CSN News reports that house prices in Spain are expected to rise three times faster in 2024 than in the rest of Eurozone.

The price of houses in Spain has increased three times faster than the rest the Eurozone.

According to Eurostat, Spanish property prices are expected to increase 11.2% in the fourth quarter 2024 compared with the same period 2023.

The Eurozone, on the other hand, only saw a 4.2% increase.

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This means that in the Eurostat series of reports, starting in 2017, Spain recorded the largest ever increase in property prices and led the Eurozone rankings.

Germany, meanwhile, reported a 1,9% increase in prices last year. France’s price was actually lower by 2,0%.

In Greece and Portugal, there were increases of more than 10%.

Housing costs in the European Union increased by 4,9% during the fourth quarter 2024.

Bulgaria (18.3%), Hungary (13%), and France (1.9%) saw the biggest increases, while Finland and France saw the smallest.

In the meantime, a report by real estate firm Solvia published on Tuesday shows that Spain’s real-estate sector experienced a major boom last year – particularly in the second halves.

This is due to the lower interest rates, improved job security and increased foreign buyers.

Solvia says that although new construction is improving, there is still a huge demand for them.

It means the shortage is ‘driving prices up and making it hard for some parts of the population’ to get onto the property ladder.