House prices return to growth all over CEE

In the second quarter of 2024, house prices increased by 1.3% y/y in the Eurozone and by 2.9% y/y in the EU. In the CEE region (CEE7 excluding Serbia), the growth of house prices was even more dynamic, as it reached an average of 8.5% y/y. Poland, Croatia, and Hungary saw the highest growth rates of house prices in the second quarter. In Poland, the growth was in double-digits and as high as 17.7% y/y. In Croatia and Hungary, it was close to 10%. The lowest growth dynamics, close to 4% y/y in the second quarter, were reported in Czechia and Slovakia. Moreover, only these two countries experienced a decline in growth rates between the second quarter of 2023 and the beginning of 2024. Over the course of 2023, the growth of house prices clearly bottomed out, and economic recovery is in line with further house price increases.