Contents
- The dynamic rise in housing prices at the beginning of the year continued at a slower pace in Q2–Q3
- Continued price increases in the housing markets of EU Member States and the euro area
- Further data and information
After the sharp price increase recorded in Q1 2025, the rise in housing prices continued at a more moderate pace in Q2–Q3. In Q2, housing prices were 18% higher than a year earlier, while in Q3 they exceeded the previous year’s level by 21%. Over the same period, housing prices rose by 5.5% in the 27 EU Member States and by 5.1% in the euro area. The data source currently available does not yet allow for a detailed territorial or sub market analysis of housing market developments in Q3.
The dynamic rise in housing prices at the beginning of the year continued at a slower pace in Q2–Q3
Following the real‑term decline in 2023, housing prices increased by 13.7% in nominal terms in 2024, resulting in a 9.6% rise in real prices.
This trend continued in Q1 2025, when prices rose rapidly, by a further 9.4% in nominal terms. Thereafter, the pace of growth moderated: prices increased by 3.0% in Q2 and by 3.4% in Q3.
As a result, in Q3 housing prices were 21% higher in nominal terms and 16% higher in real terms than in the same period of the previous year. Based on the aggregate nominal housing price index, the combined price of new and second hand dwellings reached 3.8 times the 2015 base level, corresponding to a 2.2 fold increase in real terms.
In Q3 2025, prices of second hand dwellings rose by 3.1% in nominal terms and by 2.6% in real terms compared to the previous quarter. The 5.1% nominal increase in new dwelling prices corresponded to a 4.5% rise in real terms.
The real housing price index—measured against the same period of the previous year—declined for five consecutive quarters from Q4 2022, then began to rise rapidly from Q1 2024. The resulting 16% annual real price increase recorded in Q3 2025 is among the highest values observed since the beginning of the time series.
The data source currently available is suitable for presenting the general trends in price developments; however, it does not yet allow for a more detailed territorial or sub market analysis of Q3 housing market processes.
Continued price increases in the housing markets of EU Member States and the euro area
In Q3 2025, the aggregate housing price index for the 27 EU Member States reached 164% of the 2015 base, while the euro area index stood at 155%. Compared to the previous quarter, both indices increased by 1.6%. Hungary’s aggregate housing price index reached 375% of the 2015 base—still the highest nominal index among the reporting Member States.
In Q3 2025:
-
Compared to Q2, housing prices fell significantly in Luxembourg (–3.1%) and Finland (–2.2%).
-
The sharpest quarterly increases were reported in Latvia (5.2%), Slovakia (4.9%), Portugal (4.1%), and Bulgaria (3.8%).
-
In Germany, following a prolonged period of declining prices, quarterly growth stabilised at around 1% in 2025. As a result, housing prices were 3.3% higher than a year earlier.
-
On an annual basis, Finland was the only Member State to record a decline in housing prices; in all other countries, prices were higher than in the same period of the previous year. The strongest growth was observed in Hungary (21%), followed by Portugal (18%) and Bulgaria (15%).
-
Among neighbouring countries, Croatia (14%) and Slovakia (13%) reported substantial annual increases, Romania (6.6%) exceeded the EU average, while Slovenia (2.7%) and Austria (2.7%) recorded more moderate growth.
| Country | 2024 | 2025 | |||||
|---|---|---|---|---|---|---|---|
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | |
| Austria | 159.5 | 164.3 | 165.1 | 163.2 | 165.2 | 167.0 | 169.6 |
| Belgium | 139.4 | 139.0 | 141.2 | 142.2 | 143.1 | 142.9 | 146.4 |
| Bulgaria | 206.4 | 213.5 | 221.9 | 228.0 | 237.6 | 246.7 | 256.0 |
| Cyprus | 143.5 | 143.3 | 146.8 | 144.2 | 150.0 | 147.2 | 146.9 |
| Czechia | 214.3 | 219.9 | 224.7 | 230.2 | 235.6 | 243.0 | 249.0 |
| Denmark | 136.7 | 140.9 | 145.3 | 145.6 | 148.7 | 151.4 | 155.2 |
| Estonia | 206.4 | 212.1 | 211.0 | 209.6 | 215.9 | 223.7 | 222.0 |
| Finland | 101.5 | 101.9 | 101.5 | 100.6 | 99.6 | 100.5 | 98.3 |
| France | 126.0 | 125.7 | 127.6 | 126.3 | 126.5 | 126.5 | 128.5 |
| Netherlands | 189.9 | 194.8 | 202.0 | 206.3 | 210.3 | 213.4 | 217.6 |
| Croatia | 189.4 | 197.5 | 202.2 | 205.0 | 214.2 | 223.7 | 230.1 |
| Ireland | 177.7 | 180.3 | 185.5 | 190.0 | 191.8 | 194.3 | 199.5 |
| Poland | 200.0 | 205.9 | 209.2 | 211.7 | 213.2 | 215.7 | 217.5 |
| Latvia | 193.1 | 196.9 | 203.6 | 201.9 | 203.6 | 209.7 | 220.7 |
| Lithuania | 227.7 | 234.0 | 236.4 | 242.0 | 247.7 | 254.5 | 262.0 |
| Luxembourg | 160.9 | 162.4 | 162.4 | 164.3 | 162.5 | 169.8 | 164.4 |
| Hungary | 301.0 | 306.5 | 309.8 | 322.1 | 352.3 | 363.0 | 375.2 |
| Malta | 160.0 | 162.7 | 165.3 | 167.0 | 169.4 | 171.8 | 174.6 |
| Germany | 145.8 | 147.8 | 149.0 | 149.2 | 150.9 | 152.4 | 153.9 |
| Italy | 108.5 | 112.0 | 112.8 | 113.5 | 113.3 | 116.4 | 117.1 |
| Portugal | 212.5 | 220.7 | 228.9 | 235.7 | 247.1 | 258.8 | 269.4 |
| Romania | 154.3 | 155.1 | 155.9 | 158.4 | 161.8 | 162.4 | 166.1 |
| Spain | 153.2 | 158.6 | 163.1 | 166.1 | 172.0 | 178.9 | 184.1 |
| Sweden | 130.3 | 132.1 | 133.0 | 132.6 | 132.7 | 133.0 | 133.7 |
| Slovakia | 173.5 | 178.7 | 183.9 | 190.6 | 194.6 | 198.9 | 208.5 |
| Slovenia | 195.4 | 198.3 | 201.5 | 205.7 | 201.7 | 209.3 | 207.0 |
| EU | 149.8 | 152.7 | 155.1 | 156.2 | 158.4 | 161.0 | 163.6 |
| Eurozone | 142.8 | 145.4 | 147.7 | 148.5 | 150.4 | 152.9 | 155.3 |
Annual national data:
18.1.1.1. Summary data of housing
18.1.1.13. Housing price indices
18.1.1.14. Mean price per dwelling and sqm by region and building type
18.1.1.15. Number of housing transactions made by private persons
Annual regional data:
18.1.2.8. Mean price per dwelling by region and settlement type
18.1.2.9. Mean price per sqm by region and settlement type
18.1.2.10. Number of housing transactions made by private persons by region and settlement type
18.1.2.11. Mean price per dwelling by region and building type
18.1.2.12. Mean price per sqm by region and building type
Infra-annual national data:
18.2.1.1. Summary data of housing (quarterly data)
18.2.1.8. Housing price indices by quarter years
18.2.1.9. Number of housing transactions made by private persons by quarter years
Infra-annual regional data:
18.2.2.13. Mean price per dwelling by region and settlement type (quarterly data)
18.2.2.14. Mean price per sqm by region and settlement type (quarterly data)
18.2.2.15. Number of housing transactions made by private persons by region and settlement type (quarterly data)
18.2.2.16. Mean price per dwelling by region and building type (quarterly data)
18.2.2.17. Mean price per sqm by region and building type (quarterly data)
Further data and information
Contact details:
kommunikacio@ksh.hu
Contact us
Telephone: +36 (1) 345 6789
www.ksh.hu