House prices, measured by the House Price Index, rose by 2.9 percent in the euro area and by 4 percent in the EU in the second quarter of 2016 compared with the same quarter of the previous year. Romanian houses prices went up by 6.8 pct in the second quarter of the year compared with 2015, according to Eurostat, the statistical office of the European Union.
Compared with the first quarter of 2016, house prices rose by 1.4 percent in the euro area and by 1.6 percent in the EU in the second quarter of 2016.
Among the member states for which data are available, the highest annual increases in house prices in the second quarter of 2016 were recorded in Hungary and Latvia (both 10.3 percent), Austria (9 percent), the UK (8.8 percent) and Sweden (8.7 percent),while price drops were observed in Cyprus (8.9 percent) and Italy (1.4 percent).
Compared with the previous quarter, the highest increases were recorded in Latvia (6.6 percent), Estonia, Lithuania and Portugal (3.1 percent) and the United Kingdom(3.0 percent ), while the decreases were registered in Croatia and Cyprus (both 0.9 percent), Italy (0.4 percent) and Hungary (0.2 percent).
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.