House prices have already fallen in the Euro-zone for two consecutive quarters, by around 2%, but Portugal is bucking the trend of falling house prices.
According to Eurostat’s house price index, house prices in the Eurozone fell by 2.1% in the third quarter of last year compared to the same period in 2022, after having already fallen by 1.5% in the previous quarter. In the European Union, the drop was just 1%.
Luxembourg was the country with the biggest drop in house prices, down 13.6% in the third quarter of last year compared to the same period the previous year.
Germany is also among the standout countries, with a fall of 10.2% in the third quarter of last year compared to the same period the previous year.
On the other hand, Portugal has seen a rise in house prices of around 7.5% in the third quarter of last year in comparison, an increase justified by rising construction costs, supply levels unable to meet growing demand and interest in Portugal from foreign buyers with greater purchasing power.
However, the Público analysis reveals that the market is showing some signs of slowing down, as the rate of change now recorded is lower than the 8.7% recorded in the previous quarter.
Portugal was the fifth country in which house prices increased the most in the third quarter of last year, surpassed only by Croatia, Bulgaria, Lithuania and Poland.