The price of housing in Portugal and Ireland has risen the most in the European Union, according to newly-released Eurostat data.
In these countries, the average price of a house increased by 10.3% and 10.2% respectively in 2018, more than twice the EU average of 4.4%.
Although the price of Portuguese property is rising rapidly, the country still remains a relatively inexpensive place to buy a home. On average, the cost of a villa in Portugal is €1,119 per m2 reported the Global Property Guide. In the past two years, housing prices in Portugal have stabilised after the continuous falls from 2009-2013.
Ireland, on the other hand, remains an expensive country to buy a home, with protests against the so-called housing crisis held frequently in Dublin.
A report published by Irish property website Daft.ie estimated the average property in Ireland has a value of over €260,000, or €385,000 in the capital.
The price of housing fell in only two EU countries in 2018, compared with the previous year. Italy and Sweden experienced a drop of -0.6% and -0.9% respectively, according to Eurostat.
An apartment in the centre of an Italian city today costs on average €3,550 per m2 reports Italian property website Idealista.it. This price is 15% lower than the equivalent Irish average.
In a bid to encourage buyers to purchase property in struggling regions in Italy, many houses in 2018 were sold for just one euro. Sicily, Tuscany, and Sardinia were among the areas offering these deals.