EMF Hypostat



On 11 September 2017, the EMF-ECBC published Hypostat 2017, which is its main statistical report, encompassing data on recent developments in housing and mortgage markets. The publication covers 36 countries – i.e. the EU28 plus Australia, Brazil, Iceland, Japan, Norway, Russia, Turkey and the United States. Hypostat is the result of a collaborative effort by the European Mortgage Federation’s national delegations and external experts.


Besides a general analysis of European mortgage and housing markets, Hypostat 2017 includes external articles focusing on significant topics which have an impact on these markets: One of the key indicators for assessing the riskiness of a mortgage loans is the Loan-to-Value (LTV) ratio. As straight forward as it seems, this ratio can be calculated and interpreted in several different ways. The first external article therefore focusse on the various ways the LTV ratio can be assessed together with an empirical study and their policy implications. Another important topic on the agenda of EU Member States is the issue of housing affordability. With this in mind, the second external article presents the results of a survey on an identikit of first time buyers (FTBs) in Ireland and the UK.


The key figures revealed by Hypostat show the following:


in aggregate terms continue the positive trend of the previous years with some exceptions. The situation between and within different jurisdictions remained highly fragmented, with some markets recovering, while others continued to decline. Nonetheless, the rate of decline appeared to have slowed down across the board and only four countries are at a price level below 80% of the 2006 levels.


(as measured by the number of building permits issued, housing projects begun and housing projects completed) confirms the first encouraging signs of 2015 and is picking up.


The rate of mortgage lending shows a two-fold picture in 2016. Total outstanding lending in the EU in 2016 decreased by 1.4% with respect to 2015, which was mainly due to the depreciation of the GBP. The Euro area outstanding mortgage market increased by more than 2% in 2016, whereas the non-Euro area decreased by 7%. Not considering exchange rate fluctuations, outstanding residential lending increased by EUR 167 bn surpassing EUR 7 trn for the first time, growing by 3.5% y-o-y.

Gross Lending

continued its upward trend in EUR terms in 2016, notwithstanding the dampening FX effect, and therefore approached the levels of 2005.


appeared to have stopped their downward trajectory and in some jurisdictions interest rates actually started to increase.   Please find below an overview of the structure of Hypostat 2017:


  • Housing and Mortgage Markets in 2016
  • The Impact of the migratory influx on the demographic development and the housing market in Germany
  • The energy efficient dimension in the mortgage market: an international comparative review
  • EU28 Country Reports


  • A. The Mortgage Market
  • B. The Housing Market
  • C. Funding of the Mortgage Market
  • D. Macroeconomic Indicators
  • Annex: Explanatory note on data
For past editions of Hypostat and the data Excel files, please contact the EMF Secretariat at

Download hypostat

To download the latest EMF Hypostat, please complete this form and click on “Download”. You will then receive an e-mail with the download link.