Portugal, Bulgaria, and Lithuania lead EU house price rises

The fastest national house price rise in the EU over the last year was in Portugal, up 16.5% to 2026-Q2, followed by Bulgaria at 15.5% and Lithuania at 14.3% [1]. Over the same period, the average rise across the EU was 4.7% [1]. Since 2015, Hungary leads with a 289.6% increase, while Finland is the only country where prices are below their 2015 level, down 2.5% [1]. These results are from our calculation of Eurostat’s house price index, using nominal (non-inflation-adjusted) prices; the index measures change, not absolute price levels [1].

Which EU countries saw the fastest and slowest house price rises in the last year?

In the year to 2026-Q2, Portugal had the sharpest annual rise in house prices of any EU country, with a 16.5% increase [1]. Bulgaria (15.5%) and Lithuania (14.3%) followed closely behind [1]. Across the EU, the average annual increase was 4.7% [1].

At the other end, France, Luxembourg, and Finland were the only EU countries to see house prices fall over the year. France’s average house price dropped by 0.8%, Luxembourg’s by 2.2%, and Finland’s by 2.7% [1]. These are nominal changes: rising prices here do not mean homes are expensive in absolute terms, only that they rose the fastest.

Below is a table of the countries at the top and bottom for annual price change:

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Where have house prices risen most since 2015?

Our own calculation from Eurostat's house price index (measured 2 November 2026) puts Hungary at the top for house price growth since 2015, with a 289.6% increase [1]. Portugal follows at 201.4%, Lithuania at 191.0%, and Bulgaria at 184.8% [1]. The EU average over this period is not given as a single figure in the source, but the full national figures are below. These are nominal changes: they show how prices moved, not how affordable homes are now, and do not account for inflation or wage growth.

Finland is the only EU country where house prices are now below their 2015 level, down by 2.5% [1]. No source gives which country had the smallest positive rise; what the source does show is that price growth over the period varies widely, with some countries well under 100% and others more than doubling.

All figures: our own calculation from Eurostat, 2026-Q2 [1]. The index measures change in national average house prices, not the price level or affordability in any city or region.

The full table: House price changes by EU country

Every country’s annual and 2015-to-2026-Q2 change, from our own calculation using Eurostat’s house price index, is shown below [1]. The index measures how much prices have changed, not how expensive a market is. Prices are nominal: they do not account for inflation. A high percentage rise in a lower-priced country could still leave homes cheaper than in a more expensive market that rose less [1].

[1]

What the index measures—and what it does not

The house price index used here is based on Eurostat’s official series (2015 = 100) and shows how much prices have changed over time, not what they cost in euros or how affordable homes are in each market [1]. The figures are nominal, so they do not account for inflation. A country with a 16% rise could remain much cheaper in absolute terms than one where prices rose 2% [1].

The index averages over each country as a whole, and local movement can be very different from the national trend. City-level or regional data is not included here [1]. The figures also do not address affordability, which depends on incomes and borrowing costs in addition to house prices.

A worked example: Comparing two countries

Suppose a reader is deciding between moving to Portugal or Germany and wants to understand recent house price trends. Based on the latest data, Portugal’s house prices rose 16.5% in the last year and 201.4% since 2015, while Germany’s rose 0.6% over the year and 53.5% since 2015 [1]. This means prices increased much faster in Portugal both over the past year and since 2015, but the index says nothing about whether homes are more expensive in Portugal or Germany today.

If a buyer is concerned about market momentum or the risk of a sharp correction, these headline rates signal very different recent experiences. However, the index cannot answer whether a home is affordable or which country’s housing is more costly in absolute terms. For that, further research into actual prices and local incomes is needed.

Questions readers ask

Are homes now less affordable where prices rose fastest?

Not necessarily. The index tracks price changes, not absolute price or local income. A fast-rising but still low-cost market can remain more affordable than a slow-growing but high-priced one [1].

Does the index reflect what’s happening in big cities?

No. The numbers are national averages, so city-level dynamics (like in Lisbon, Budapest, Berlin) can be very different from the country as a whole [1].

Are these price changes adjusted for inflation?

No, they are nominal. To see real (inflation-adjusted) changes, you would need to subtract inflation from these percentages [1].

Sources

1. Our own data, 2 Nov 2026: EU house price changes by country, Eurostat 2026-Q2