Press release

EMF Hypostat 2022: An in-depth look at European Housing & Mortgage Markets in 2021

7 September 2022

The European Mortgage Federation (EMF) is pleased to announce the publication of the 2022 edition of Hypostat, the EMF-ECBC’s annual statistical publication encompassing data on recent developments in housing and mortgage markets in Europe and beyond.


The 2022 edition (covering data until end 2021) presents data and analyses for the 27 Member States of the European Union, as well as data from 13 additional countries (Australia, Canada, Brazil, Iceland, Japan, Norway, Russia, Singapore, South Korea, Switzerland, Turkey, the United Kingdom and the United States).


Besides the country specific data, key facts reported in Hypostat 2022 include:


  • Average European house prices increased by 11.3% compared to 2020, signalling an acceleration of the overall price developments (2020 saw prices increase by 4.8%) and continuing an upwards trend that first began in 2013. Between 2012 and 2021, house prices increased at very different rates in the majority of the Hypostat sample. There are, however, some specific regional trends to consider.
  • The total number of building permits issued increased by 11.2% in the EU, for a total amount of more than 1.78 mn permits, the highest level ever reached. Over the last 10-year period (2012-2021), overall EU building permits grew by almost 40%. In 2021, newly issued building permits represented 0.86% of the combined EU27 and UK building stock, 0.12 pps more than in 2020.
  • In 2021, the total volume of outstanding mortgage loans in the EU27 reached EUR 6.5 tn. Adding the UK, Norway and Iceland to the European stock, the figure reached EUR 8.7 tn outstanding, a new all-time high. In the meantime, total gross lending reached EUR 1.2 tn in the EU27 in 2021, above 2020’s record-breaking mark.
  • The average, unweighted European interest rates on mortgages (EEA and UK) continued the downward path started in 2019, reaching a rate of 2.07%, a new all-time low (5 bps lower than in 2020). Variable interest rate mortgages represented slightly over 15% of total new mortgages, continuing a ten-year-long declining trend since 2010, when it was 37%.

Hypostat 2022 is the result of a collaborative effort by EMF national delegations and external experts. The EMF Secretariat wishes to express its gratitude to all contributors for their time and effort in making this report the flagship publication of the European mortgage and housing industries.


The underlying statistical database is available in Excel format on request (by sending an email to


Commenting on Hypostat 2022, Luca Bertalot, EMF-ECBC Secretary General, stated:


“The EMF-ECBC firmly believes that access to housing represents a crucial social catalyst which enables families and citizens to build a future of opportunities, something which is intrinsically linked to the values and sustainable ambitions rooted in the NextGenerationEU Project. At a time of great change, the horizon is dotted with a series of new challenges and opportunities linked to sustainability, energy independence, energy prices, purchasing power, interest rates, asset & liabilities management, and a rapidly evolving regulatory landscape. The EMF-ECBC stands ready, as always, to act as the global forum guiding the market towards sustainable solution.”