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Hypostat 2008 a Review of Europe's Mortgage And November 2009 EMFHYPOSTAT 2008 HYPOSTAT 2008 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 Alessandro Sciamarelli Susan Yavari Rodolfo Labadie Statistical Adviser Head of Economic Affairs Economic Adviser E-mail: [email protected] E-mail: [email protected] E-mail: [email protected] Tel: +32 2 285 40 42 Tel: +32 2 285 40 46 Tel: +32 2 285 40 41 LIST OF CONTRIBUTORS OF DATA AND ANALYSIS BELGIUM HUNGARY ROMANIA NORWAY Frans Meel Joszef Hegedus Sergiu Oprescu Odd Kristiansen Adviser Managing Director Business Manager Adviser Union Professionnelle du Crédit (Febelfin) Metropolitan Research Institute Alpha Bank Romania Norwegian State Housing Bank E-mail: [email protected] E-mail: [email protected] E-mail: [email protected] E-mail: [email protected] CZECH REPUBLIC IRELAND SLOVAKIA RUSSIA Jindrich Thon Tom O’Connor Miroslava Mizerakova Andrey Krysin Hypoteční banka Adviser Mortgage Broker/Lawyer President of European Trust Bank E-mail: [email protected] Irish Banking Federation Hypocentrum, a.s. European Trust Bank E-mail: [email protected] E-mail: mirka.mizerakova@ E-mail: [email protected] DENMARK hypocentrum.sk Kaare Christensen ITALY SERBIA Association of Danish Mortgage Banks Angelo Peppetti SLOVENIA Goran Milicevic E-mail: [email protected] Retail Credit Department Andreja Cirman University of Belgrade Associazione Bancaria Italiana University of Ljubljana E-mail: [email protected] FINLAND E-mail: [email protected] E-mail: [email protected] Ari Laine UKRAINE Srna Mandi Senior Statistical Officer LITHUANIA č Oleksiy Pylipets University of Ljubljana Housing Fund of Finland Jonas Grincius Ukrainian National Mortgage Association E-mail: [email protected] E-mail: [email protected] Chief Financial Officer E-mail: [email protected] Parex Bank FRANCE E-Mail: [email protected] SPAIN Oleksandr Moiseienko Lorena Mullor Gomez Ukrainian National Mortgage Association Jean Marie-Gambrelle Economist E-mail: [email protected] Directeur des Relations Internationelles MALTA Asóciacion Hipotecaria Española Union Sociale de l’Habitat Peter Sant E-mail: [email protected] E-mail: jean-marie.gambrelle@ Economic Research Officer EU Affairs UNITED STATES OF AMERICA creditimmobilierdefrance.com Bank of Valletta Dwight Jaffee E-mail: [email protected] Irene Peňa Cuenca Professor of Banking and Finance Asóciacion Hipotecaria Española Marielle Thomas Haas School of Business E-mail: [email protected] Direction des Etudes Economiques NETHERLANDS University of California, Berkeley et Financières E-mail: [email protected] Marja Elsinga Union Sociale pour l’Habitat SWEDEN Delft University of Technology E-mail : [email protected] E-mail: [email protected] Christian Nilsson Sean Wilkoff Economist Haas School of Business Swedish Bankers’ Association University of California, Berkeley GERMANY POLAND E-mail: christian.nilsson@ E-mail: [email protected] Thomas Hofer Agnieszka Nierodka bankforeningen.se Verband deutscher Pfandbriefbanken Mortgage Credit Foundation E-mail: [email protected] OTHER E-mail: [email protected] UNITED KINGDOM Claude Taffin James Tatch Housing Finance Economist GREECE PORTUGAL Council of Mortgage Lenders The World Bank, Washington Theodore Mitrakos José Jesus Martins E-mail: [email protected] E-mail: [email protected] Economic Research Department Manager Bank of Greece Caixa Economica Montepio Geral E-mail: [email protected] ICELAND Michael Ball E-mail: [email protected] Professor of Urban and Property Magnus Arni Skulason Economics Reykjavik Economics ehf University of Reading E-mail: [email protected] E-mail: [email protected] Note: Housing and Mortgage Markets in 2008 overview and other country chapters written by the EMF Contents KEY FACTS ........................................................................ 4 STATISTICAL TABLES........................................................... 59 HOUSING AND MORTGAGE MARKETS IN 2008 ........................... 5 1. Residential mortgage debt to GDP Ratio % ..................... 59 THE RENTAL SECTOR IN HOUSING POLICY AND HOUSING FINANCE ... 11 2. Residential Mortgage Debt per Capita, 000s ................... 60 3. Covered Bonds as % GDP .......................................... 61 OVERCOMING THE CRISIS IN EUROPEAN HOUSING MARKETS ....... 16 4. Owner Occupation rate, % ......................................... 62 EU27 COUNTRY REPORTS ..................................................... 19 5. Total Dwelling Stock ................................................. 63 Austria ..................................................................... 19 6. Housing Starts ........................................................ 64 Belgium ................................................................... 20 7. Housing Completions ................................................ 65 Bulgaria ................................................................... 21 8. Building Permits ...................................................... 66 Cyprus ..................................................................... 22 9. Number of Transactions............................................. 67 Czech Republic .......................................................... 23 10. House Prices (national) annual % change ..................... 68 Denmark .................................................................. 24 11. Building Prices, annual % change ............................... 69 Estonia .................................................................... 25 12. Total Outstanding Residential Loans, € million ................ 70 Finland .................................................................... 26 13. Gross Residential Loans, € million .............................. 71 France ..................................................................... 27 14. Net Residential Loans, € million ................................. 72 Germany .................................................................. 28 15. Total Outstanding Non Residential Loans, € million .......... 73 Greece ..................................................................... 29 16. Gross Non Residential Loans, € million ........................ 74 Hungary ................................................................... 30 17. Net Non Residential Loans, € million ........................... 75 Ireland ..................................................................... 31 18. Loan-to-Value ratios for mortgage loans, Italy ........................................................................ 33 national averages (%) ............................................. 76 Latvia ...................................................................... 34 19. Representative Interest Rates ........................................... Lithuania .................................................................. 35 on new mortgage loans 77 Luxembourg .............................................................. 36 20. Total Covered Bonds Outstanding (backed by mortgages), € million ............................... 78 Malta ...................................................................... 37 21. Total Covered Bonds Issuance Netherlands .............................................................. 38 (backed by mortgages), € million ............................... 79 Poland ..................................................................... 40 22. Total Residential Mortgage-Backed Securities Portugal ................................................................... 41 (RMBS) Issues, € million .......................................... 80 Romania .................................................................. 42 23. GDP at Current Market Prices, € million ....................... 81 Slovakia ................................................................... 43 24. GDP per capita at Purchasing Parity Standards (PPS), Slovenia ................................................................... 44 UE27=100 ........................................................... 82 25. Real GDP growth rate, % ......................................... 83 Spain ...................................................................... 45 26. Real Gross Fixed Investment in Housing, Sweden ................................................................... 47 annual change (%) ................................................. 84 United Kingdom.......................................................... 48 27. Harmonised Index of Consumer Prices NON-EU COUNTRY REPORTS ................................................. 50 (HICP), annual change (%) ........................................ 85 Iceland .................................................................... 50 28. Population, 000s .................................................... 86 Norway .................................................................... 52 Russia ..................................................................... 53 Serbia ..................................................................... 54 Ukraine ...................................................................
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