House prices in Romania went up by 2% in the fourth quarter of 2020 compared to the same quarter of the previous year, while across the European Union (EU) the average growth rate was 5.7%, according to Eurostat.
Local prices of houses gained 1.3% in the last quarter of 2020 versus the previous one. Compared with the third quarter of 2020, house prices rose by 1.4% in the euro area and 1.3% in the EU in the fourth quarter of 2020.
The highest annual increases in house prices in the fourth quarter of 2020 were recorded in Luxembourg (+16.7%), Denmark (+9.8%) and Lithuania (+9.4%). Compared with the previous quarter, the highest increases were recorded in Cyprus and Luxembourg (+4.7% each), Lithuania (+3.9%) and Estonia (+3.8%), while decreases were observed only in Spain (-0.8%) and Hungary (-0.7%, provisional estimate).
Housing prices in Romania will grow this year due to higher construction costs with labor and materials, according to developers.
