing an above-average rise of 12.9 percent according to Eurostat.

In the meantime, according to a latest press advisory by the National Statistics Institute - INE (Instituto Nacional de Estatística), the construction costs for new residential buildings for May 2022 are estimated to have increased by 13.5 percent on a year-on-year basis, 0.7 percentage points (p.p.) less than in the previous month.

The press note further indicates that the price of materials and labor costs rose 18.7 percent and 6.1 percent respectively.

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