Home Prices in the Largest Countries of Europe: Splendid Housing Bubbles in Some, Prices back to 2010 in Others
by Wolf Richter • Jan 10, 2026 • 0 Comments
Germany, France, Italy, Spain, Netherlands, Poland, Belgium, Sweden, Ireland, Austria, Norway, Denmark, Romania, Czech Republic, Finland, Portugal, Hungary, Bulgaria.
By Wolf Richter for WOLF STREET.
Prices of existing homes of all types (“dwellings”) in the 18 largest countries in the European Union (EU) and in the European Economic Area (EEA) have not moved in lockstep:
In some countries they have exploded in recent years, such as in Hungary (+21% year-over-year, +296% since 2010) or in Portugal (+18% YoY, +150% since 2010); they have surged in many others; and they don’t look so rosy in markets such as in Finland (-3.1% YoY, -13% from 2010).
In Italy, despite the blistering surge, prices are still below 2010 during the prior housing bubble that then imploded.
Here is a wild ride across the housing markets of the biggest countries by GDP, based on data from Eurostat through Q3 on Friday. The data goes back to 2005 for some countries, and less far for other countries; but I put all of them on the same timeline going back to 2005 for easier comparison. The vertical axis represents the index value; the index was set with a value of 100 in 2010.
Prices declined from peak in prior years in 6 of the 18 countries (year of peak):
- Finland: -13.4% (Q2 2022), back to 2010 levels.
- Germany: -8.1% (Q2 2022)
- Sweden: -6.4% (Q2 2022)
- France: -4.3% (Q3 2022)
- Italy: -2.9% (Q2 2011)
- Austria: -2.3% (Q3 2022)
Biggest price gains since 2010:
- Hungary: 296%
- Czech Republic: 162%
- Portugal: 150%
- Bulgaria: 139%
- Austria: 126%
- Norway: 120%
- Poland: 108%
- Netherlands: 95%
- Sweden: 85%
- Germany: 85%
- Ireland: 79%
- Denmark: 74%.
Biggest year-over-year gains:
- Hungary: 21.1%
- Portugal: 17.7%
- Bulgaria: 15.4%
- Spain: 12.8%
- Czech Republic: 10.8%
- Netherlands: 7.7%
- Ireland: 7.5%
- Denmark: 6.8%
- Romania: 6.6%
Biggest quarter-over-quarter gains:
- Portugal: 4.1%
- Bulgaria: 3.8%
- Hungary: 3.1%
- Spain: 2.9%
- Ireland: 2.6%
- Czech Republic: 2.5%
- Denmark: 2.5%
- Belgium: 2.4%
- Romania: 2.3%
- Netherlands: 2.0%
The home price indices for the 18 largest countries in the EU or EEA:
The little tables show either three or four columns, from left to right: % change since 2010; quarter-over-quarter (QoQ) % change; year-over-year (YoY) % change; and % decline from the peak, if applicable.
| Germany, Prices of Existing Homes | | since 2010 | QoQ | YoY | From peak | | 85% | 1.0% | 3.3% | -8.1% |
| France, Prices of Existing Homes | | Since 2010 | QoQ | YoY | From peak | | 33% | 1.6% | 0.7% | -4.3% |
| Italy, Prices of Existing Homes | | Since 2010 | QoQ | YoY | From peak | | 0% | 0.7% | 3.9% | -2.9% |
| Spain, Prices of Existing Homes | | Since 2010 | QoQ | YoY | | 37% | 2.9% | 12.8% |
| Netherlands, Prices of Existing Homes | | Since 2010 | QoQ | YoY | | 95% | 2.0% | 7.7% |
| Poland, Prices of Existing Homes | | Since 2010 | QoQ | YoY | | | 108% | 0.9% | 4.0% | |
| Belgium, Prices of Existing Homes | | Since 2010 | QoQ | YoY | | | 62% | 2.4% | 3.7% | | | | | |
| Sweden, Prices of Existing Homes | | Since 2010 | QoQ | YoY | From peak | | 85% | 0.5% | 0.5% | -6.4% |
| Ireland, Prices of Existing Homes | | Since 2010 | QoQ | YoY | | | 79% | 2.6% | 7.5% | |
| Norway, Prices of Existing Homes | | Since 2010 | QoQ | YoY | | | 120% | -0.5% | 5.1% | |
| Austria, Prices of Existing Homes | | Since 2010 | QoQ | YoY | From peak | | 126% | 1.6% | 2.7% | -2.3% |
| Denmark, Prices of Existing Homes | | Since 2010 | QoQ | YoY | | | 74% | 2.5% | 6.8% | |
| Romania, Prices of Existing Homes | | Since 2010 | QoQ | YoY | | | 34% | 2.3% | 6.6% | |
| Czech Republic, Prices of Existing Homes | | Since 2010 | QoQ | YoY | | | 162% | 2.5% | 10.8% | |
| Finland, Prices of Existing Homes | | Since 2010 | QoQ | YoY | From peak | | 6% | -2.2% | -3.1% | -13.4% |
| Portugal, Prices of Existing Homes | | Since 2010 | QoQ | YoY | | | 150% | 4.1% | 17.7% | |
| Hungary, Prices of Existing Homes | | Since 2010 | QoQ | YoY | | 296% | 3.1% | 21.1% |
| Bulgaria, Prices of Existing Homes | | Since 2010 | QoQ | YoY | | 139% | 3.8% | 15.4% |
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