European Housing Prices and Sales Statitsics - data signaling the sequence of the downturn

Peter Parlasca

ERES from European Real Estate Society (ERES)

Abstract: The upswing of the housing markets started in Europe around 2014 even without being hampered by the Covid crisis. However, from summer 2022, signals for the end of the house price bubbles could be seen in many European countries due to Ukraine war related effects supply shortages, increasing inflation and raising interest rates. The down turn affected first Denmark and Germany. In the third quarter 2023 already 10 countries showed house price levels below the previous year.New statistics at the European level and the availability of house sales figures not only in indices for numbers and volume but in physical numbers and the turnover in national currency allows better analysis in particular an earlier detection of downturns and upswings. The development of house prices differed widely between European countries and will be put into perspective with the development of economic activity within Europe.In contrast to the economic developments, housing markets in a small number of European countries did not yet reach the pre-crisis level until 2023 although the upswing of the housing markets started in Europe around 2014. On the other hand, in a significant number of European countries house prices doubled between 2008 and 2023.The data on quarterly house sales (indices of number of transactions and volume) now complemented by additional information seem to be a promising data source to develop projections of the housing market in many European countries.

Keywords: Data Analysis; House Prices; house sales statistics; Real Estate Statistics (search for similar items in EconPapers)
JEL-codes: R3 (search for similar items in EconPapers)
Date: 2024-01-01
New Economics Papers: this item is included in nep-cis, nep-eec, nep-eur and nep-ure
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