Property prices in Europe hit record highs with Ireland among biggest increases

House prices across Europe have risen to record highs over the past year, with prices in Ireland among the biggest increases.

Figures from Eurostat show that housing costs in European countries jumped 8.8% in the third quarter of 2021 compared to the same period in 2020. This is the largest annual increase since Eurostat reported started monitoring prices in 2005.

Compared to the second quarter of 2021, house prices increased by 3.3%. Among European countries, the highest increases were recorded in Czechia (+7.3%), the Netherlands (+5.9%), Lithuania (+5.4%) and Ireland (+5, 1%).

According to the data, all EU countries recorded an annual increase in house prices in the third quarter, and for half of them the increase was more than 10%.

The figures come as a new report from the Society of Chartered Surveyors Ireland shows its members expect residential property prices to rise by another 5% this year.

The percentage increase in real estate prices compared to the previous quarter for European countries. Source: Eurostat

Nine out of 10 agents expect property prices to rise over the next 12 months, 9% expect prices to stay the same while only 2% expect a decline. Last year, the respective figures were 68%, 24% and 8%. They believe property prices in Dublin, the rest of Leinster and Munster are set to see a median increase of 5%, while Connacht Ulster will see a 7% increase.

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