site.btaBulgaria Ranks Second in EU in House Price Increase in Q3 of 2022

In the third quarter of 2022, house prices in the European Union went up by 7.4% year-on-year, while in the Eurozone they went up by 6.8%, show the latest data on the house price index, the European statistical agency Eurostat said on Tuesday.

Residential property prices increased in the second quarter of last year in both the EU and the Eurozone, by 9.8% and 9.2%  respectively.

Compared to the second quarter, house prices went up by 0.9% in the EU and by 1% in the Eurozone in the third quarter.

In Bulgaria, house prices went up by 15.6% in the third quarter of 2022 compared to the same period a year earlier. This represents an acceleration in the growth of native house prices compared to the previous second and first quarters, when the increase was 14.6%  and 11.5%, respectively.

On a monthly basis in the third quarter of last year, residential property prices in this country increased by 4.1%, surpassing the 3.1%  increase in the second quarter, but remaining below the increase of 5.2%  in the first quarter.

In the third quarter of 2022, the monthly growth of residential property prices in Bulgaria was the second highest among the EU members, with a higher price index growth recorded only by Cyprus (+5.8).

Over a 12-year period from 2010 to the third quarter of 2022, house prices in the EU have gone up by 49%. During the same period, housing prices increased in 24 member states and decreased in three. Prices more than doubled in Estonia (+199%), Hungary (+174%), Luxembourg (+140%), Lithuania (+137%), Latvia (+134%), Czechia (+133%) and Austria (+130%). A decrease was noted by Greece (-22%), Italy (-9%) and Cyprus (-0.3%).