The European Commission publishes price indices for housing in the EU Member States

The financial crisis, the economic crises, and the sovereign debt crisis that swept over Europe in 2008 and the following years lead to a number of new EU Policy initiatives in 2010. The Van Rompuy Task Force report on Strengthening economic governance in the EU of 21 October 2010 and the Commission proposal of 29 September 2010 on an Enhanced Economic Policy Coordination included several suggestions for improving the EU economic surveillance. An important initiative was the establishment of a new Macroeconomic Imbalance Procedure (MIP) focusing on the identification of emerging or persistent macroeconomic imbalances at an early stage. Housing price developments are part of the monitoring.

The MIP is accompanied by a scoreboard consisting of a small number of relevant, practical, simple, measurable, and available macroeconomic and macro financial indicators. The scoreboard, combined with appropriate economic judgement, will form the basis for Alert Mechanism Report, prepared annually by the European Commission in December/January. 

The Scoreboard provides timely information necessary for identifying the short-term developments  and the medium term tendencies, i.e. imbalances that are persistent over a period of several years.  Internal imbalances include those that can arise from general government sector and private sector indebtedness; financial and asset market developments, including housing; the evolution  of private sector credit  flow; and the evolution of unemployment; External imbalances include those that can arise from the evolution of current  account and net investment positions of Member States, real effective exchange rates, share of world exports, and nominal unit labour cost. 

The data for the scoreboard indicators are derived from official statistics produced in accordance with EU Regulations and in line
with international manuals. In particular, National Accounts (ESA-95) and Balance of Payments (BPM-5) concepts are used for
the compilation of the indicators. Eurostat is the main provider of data for these indicators. Some data are also provided by the
Commission's Directorate General for Economic and Financial Affairs, the European Central  Bank and the International Monetary Fund.

Click here to read data including price indices for housing in the European member States between 2007 and 2011.