Year-on-year increase drops in quarter three of 2017

House prices in Luxembourg increased by 5% in the third quarter of 2017 compared with the same period of 2016.

Over the one-year period real estate in the Grand Duchy underwent a greater increase than the euro area average of 4.6%.

The figures, measured by the House Price Index released by the statistical office of the European Union, Statec, exclude newly built single-family houses.

But the 5% rise shows a drop compared with previous quarter comparisons.

The second quarter of 2017 saw a 6.4% increase compared with the same period of 2016 and there was a 7% rise between the first quarter of 2016 and quarter one of 2017.

Compared with previous quarters the Luxembourg housing market saw an increase of 0.1% from the second to the third quarter of 2017 – lower than the 2.2% rise between the first and second quarter.

Statistics show the countries with the highest year-on-year rise were the Czech Republic at 12.3%, Ireland at 12% and Portugal with 10.4%. Italy experienced a decrease of -0.9%.