Luxembourg saw the largest fall in house prices in the second quarter of 2024 of any country in the EU, according to data released on Thursday by the bloc’s official statistics agency Eurostat.
The decline of 8.3% year-on-year, which had been confirmed by Luxembourg’s statistics agency Statec last week, was the biggest fall in any of the EU’s 27 member states.
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Aside from Luxembourg, only five other countries – France, Germany, Sweden, Finland and Austria – recorded a year-on-year drop in house prices in the second quarter, ranging from a fall of 0.7% in Austria to a decline of 4.8% in Sweden.
In contrast, house prices across the EU as a whole rose 2.9% in the second quarter compared to the same period a year earlier. The largest price jumps were recorded in Poland, at 17.7%, Bulgaria, at 15.1%, and Lithuania and Croatia, which both saw prices increase by over 10%.
Compared to the first quarter of 2024, house prices in Luxembourg fared better, rising by 1%, but still below the EU average of 1.9%, the Eurostat data showed.
The latest figures from Statec showed that the number of transactions rose sharply in the second quarter after “five consecutive quarters at historically low levels”, coming as many of the country’s lenders made moves to cut interest rates as the second quarter ended.
The level of buying and selling in the market in the second quarter of this year “suggests a slight recovery in activity”, Statec noted, but emphasised that “activity is still at historically low levels”.
Source link : https://www.luxtimes.lu/luxembourg/drop-in-luxembourg-house-prices-steepest-in-eu/21878304.html
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Publish date : 2024-10-03 14:09:02
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