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Hypostat 2011 a Review of Europels Mortgage and Housing Markets ovember 2012 N EMFHYPOSTAT 2011 HYPOSTAT 2011 A REVIEW OF EUROPE’S MORTGAGE AND HOUSING MARKETS Disclaimer The entire contents of this publication are protected by copyright. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any other form or by any means: electronic, mechanical, photocopying, recording or otherwise without the prior permission of the European Mortgage Federation. Contact details Sylvain Bouyon Katalin Bartus Economic Adviser Acting Head of Economic Affairs E-mail: [email protected] E-mail: [email protected] Tel: +32 2 285 40 42 Tel: +32 2 285 40 41 LIST OF CONTRIBUTORS OF DATA AND ANALYSIS AUSTRIA HUNGARY ROMANIA TURKEY Wolfgang Amann Gyula Nagy Stefan Dina Umur Guven Associate Professor Hungarian Banking Association Romanian Banking Association Garanti Institut für Immobilien, Bauen [email protected] [email protected] [email protected] und Wohnen GmbH [email protected] IRELAND SLOVAKIA UKRAINE Anthony O’Brien Miroslava Mizerakova Pavlo Matiyash Elisabeth Springler Adviser Mortgage Broker/Lawyer Ukrainian National Mortgage Association Institut für Immobilien, Bauen Irish Banking Federation Hypocentrum, a.s. [email protected] und Wohnen GmbH [email protected] [email protected] [email protected] Oleksandr Moiseienko ITALY SLOVENIA Ukrainian National Mortgage Association Karin Wagner [email protected] Central Bank of Austria Marco Marino Dr Andreja Cirman [email protected] Retail Credit Department University of Ljubljana Associazione Bancaria Italiana [email protected] UNITED STATES OF AMERICA BELGIUM [email protected] Dwight Jaffee SPAIN Professor of Banking and Finance Frans Meel LITHUANIA Haas School of Business Union Professionnelle du Crédit (Febelfin) Irene Peňa Cuenca University of California, Berkeley [email protected] Jonas Grincius Asóciacion Hipotecaria Española [email protected] Chief Financial Officer [email protected] AB Citadele Bankas CZECH REPUBLIC Sean Wilkoff [email protected] SWEDEN Juraj Holec Haas School of Business Hypote ní banka Christian Nilsson University of California, Berkeley č MALTA [email protected] Senior Adviser [email protected] Peter Sant Swedish Bankers’ Association DENMARK Economic Research Officer EU Affairs [email protected] OTHER Bank of Valletta Kaare Christensen Dr Marina Khmelnitskaya [email protected] UNITED KINGDOM Association of Danish Mortgage Banks Junior Reseach Fellow at St Antony’s [email protected] Caroline Purdey College, Oxford, THE NETHERLANDS Council of Mortgage Lenders [email protected] FINLAND Nico de Vries [email protected] Research Manager Martin Lux Elina Salminen ING Bank ICELAND Institute of Sociology, Academy of Federation of Finnish Financial Services [email protected] Sciences [email protected] Magnus Arni Skulason Reykjavik Economics ehf [email protected] Dimitry Fleming FRANCE [email protected] Senior Economist Petr Sunega Jean-Marie Gambrelle ING Bank NORWAY Institute of Sociology, Academy of Directeur des Relations Internationalles [email protected] Sciences Credit Immobilier de France Odd Kristiansen [email protected] jean-marie.gambrelle@ POLAND Adviser creditimmobilierdefrance.com Norwegian State Housing Bank Agneszka Nierodka [email protected] Economist GERMANY Mortgage Credit Foundation Camilla Landsverk [email protected] Thomas Hofer Norwegian State Housing Bank Verband deutscher Pfandbriefbanken [email protected] [email protected] Jacek Ryszewski BRE Bank Hipoteczny SA RUSSIA GREECE [email protected] Evgenia Zhelezova Theodore Mitrakos Agency for Housing Mortgage Lending Economic Research Department PORTUGAL [email protected] Bank of Greece Maria Lúcia Bica [email protected] Caixa Economica Montepio Geral [email protected] Note: Housing and Mortgage Markets in 2011 overview and other country chapters written by the EMF. 2 | 2011 EMF HYPOSTAT Contents KEY FACTS ........................................................................ 4 Statistical tables........................................................... 77 HOUSING AND MORTGAGE MARKETS IN 2011 ........................... 6 1. Residential Mortgage Debt to GDP Ratio % ..................... 77 EVOLUTION OF HOUSING FINANCE POLICY IN THE RUSSIAN Federation: 2. Residential Mortgage Debt per Capita, thousand EUR ........ 78 IDEAS, INTERESTS, INSTITUTIONS - A historical OVERVIEW ......... 14 3. Covered Bonds as % of GDP ....................................... 79 THE sustainability OF HOMEOWNERSHIP AND 4. Owner Occupation rate, % ........................................ 80 THE PERFORMANCE OF mortgage MARKET DURING 5. Total dwelling stock, thousand units.............................. 81 THE ECONOMIC CRISIS IN THE CZECH REPUBLIC ...................... 17 6. Housing Starts ........................................................ 82 HOUSING DEBT CRISIS IN LIGHT OF A MAJOR BANKING CRISIS 7. Housing Completions ................................................ 83 IN ICELAND: Restructuring OF HOUSEHOLD DEBT IN ICELAND – 8. Building Permits ...................................................... 84 AN EXAMPLE FOR other INDEBTED COUNTRIES? .................... 21 9. Number of Transactions............................................. 85 EU27 COUNTRY REPORTS ..................................................... 26 10. Nominal House Price Indices, 2000=100 ...................... 86 Austria ..................................................................... 26 11. Nominal House Prices, annual % change ...................... 87 Belgium ................................................................... 28 12. Residential Construction Price Index, annual % change .... 88 Bulgaria ................................................................... 30 13. Total Outstanding Residential Loans, EUR million ............ 89 Cyprus ..................................................................... 31 14. Gross Residential Loans, EUR million ........................... 90 Czech Republic .......................................................... 32 15. Net Residential Loans, EUR million .............................. 91 Denmark .................................................................. 33 16. Total Outstanding Non Residential Loans, EUR million ...... 92 Estonia .................................................................... 35 17. Gross Non Residential Loans, EUR million ..................... 93 Finland .................................................................... 36 18. Representative interest rates on new mortgage loans, % .. 94 France ..................................................................... 37 19. Loan-to-Value Ratios for mortgage loans, Germany .................................................................. 38 national averages, % .............................................. 95 Greece ..................................................................... 39 20. Total Covered Bonds Outstanding (backed by mortgages), EUR million ............................ 96 Hungary ................................................................... 41 21. Total Covered Bonds Issuance Ireland ..................................................................... 43 (backed by mortgages), EUR million ............................ 97 Italy ........................................................................ 45 22. Total Residential Mortgage-Backed Securities Latvia ...................................................................... 47 (RMBS) outstanding, EUR million ................................ 98 Lithuania .................................................................. 48 23. Total RMBS Issues, EUR million ................................. 99 Luxembourg .............................................................. 49 24. GDP at current market prices, million EUR .................... 100 Malta ...................................................................... 50 25. GDP per capita in Purchasing Parity Standards (PPS), The Netherlands ......................................................... 51 EU27=100 ............................................................101 Poland ..................................................................... 52 26. Real GDP growth rate, % ......................................... 102 Portugal ................................................................... 53 27. Real Gross Fixed Investment in Housing, .................................................. Romania .................................................................. 54 annual change, % 103 Slovakia ................................................................... 56 28. Harmonised Index of Consumer Prices (HICP), annual % change.......................................... 104 Slovenia ................................................................... 57 29. Population, thousand inhabitants ................................ 105 Spain ...................................................................... 59 ANNEX: EXplanatory note ON data .................................... 106 Sweden ................................................................... 61 United Kingdom.......................................................... 62 NON-EU Country Reports ................................................. 64 Iceland .................................................................... 64 Norway
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