The European Mortgage Federation (EMF) is delighted to announce the publication of its Quarterly Review of European Mortgage Markets for the first quarter of 2025.
Produced in cooperation with the Federation’s national experts, the Quarterly Review provides the latest short-term developments in mortgage and housing markets across the European Union (EU).
We are pleased to share the latest edition of the Quarterly Review of the European Mortgage Markets, marking the start of 2025 with a refreshed layout and two new sections to give you even deeper insights into the key trends shaping Europe’s housing and mortgage landscape.
Quarterly Focus
This edition takes a closer look at the Housing Affordability crisis across Europe, a growing issue for young people, low-income households, and those living in urban areas. National experts from our network have provided insights into local policy responses and measures, highlighting both differences and shared challenges across countries.
Country Spotlight: Hungary
We are also launching a new country factsheet series, starting with Hungary, in recognition of Nagy Gyula László, Chair of our Research & Data Committee. This section explores the country’s mortgage market, shaped by a strong culture of homeownership and evolving government efforts to improve housing quality, affordability, and energy efficiency.
Updates EMF Country Fact Sheet
As always, we include up-to-date national factsheets offering a snapshot of mortgage market developments in Q1 2025.
The country fact sheets highlights analytical commentary together with data tables on the following key indicators:
Key highlights from the Q1 2025 Quarterly Review :
In the first quarter of 2025, the EMF sample of European mortgage and housing markets mostly experienced recovery, with most countries reporting increased lending activity driven by lower interest rates, improved credit demand, and supportive macroeconomic conditions.
While there were differences in local policy and economic conditions, several broad and consistent trends have emerged across countries with a widespread return of borrower confidence and development of the housing market. The main commonality across nearly all markets is the impact of declining interest rates. Lower borrowing costs have stimulated demand for new housing loans and refinancing.
In many countries within the sample, housing supply remains limited due to a combination of structural issues and declines in construction activity. The difference between housing supply and demand is a common theme, with many markets struggling to keep up with the growing need for new homes.
House prices across the EMF country sample showed a clear upward trend, although the speed and distribution of growth varied significantly between countries and regions. Most countries in the EMF sample reported y-o-y increases in property values, with the pace of growth varying significantly between markets
Finally, mortgage markets across the country sample generally experienced easing interest rates.
The first quarter of 2025 marked a turning point for Europe’s housing and mortgage markets, with a broad-based recovery gaining traction after a period of stagnation and uncertainty. Lower interest rates, improving economic conditions, and renewed borrower confidence have led to a renewal in mortgage lending and a general rise in house prices across much of the sample.
Contact:
Eva Dervaux
Junior Research and Data Adviser
Tel: +32 472 052 217
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