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Tuesday, December 03, 2024
EU house prices up by 48% in less than 10 years
In less than 10 years, between 2015 and 2023, house prices in the European Union (EU) on average rose by 48%.
The biggest increase is marked in Hungary, where prices rose 173%, and the lowest in Finland, with just 5%.
Juho Keskinen, a Finish economist, has said that the capital region of Helsinki rose to levels that are unattainable for many low and middle-income earners.”
The situation is a consequence of both wage growth and house price decreases, according to Keskinen.
"In regions where house prices have risen only modestly for an extended period of time – namely, regions outside the largest population centres – the main determining factor has been wage growth.
In Helsinki, Tampere and Turku, for example, house prices have seen more dramatic increases, as well as decreases, in recent decades."