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22/3/2019  
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ECONOMICS
Eurostat

House prices up by 3.0% in the euro area in the first quarter of 2016

House prices (Eurostat)

House prices, as measured by the House Price Index, rose by 3.0% in the euro area and by 4.0% in the EU in the first quarter of 2016 compared with the same quarter of the previous year. These figures come from Eurostat, the statistical office of the European Union. Compared with the fourth quarter of 2015, house prices rose by 0.4% in the euro area and by 0.7% in the EU in the first quarter of 2016.
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Among the Member States for which data are available, the highest annual increases in house prices in the first quarter of 2016 were recorded in Hungary (+15.2%), Austria (+13.4%) and Sweden (+12.5%), while falls were observed in Italy and Cyprus (both -1.2%). Compared with the previous quarter the highest increases were recorded in Hungary (+5.2%), Austria (+4.2%) and Romania (+3.3%), and the largest falls in Cyprus (-3.4%) and Malta (-2.8%).

The House Price Index (HPI) measures the price changes of all residential properties purchased by households (flats, detached houses, terraced houses, etc.), both newly built and existing, independently of their final use and independently of their previous owners. The Member States’ HPIs are compiled by the National Statistical Institutes. The euro area and the EU aggregate HPIs are compiled by Eurostat. HPIs are computed as annually chained indices with weights being updated each year. The European HPI aggregates are currently calculated as weighted averages of the national HPIs using as weights the GDP at market prices (expressed in millions Purchasing Power Standards - PPS) of the countries concerned. 

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