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House prices in Europe decrease for the first time in 10 years

House prices in Europe decrease for the first time in 10 years

Residential property prices fell by 0.3% in the EU in 2023 and by 1.1% in the Eurozone, according to data from Eurostat.

The housing market in Germany was one of the hardest hit, with a drop of 8.4% on an annual basis, second only to Luxembourg, with a drop of 9.1%. It was followed by Finland, with 5.6% and Sweden with 5.3%.

However, prices rose in several countries, including Croatia, Bulgaria, Lithuania, Poland and Portugal, where they rose between 8 and 12%.

Stronger economic growth in southern and eastern European countries in recent years had helped their housing markets continue to grow, while major countries such as Germany and France suffered from stagnation or weak growth.