Ireland Leads EU House Price Growth
Published: Friday 17 April 2015
New figures show that house prices in Ireland are growing faster than anywhere else in the European Union. According to the latest Eurostat data, which was released earlier this week, house prices in Ireland were 16.3 per cent higher in the final quarter of 2014 than they had been a year earlier. The overall price growth across the Euro Area during this period was just 1.1 per cent. Ireland’s 12-month price growth was comfortably higher – over 5 per cent – than that of any other member state. Malta recorded the second highest property price rises during this period (11 per cent), followed by Sweden (10.4 per cent) Estonia (10.1 per cent) and the UK (10 per cent). However, strong price growth in these countries was offset by declining prices in a number of other nations. The biggest price depreciation was seen in Slovenia (-4.4 per cent), while Cyprus (-3.3 per cent), Latvia (-3.2 per cent) and Italy (-2.9 per cent) also recorded notable price declines. While an overall 1.1 per cent rise in Euro Area property prices may not seem like a lot, the final quarter of 2014 was the only quarter last year to record increased house prices when compared to the same quarter a year earlier.