EU House Price Index — Residential Property Prices
Quarterly residential property price index for the European Union and selected member states, published by Eurostat. Index base 2015=100; covers all dwelling types transacted by household sector purchasers.
Data
| Year | EU27 | Germany | France | Spain | Netherlands | EU27 YoY |
|---|---|---|---|---|---|---|
| 2025 | 161.9 | 152.7 | 127.3 | 180.6 | 215.2 | +5.5% |
| 2024 | 153.5 | 148 | 126.4 | 160.3 | 198.2 | +3.4% |
| 2023 | 148.5 | 150.3 | 131.3 | 147.7 | 183.3 | -0.3% |
| 2022 | 148.9 | 164.1 | 131.8 | 142 | 186.8 | +8.0% |
| 2021 | 137.9 | 154.7 | 124.1 | 132.2 | 164.9 | +8.4% |
| 2020 | 127.1 | 138.7 | 116.6 | 127.5 | 144.1 | +5.6% |
| 2019 | 120.4 | 128.7 | 110.9 | 124.7 | 133.4 | +4.9% |
| 2018 | 114.8 | 121.7 | 107.3 | 118.6 | 124.4 | +5.0% |
| 2017 | 109.3 | 114.1 | 104.2 | 111.1 | 113.8 | +4.8% |
| 2016 | 104.3 | 107.5 | 101 | 104.6 | 105.3 | +4.3% |
| 2015 | 100 | 100 | 100 | 100 | 100 | — |
About this Dataset
The Eurostat House Price Index (EI_HPPI_Q) is the definitive cross-comparable measure of residential property price inflation across the European Union. Rebased to 2015=100 and published quarterly with roughly a 90-day lag, it covers all residential dwelling transactions by households in 27 member states plus the EU27 aggregate. As of Q1 2026, the EU27 index stands at 166.6 — up 5.1% year-on-year and 66.6% above its 2015 base, representing a decade of broad-based nominal appreciation that has transformed residential real estate into one of the EU's largest household wealth categories.
Spain's HPI reached 194.1 in Q1 2026, up 12.8% year-on-year — the fastest annual gain among the EU's largest economies (only smaller markets such as Portugal, Bulgaria, Slovakia and Croatia rose faster) and 94.1% above the 2015 base. Germany, by contrast, at 153.4 remains 8.4% below its Q2 2022 peak, the largest remaining shortfall among the countries covered here.
The post-pandemic acceleration was the defining price episode of the modern EU housing cycle. Between Q1 2020 and Q2 2022, the EU27 index rose from 124.4 to 149.6 — a 20.2% gain in just nine quarters, driven by the combination of record-low ECB rates, post-lockdown demand for larger dwellings, and constrained new supply. The Netherlands ran especially hard in this period: its index climbed from 139.3 in Q1 2020 to 182.9 in Q1 2022, a 31.3% move, and peaked at 190 in Q3 2022 that placed Amsterdam and its commuter belt among the most stretched housing markets in the developed world by price-to-income and price-to-rent metrics.
- Index series: EI_HPPI_Q, unit I15_NSA — Index 2015=100, not seasonally adjusted
- Coverage: Quarterly from Q1 2005; all residential dwelling types (houses and flats, new and existing)
- Purchaser scope: Household sector only — excludes corporate and institutional buyer transactions
- Compilation method: Laspeyres-type, chain-linked; sources include notarial registers, land registries, mortgage lender data, and survey-based approaches varying by country
- Publication lag: Approximately 90 days after the reference quarter
The 2022–2024 correction unfolded unevenly. Germany fell from its 167.4 peak to a trough of 145.8 — a nominal decline of 12.9% — while Sweden dropped from its 142.9 peak in Q2 2022 to 129.7 by Q4 2023 (-9.2%). France declined more modestly, from a peak of 134.3 in Q3 2022 to 125.7 in Q2 2024 (-6.4%). Spain was the notable outlier: the country saw no sustained correction — apart from brief quarterly dips in Q4 2022 (-0.8%) and Q4 2023 (-1.0%), its index climbed from 139.1 in Q1 2022 to 194.1 in Q1 2026. The Spanish divergence likely reflects a structural tightening of supply in major urban centres and coastal markets, combined with strong foreign buyer demand and a mortgage market where variable-rate loans are more prevalent — meaning affordability constraints are priced differently than in Germany's predominantly fixed-rate market.
For fixed-income professionals working in RMBS, covered bonds, or real estate debt, the trajectory through 2025 is constructive but asymmetric. With the ECB deposit rate cut from 4.00% to 2.00% by end-2025, mortgage affordability has improved materially, and annual average prices rose in 2025 in all five countries in the table — though not everywhere in the bloc (Finland fell 2.3%). The key risk variable for 2026 is whether the recovery in Germany and France translates to sustained price momentum or merely stabilises at a new equilibrium — a question that depends materially on the transmission speed of ECB cuts into retail mortgage rates and on new-build construction volumes, which remain suppressed across the bloc.