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Hypostat 2014 ovember 2014 N EMFHYPOSTAT 2014 HYPOSTAT 2014 A REVIEW OF EUROPE’S MORTGAGE AND HOUSING MARKETS Disclaimer The entire content of this publication is 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 – European Covered Bond Council. Contact details Lorenzo Isgrò Jennifer Johnson Economic Adviser Head of Economic Affairs Editors E-mail: [email protected] E-mail: [email protected] Tel: +32 2 285 40 42 Tel: +32 2 285 40 45 LIST OF CONTRIBUTORS OF DATA AND ANALYSIS AUSTRIA DENMARK LATVIA SLOVAKIA Wolfgang Amann Kaare Christensen Laura Laube Lorenzo Isgrò Institut für Immobilien, Bauen und Association of Danish Mortgage Banks Latvijas Banka European Mortgage Federation – Wohnen Gmbh [email protected] [email protected] European Covered Bond Council [email protected] [email protected] ESTONIA LITHUANIA Karin Wagner SLOVENIA Oesterreichische Nationalbank Olavi Miller Jonas Grincius [email protected] Eesti Pank Banka Citadele Andreja Cirman [email protected] [email protected] University of Ljubljana BELGIUM [email protected] FINLAND LUXEMBOURG Frans Meel SPAIN Union Professionnelle du Crédit (Febelfin) Ari Piik Lorenzo Isgrò [email protected] Federation of Finnish Financial Services European Mortgage Federation – Irene Peña Cuenca [email protected] European Covered Bond Council Asociación Hipotecaria Española BULGARIA [email protected] [email protected] FRANCE Lorenzo Isgrò MALTA SWEDEN European Mortgage Federation – Emmanuel Ducasse European Covered Bond Council Crédit Foncier Immobilier Peter Sant Christian Nilsson [email protected] emmanuel.ducasse@ Bank of Valletta Swedish Bankers’ Association creditfoncierimmobilier.fr [email protected] [email protected] Maria Pavlova European Mortgage Federation – GERMANY NETHERLANDS UNITED KINGDOM European Covered Bond Council Thomas Hofer Nico de Vries Kathleen Scanlon [email protected] Verband deutscher Pfandbriefbanken (vdp) ING Bank London School of Economics and CROATIA [email protected] [email protected] Political Science [email protected] Branka Jurčević GREECE Dimitry Fleming University of Zagreb, Faculty of ING Bank Christine Whitehead Theodore Mitrakos Economics and Business [email protected] London School of Economics and Bank of Greece [email protected] Political Science [email protected] POLAND [email protected] Alen Stojanovi ć Agnieszka Nierodka University of Zagreb, Faculty of HUNGARY Polish Mortgage Credit Foundation RUSSIA Economics and Business Gyula Nagy [email protected] Evgenia Zhelezova [email protected] FHB Mortgage Bank Agency for Housing Mortgage Lending [email protected] PORTUGAL CYPRUS [email protected] Maria Lúcia Bica Ioannis Georgiu IRELAND Caixa Economica Montepio Geral TURKEY Bank of Cyprus Anthony O’Brien [email protected] Yener Coşkun [email protected] Banking & Payments Federation Ireland Capital Markets Board of Turkey, MRICS [email protected] ROMANIA CZECH REPUBLIC [email protected] Ştefan Dina Juraj Holec ITALY Romanian Banking Association Hypote ní banka č Marco Marino [email protected] [email protected] Associazione Bancaria Italiana [email protected] CONTRIBUTORS TO HYPOSTAT ARTICLES Lorenzo Isgrò Johan Van Gompel Gyula Nagy Irene Peña Cuenca European Mortgage Federation – KBC Group FHB Mortgage Bank Asociación Hipotecaria Española European Covered Bond Council [email protected] [email protected] [email protected] [email protected] Kaare Christensen Marco Marino Christian Nilsson Branka Jurčević Association of Danish Mortgage Banks Associazione Bancaria Italiana Swedish Bankers’ Association University of Zagreb, Faculty of [email protected] [email protected] [email protected] Economics and Business [email protected] Note: The views and positions expressed in this publication are of the authors alone, and should not be interpreted as necessarily being those of the institutions to which they are affiliated. Contents FOREWORD ....................................................................... 5 Statistical TABLES........................................................... 69 KEY FACTS ........................................................................ 6 A. The Mortgage Market ................................................ 69 HOUSING AND Mortgage MARKETS IN 2013 ........................... 7 1. Total Outstanding Residential Loans .............................. 69 THE Potential FOR FINANCING HOUSING Loans IN THE REPUBLIC 2. Change in Outstanding Residential Loans ....................... 70 OF Croatia BY ISSUING Mortgage COVERED BONDS ................ 15 3. Gross Residential Loans ............................................ 71 4. Representative Interest Rates on New Residential Loans .... 72 EU 28 country reports .................................................... 22 5. Total Outstanding Non-Residential Mortgage Loans........... 73 Austria ..................................................................... 22 ............. Belgium ................................................................... 24 6. Total Outstanding Residential Loans to GDP Ratio 74 Bulgaria ................................................................... 26 7. Total Outstanding Residential Loans to Disposable Income of Households Ratio ....................................... 75 Croatia..................................................................... 27 8. Total Outstanding Residential Loans per Capita ................ 76 Cyprus ..................................................................... 28 B. The Housing Market .................................................. 77 Czech Republic .......................................................... 29 9. Owner Occupation Rate ............................................. 77 Denmark .................................................................. 31 10. Building Permits .................................................... 78 Estonia .................................................................... 33 11. Housing Starts ...................................................... 79 Finland .................................................................... 35 12. Housing Completions .............................................. 80 France ..................................................................... 36 ....................... Germany .................................................................. 38 13. Real Gross Fixed Investment in Housing 81 Greece ..................................................................... 39 14. Total Dwelling Stock ............................................... 82 Hungary ................................................................... 41 15. Number of Transactions ........................................... 83 Ireland ..................................................................... 43 16. Nominal House Prices Indices ................................... 84 Italy ........................................................................ 45 17. Change in Nominal House Prices ................................ 85 Latvia ...................................................................... 47 18. Nominal House Price to Disposable Income of Households Ratio ................................................ 86 Lithuania .................................................................. 48 C. Funding of the Mortgage Market ................................. 87 Luxembourg .............................................................. 49 ... Malta ...................................................................... 50 19. Total Covered Bonds Outstanding, Backed by Mortgages 87 ..... Netherlands .............................................................. 51 20. Total Covered Bonds Issuances, Backed by Mortgages 88 Poland ..................................................................... 52 21. Total Outstanding Covered Bonds, Backed by Mortgages ... 89 Portugal .................................................................. 53 22. Total Residential Mortgage-Backed Securities (RMBS) Outstanding .......................................................... 90 Romania .................................................................. 55 23. Total RMBS Issuances ............................................. 90 Slovakia ................................................................... 57 D. Macroeconomic Indicators ........................................ 91 Slovenia ................................................................... 58 24. GDP at Current Market Prices .................................... 91 Spain ...................................................................... 60 25. Gross Disposable Income of Households ...................... 92 Sweden ................................................................... 62 ............................................................ United Kingdom.......................................................... 63 26. Population 93 27. Bilateral Nominal Exchange Rate with the Euro .............. 94 COMMENTS: FUTURE PROSPECTS OF HOUSING AND Mortgage MARKETS ......................................................... 65 ANNEX: Explanatory Note ON Data ................................... 96 2014 EMF HYPOSTAT | 3 Foreword Dear Reader, The European Mortgage
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