Bulgaria Tops EU in Q1 Housing Price Growth
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Loading... - Emil Schulte
- 09 Jul 2024
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Recent data released by Eurostat on Friday reveals that house prices in the first quarter of 2024 decreased by 0.4% in the euro area but increased by 1.3% in the European Union (EU). Bulgaria has emerged as the leader in quarter-to-quarter house price growth within the EU and is second only to Poland in terms of year-on-year growth for the first quarter.
Quarterly and Yearly Trends:
Quarter-to-Quarter Comparison:
- Euro Area: House prices decreased by 1.2% in Q4 2023 and slightly fell by 0.1% in Q1 2024.
- EU: House prices increased by 0.2% in Q4 2023 and by 0.4% in Q1 2024.
Bulgaria's Performance:
Bulgaria registered the highest quarter-on-quarter increase in house prices in the EU, with a 7.1% rise in Q1 2024 compared to Q4 2023. This significant jump marks the largest increase in the country’s property values since Q4 2007.
Bulgaria is followed by Hungary (+5.1%) and Poland (+4.3%) in quarterly growth. Conversely, Denmark (-2.5%), France (-2.1%), and Slovakia (-1.7%) experienced the highest rates of decline.
Year-on-Year Comparison:
House prices in Bulgaria soared by 16% in Q1 2024 compared to Q1 2023, the largest increase since Q3 2008. This places Bulgaria second in the EU, following Poland, which saw an 18% rise.
Eurostat’s data highlights Bulgaria's robust housing market performance, leading the EU in quarterly price growth and achieving substantial year-on-year increases. This trend underscores Bulgaria’s strong position in the European property market amid varying economic conditions across the region.
