House Prices in Europe

EEAG European Economic Advisory Group at CESifo, Report on the European Economy 2005, Chapter 5, House Prices in Europe.

House prices have risen rapidly in most EU member states and in many other countries in recent years, though not uniformly. Between 1992 and 2002 prices in Ireland rose by 250 percent in nominal terms but in western Germany by only 10 percent (ECB 2003 b, Deutsche Bundesbank 2003). Figure 5.1 illustrates the experience of the EU states. Spanish house prices have risen steadily since that country’s accession. House prices in Britain did not recover their 1989 levels until 1997 but have risen rapidly since then. French prices have been stable with some recent rises.