House Prices vs. Salaries

Change in house prices after accounting for salary growth, 2015-2024. Positive values mean homes became more expensive relative to pay.

Sources: Eurostat House Price Index and average full-time adjusted salary per employee, latest common year available (2024).

Method: House prices are indexed to 2015, divided by the salary growth index, then shown as HPI / salary index - 1. Spain, Portugal, and Ireland are measured from near post-crash troughs, so part of the rise is rebound.

Greece is missing because the required HPI series is incomplete. The Netherlands is missing because Eurostat excludes it from this harmonised salary series; CBS publishes a different-methodology fallback.