zagreb, croatia.jpg
Photograph: Photo by Miroslav Vajdic, used under CC BY-SA

House prices in Croatia went up in the first quarter of the year compared with the previous quarter, their strongest growth since the country's entry into the European Union in mid-2013, while elsewhere in the EU they picked up slightly, the latest figures from the EU statistical office show.

House prices in Croatia, as measured by Eurostat's House Price Index, increased in January-March 2016 by 1.2% compared with the previous three months when they rose by a marginal 0.1%.

Their growth was considerably weaker than in Hungary which recorded the highest quarterly increase in house prices of 5.2%. Croatia ranked with Bulgaria, where house prices went up by 1.1%, the Czech Republic (+1.0%), the Netherlands and Spain (both +1.4%).

The largest quarterly decreases were observed in Cyprus (-3.4%) and Malta (-2.8).

In the 28-member EU, house prices increased by 0.7% in the first quarter of 2016 after increasing by 0.4% at the end of 2015. The 19-member euro area recorded a more modest increase in house prices, of 0.4%, in comparison with the previous quarter when they almost stagnated.

Compared with the first quarter of 2015, houses prices in Croatia stabilised at a growth rate of 0.2%. In the previous quarter, they decreased by 2.1% year on year.

The largest increases in house prices compared with the first quarter of 2015 were recorded in Hungary (+15.2%, Austria (+13.4%) and Sweden (+12.5%), while decreases were observed only in Italy and Cyprus (both -1.2%).

House prices in the EU28 went up by 4.0% in the first quarter of 2016 compared with the same period of the previous year, while in the euro area they increased by 3.0%.

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