Spain has reported a twelve point three percent rise in housing prices during the first quarter of the year, ranking it third in the Eurozone. Only Portugal and Croatia have seen higher increases at sixteen point three percent and thirteen point one percent, respectively, according to Eurostat. Despite this, when compared to the entire European Union, Spain falls to fourth place, trailing Bulgaria, which experienced a fifteen point one percent rise.

The ongoing surge in property prices poses notable challenges for many, especially young individuals and low-income groups seeking affordable housing. The current trend in rising housing costs only intensifies the existing accessibility issues, significantly impacting the ability of young people to attend university. Over the last year, the average housing prices in the Eurozone have increased by five point four percent, while the EU saw a slightly higher increase of five point seven percent.

A total of seven EU countries have recorded double-digit price increases within the same timeframe, including Slovakia, Hungary, and the Netherlands. In contrast, Finland was the sole country to witness a drop in housing prices, which declined by one point nine percent. The uptick in prices in Spain represents a three point six percent increase from the previous quarter.

Historically, since two thousand ten, the annual growth rate of housing prices in the Eurozone reached a peak of ten percent in the first quarter of two thousand twenty-two. Rental prices have also seen an increase, with rises of three point two percent in the first quarter compared to the previous year. This trend underscores the ongoing challenges faced by individuals in accessing affordable housing.