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mrscript_lt OP t1_jac1anx wrote

Data source Eurostat. https://ec.europa.eu/eurostat/databrowser/bookmark/669664c4-a173-46af-a902-8a6e72d64dbf?lang=en

Built using MS Excel.

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Sweetermon t1_jaccgm8 wrote

How is 5Y growth calculated in this case?

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mrscript_lt OP t1_jacclke wrote

Wanted to have longer timeline for the refference. Index value at Q3/22 divided by Index value Q3/17 and substracted 1 :)

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Short-Price1621 t1_jaecphz wrote

Great work, very interesting!

Is there any take homes you’re getting from this data?

For me I think they’d need to be consideration for inflation, GDP, RPI etc. For there to be a useable take home. If I find the time I may use your data from Eurostats to include in these factors and see what gets pumped out. May also include the UK.

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NinjaEagle210 t1_jacfbgf wrote

What does YoY and 5Y mean? Sorry if I’m just stupid

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mrscript_lt OP t1_jacfhoi wrote

YoY: Year-over-Year (change during last 12 months)

5Y: change over 5 Years :)

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DeathStarVet t1_jacc90s wrote

Soooooo... We're all moving to Denmark, correct?

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mrscript_lt OP t1_jaccnxf wrote

This does not say anything about price level itself :)

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DeathStarVet t1_jaccqb7 wrote

Ahhhhhhhh dammit.

But won't it make a good investment?

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mrscript_lt OP t1_jacd1xo wrote

Denmark is great country, indeed. But I have no clue if it makes a good Real estate investment :) Hungary was good investment 5Y ago. Who knows what next 5Y will bring. :) past isn't always good predictor of the future.

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SigerMakkerMeget t1_jacp5fm wrote

Not yet. Prices here are still at a historic high point, and next year there are tax reforms coming that WILL increase taxes on most apartments and houses in attractive areas

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Razjuul t1_jadpt8z wrote

I'm pretty sure you can't buy real estate in Denmark unless you are a citizen or have lived there for over 5 years or something along those lines.

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PolemicFox t1_jae4fbs wrote

You can buy real estate here if you live here permanently, regardless of how long you've been here.

But in general you can't invest in real estate here from abroad.

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Razjuul t1_jaeyar5 wrote

This is what it says on the ministry's site, so yah you right not citizenship but permanent residency

"To be able to purchase property in Denmark you are required to have either a permanent residence in Denmark or have lived in Denmark for a consecutive period of five years. The permission is obtained from the Danish Ministry of Justice."

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Michael90_Denmark t1_jaceinp wrote

Housing is quite expensive here. 300-400k Euros for a 2 room 60sq apartment. 600k if you want to be in the city center.

But besides that we have a high salaries, and life is generally very good here. Healthcare and education is provided freely through taxes. Childcare is subsidized, and get a childcare check for each child you have. Students get paid to study when they are above 18 years old. Those things should be the main things that should draw you to Denmark.

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PolemicFox t1_jae3zxc wrote

Only reason it's on decline is that price levels were getting ridiculous.

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mattgm1995 t1_jacmcfh wrote

Feel like you’re missing Greece

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Liuk7 t1_jad57ul wrote

He's put Norway instead xD

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ZestycloseCustard5 t1_jad5o9z wrote

In the case of Hungary the shocking part isn't the 98%. It's the fact that house prices have doubled from 2016 to 2017. Forget the chart! Now the prices are tripled compared to 2016. How? 1. Global trend 2. Local, government-supported real estate mafia.

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Kebo94 t1_jaclz8m wrote

Here in Slovenia you can go 3 miles across the border to Italy and appartment prices drop 40%

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mrscript_lt OP t1_jacqvb3 wrote

This is price growth chart. It does show peice level.

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Kebo94 t1_jacsbgm wrote

I know, I'm just venting how stupid high the prices are where I live.

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dml997 t1_jacd2l0 wrote

In which currencies? Local?

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mrscript_lt OP t1_jacdr40 wrote

Many of these countries have Euro. Eurostat does not disclose detailed methodology, this is what I have found:

The House Price Index is part of the so-called Euro-indicators that are designed to give a general overview of the economic situation of the euro area, the European Union and Member States.Weights are usually compiled using data from National Accounts, Household Budget Surveys, Construction Statistics, etc. Weights for HPI and OOHPI categories are revised yearly and released with the data for the first quarter of the current year.Data are not seasonally adjusted.

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anon4357 t1_jacg2i9 wrote

Why did house prices increase so much in Hungary in the last 5 years?

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bambabimbo t1_jachyf5 wrote

If it's weighted with hungarian currency changes , than could be a reason. EUR-HUF went from 315 to 410 in this period. The other countries has much more stable currencies. Even if it's not, the EUR-HUF rising is still an issue: Hungarians got their salaries in forint while foreign investors have USD or EUR, so they practically have a nice 30% discount on the hungarian real estates. Obviously the foreigner investments grew, so the prices too. Also, hungarian goverment implemented a huge family support program,which means government gives a shittone of money to people willing to have 3+ children. We're talking about the price of half of a house. If you give a lot money to people to buy houses, than the demand rises, so will the prices.

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BareMetalSkirt t1_jaciszp wrote

Local currency, larger inflation than abroad, and lack of new construction due to regulatory minefields. Same as Czechia.

Source: 15 months into obtaining a construction permit for a regular house on my own land. During this time material costs tripled.

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Toren6969 t1_jacjhl3 wrote

Add investment renting as the taxes for owning (one, but even multiple) houses/realities Is basically nothing, so it was one of the most Safe And solid investments with low interest rates in last decade.

Talking about Czechia.

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BareMetalSkirt t1_jackf5b wrote

Correct, and since an overwhelming majority of the voter base owns property (~80 % IIRC), property taxes will not increase.

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Toren6969 t1_jacku26 wrote

Which needs to increase Is the property tax for owning multiple properties, but I'm adraid it would be at this point too late anyway as it will be pushed in big part in already owned properties for rent And without much alternative people Will pay it. Only thing that could imo work would be tax expenses you could write off if you would rent a house for some average rent Price in the Area which would be set up by the municipality.

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Soft_Shirt3410 t1_jaczge9 wrote

Someone explain what's wrong with Hungary and Czechia?

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malahun t1_jae7p4q wrote

So there’s this thing called CSOK which is a loan from the government to give you about max 25 million huf, which you can use to build a new house. Now if you have 3 babies after taking CSOK in a certain period of time you don’t repay the loan, so free house for babies. Even if you dont make three there’s like 0 interest on the loan to repay over a long period of time. Now this would seem good on paper however the sudden influx of money to the construction market skyrocketed real estate prices due to the overwhelming amount of new building requests - of course the only real winners here are the construction firms that has close ties to the government (yep, corruption), naturally in parallel property price also goes up. Due to the pandemic there’s a global rise on the price of construction materials, that’s not helping either. Add a healthy amount of labour shortage and a brutal inflation on the national currency gives you that

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Soft_Shirt3410 t1_jaez7zy wrote

Thank you very much for such a detailed explanation! As I understood: the government (under the control of the nationalists, the rights) decided to increase the birth rate in Hungary by solving housing problems for young families. And this is a great idea! But in a free market, this led to a skyrocketed prices, bc business pursues only profit, not national interests. It's correct?

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Aspy343 t1_jaddu57 wrote

Why is the UK not in there if Iceland is in there?

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toplobster66 t1_jadsx0z wrote

Anyone know what’s going on in Italy?

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Gabriele2020 t1_jaet6dp wrote

The oldest population in Europe (and almost in the world after Japan). Few children and therefore very weak demand for new homes.

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phdoofus t1_jadecyu wrote

Something something boomers. /s

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