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Hypostat 2019 HYPOSTAT 2019 HYPOSTAT 2019 | A REVIEW OF EUROPE’S MORTGAGE AND HOUSING MARKETS European Mortgage Federation September 2019 The entire content of this publication is protected by copyright. All rights reserved. No part of this publication may be reproduced, stored in a DISCLAIMER 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 EDITORS Luca Bertalot Jennifer Johnson Daniele Westig Sofia Garrido Pérez Secretary General Deputy Secretary General Economic Adviser Junior Adviser [email protected] [email protected] [email protected] [email protected] Tel: +32 2 285 40 35 Tel: +32 2 285 40 45 Tel: +32 2 285 40 40 Tel: +32 2 285 40 42 LIST OF AUSTRIA GREECE ROMANIA Wolfgang Amann Calliope Akantziliotou Cristian Dragoș CONTRIBUTORS Institut für Immobilien, Bauen und Wohnen Gmbh Bank of Greece Romanian Association of Banks TO DATA [email protected] [email protected] [email protected] AND ANALYSIS Karin Wagner HUNGARY Ştefan Dina Oesterreichische Nationalbank Gyula Nagy Romanian Association of Banks [email protected] Takarék Mortgage Bank Plc [email protected] BELGIUM [email protected] SLOVAKIA Frans Meel IRELAND Jacek Kubas Union Professionnelle du Crédit (Febelfin) Anthony O’Brien European Bank for Reconstruction [email protected] Banking & Payments Federation Ireland and Development – EBRD [email protected] BULGARIA [email protected] Sofía Garrido Pérez ITALY SLOVENIA European Mortgage Federation – Marco Marino Andreja Cirman European Covered Bond Council Italian Banking Association - ABI University of Ljubljana, [email protected] [email protected] School of Economics and Business [email protected] CROATIA LATVIA Alen Stojanović Olga Lielkalne SPAIN University of Zagreb, Latvijas Banka Leyre López Faculty of Economics and Business [email protected] Spanish Mortgage Association [email protected] [email protected] Branka Tuškan LITHUANIA SWEDEN University of Zagreb, Jonas Grincius Christian Nilsson Faculty of Economics and Business AS Direct Mortgage Capital Swedish Bankers’ Association [email protected] [email protected] [email protected] CYPRUS LUXEMBOURG UNITED KINGDOM Ioannis Tirkides Daniele Westig James Tatch Bank of Cyprus European Mortgage Federation – UK Finance [email protected] European Covered Bond Council [email protected] [email protected] CZECH REPUBLIC BRAZIL Martin Kotek MALTA Filipe F. Pontual Konercní Banka Karol Gabarreta Associação Brasileira das Entidades [email protected] Malta Bankers’ Association [email protected] de Crédito Imobiliário e Poupança (Abecip) DENMARK [email protected] Jakob Kongsgaard Olsson NETHERLANDS ICELAND Finance Denmark Paul de Vries Magnus Arni Skulason [email protected] Dutch Land Register [email protected] Reykjavik Economics ehf ESTONIA [email protected] Nico de Vries Sofía Garrido Pérez ING Bank JAPAN European Mortgage Federation – [email protected] Shoichiro Konishi European Covered Bond Council Japan Housing Finance Agency (JHF) [email protected] Marcel Klok ING Bank [email protected] FINLAND [email protected] NORWAY Mariia Somerla Ruben van Leeuwen Michael H. Cook Finance Finland Rabobank Finance Norway [email protected] [email protected] [email protected] FRANCE POLAND SWITZERLAND Patrick Stocker Agnieszka Nierodka Remo Kübler Fédération Nationale du Crédit Agricole Polish Mortgage Credit Foundation SwissBanking [email protected] [email protected] [email protected] GERMANY PORTUGAL RUSSIA Thomas Hofer Banco Montepio Andrey Tumanov Verband deutscher Pfandbriefbanken (vdp) [email protected] Agency for Housing Mortgage Lending [email protected] [email protected] CONTRIBUTORS TO Janneke Michielsen James Tatch Daniele Westig Delft University of Technology, Faculty UK Finance European Mortgage Federation – HYPOSTAT ARTICLES of Technology, Policy and Management [email protected] European Covered Bond Council [email protected] [email protected] Luca Bertalot Paul de Vries European Mortgage Federation – Sofia Garrido Pérez Dutch Land Register European Covered Bond Council European Mortgage Federation – [email protected] [email protected] European Covered Bond Council [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 117 A — THE MORTGAGE MARKET KEY FACTS 7 1. Total Outstanding Residential Loans 117 2. Change in Outstanding Residential Loans 118 THE FUNDING OF AFFORDABLE 3. Gross Residential Loans 119 HOUSING IN EUROPE 9 4. Representative Interest Rates on New Residential Loans 120 A COMPARATIVE STUDY 5. Amount of gross lending ON THE DUTCH AND ENGLISH with a variable interest rate 121 BUY-TO-LET MARKET 15 6. Average amount of a Mortgage granted 122 ENERGY EFFICIENT MORTGAGES 7. Total Outstanding Non-Residential Mortgage Loans 123 INITIATIVE –THE ENGAGEMENT 8. Total Outstanding Residential Loans to GDP Ratio 124 OF THE MORTGAGE INDUSTRY TO 9. Total Outstanding Residential Loans to DELIVER SUSTAINABLE FINANCE 22 Disposable Income of Households Ratio 125 FOR THE HOUSING SECTOR 10. Total Outstanding Residential Loans per Capita 126 HOUSING AND MORTGAGE B — THE HOUSING MARKET MARKETS IN 2018 27 11. Owner Occupation Rate 127 12. Building Permits 128 EU 28 COUNTRY REPORTS 45 13. Housing Starts 129 Austria 45 14. Housing Completions 130 Belgium 47 15. Real Gross Fixed Investment in Housing 131 Bulgaria 50 16. Total Dwelling Stock 132 Croatia 53 17. Number of Transactions 133 Cyprus 56 18. Nominal House Prices Indices 134 Czech Republic 59 19. Nominal House Price Index – cities 135 Denmark 62 20. Change in Nominal House Prices 138 Estonia 21. Nominal House Price to Disposable Income 64 of Households Ratio 139 Finland 66 France 68 C — FUNDING OF THE MORTGAGE Germany 70 MARKET Greece 73 22. Total Covered Bonds Outstanding 140 Hungary 76 23. Total Covered Bonds Issuances 141 Ireland 78 24. Total Covered Bonds Outstanding 142 Italy 81 25. Total Residential Mortgage-Backed Securities 143 Latvia 84 (RMBS) Outstanding Lithuania 86 26. Total RMBS Issuances 143 Luxembourg 88 D — MACROECONOMIC INDICATORS Malta 90 27. GDP at Current Market Prices The Netherlands 92 144 28. Gross Disposable Income of Household Poland 94 145 29. Population Portugal 96 146 30. Bilateral Nominal Exchange Rate with the Euro Romania 100 147 Slovakia 103 Slovenia 105 ANNEX: EXPLANATORY NOTE Spain 107 ON DATA 150 Sweden 110 United Kingdom 112 EMF HYPOSTAT 2019 3 4 EMF HYPOSTAT 2019 FOREWORD Dear Reader, One of the key achievements of the Juncker Commission was to provide a covering, where data is available, the 28 Member States of the EU and also eleven substantial push to The Capital Markets Union (CMU) initiative, by delivering jurisdictions beyond the EU’s borders. The country chapters of our publication all measures it had committed to in the original plan of 2015. The CMU repre- offer the most comprehensive and accurate source of data available on the sents one of the key post crisis policy action of the European Union (EU) aimed respective markets and outline developments observed over the past year. at boosting real economic growth and further deepening the integration of European capital markets. Mortgage markets are a key driver of macroeconomic Besides a general analysis of European mortgage and housing markets, this growth and an essential link between financial markets and the real economy year’s Hypostat includes three external articles focusing on key topics which and, as such, are at the heart of the CMU initiative. Accounting for nearly 46% have an impact on these markets: of EU GDP in 2018, mortgage markets can be considered to be of systemic After last year’s introductory article on social housing published in Hypostat, importance in the EU financial and social landscape. Mortgage markets not this year the Secretariat has drafted, based on the valuable contributions of only play a fundamental role as mechanisms of transmission of monetary poli- the EMF Research & Data Committee members together with mortgage and cies but they crucially facilitate access to homeownership, therefore playing housing market experts across the continent, an article on the complex concept a vital role in the socio-political-economic life of EU citizens. In fact, from a of affordable housing with a particular focus on the different types of funding micro perspective point of view, mortgages are embedded in the daily lives of used. Despite the challenge of finding a common understanding of what to 26.5% of Europeans as a crucial financial instrument which provides a social consider ‘affordable housing’, it is possible to identify a variety of schemes and lift for their families and have been a crucial financing tool for the best part incentives in EU Member States depending on, among others, the availability of 42.5% of Europeans who currently own their home without a mortgage. of public funds and on the share of affected people. Public authorities continue Historically, on the Old continent, the efficient use of private capital market to dominate financing of this sector, but there a growing number of mortgages resources has mitigated the
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