The European Mortgage Federation (EMF) is delighted to announce the publication of its Quarterly Review of European Mortgage Markets for the third quarter of 2024.
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 EU.
The publication highlights expert analytical commentary together with data tables and charts on the following key indicators:
- Total outstanding residential mortgage lending;
- Gross and net residential mortgage lending;
- Regulation and Government intervention;
- Nominal house price indices; and
- Mortgage interest rates.
Key highlights from the Q3 2024 Quarterly Review
Macroeconomic context:
- In Q3, seasonally adjusted GDP increased by 0.4% in the euro area and 0.3% the EU and the UK, according to a flash estimate published by Eurostat. In the Q2, GDP had grown by 0.2% in the euro area and 0.3% in the EU.
- On a yearly comparison GDP (not seasonally adjusted) increased by 0.9% in the euro area and 1.0% in the EU in Q3, after +0.6% in the euro area and +0.8% in the EU in the year to Q2.
- Household real consumption per capita slightly increased by 0.1% in the euro area, after an increase of 0.4% in the previous quarter.
- Government final consumption expenditure increased by 0.6% in the euro area and by 0.7% in the EU (after +0.1% in both zones in the previous quarter), imports increased by 0.5%, a second quarter of growth while exports decreased, by 1.0%, the first shrinkage since Q4 2023. Consequently, the EU trade balance in goods dropped this quarter but maintained an overall surplus since the third quarter of 2023.
- The number of employed people increased quarterly by 0.2% in the euro area and 0.1% in the EU. In Q2 employment had grown by 0.1% in both areas. Year-on-year this was an of 1.0% in the euro area and by 0.8% in the EU, after an annual increase of 0.9% in both areas in Q2.
- Euro area inflation was 2.0% in October 2024, up from 1.7% in September. A year earlier, the rate was 2.9%. For the Union as a whole, inflation was 2.3% in October, up from 2.1% in September. A year earlier, the rate was 3.6%.
Market developments:
- The total residential mortgage stock of the EMF country sample increased slightly to EUR 8.49tn by the end of the third quarter. This is an increase of 0.85% q-o-q.
- Gross lending increased by 12% y-o-y in Q3 2024. Total quarterly non-seasonally adjusted gross lending was approximately EUR 288bn in Q3, compared to EUR 255bn in Q3 of the previous year.
- Gross lending continued to increase significantly on a y-o-y basis in Hungary (53%) and Czechia (75%), while it decreased the most in Finland (-21%) and Portugal (-15%) (all in euro equivalents).
Contact:
Eva Dervaux
Junior Policy Adviser
Tel: +32 472 052 217
edervaux@hypo.org
