EMF Hypostat


The EMF-ECBC is pleased to present the latest edition of the EMF Hypostat 2018, the EMF-ECBC’s flagship, annual statistical publication encompassing data on recent developments in housing and mortgage markets in Europe and beyond.

The publication covers 38 countries – i.e. the EU 28 together with the following countries: Australia, Brazil, Iceland, Japan, Norway, Russia, South Korea, Singapore, Turkey and the United States. South Korea and Singapore make their debut in this year’s report, further enhancing global coverage of the major markets.

Hypostat is the result of a collaborative effort by the European Mortgage Federation’s national delegations and external experts.

Complementing the general analysis of European mortgage and housing markets, Hypostat includes external articles focusing on significant topics which have an impact on these markets:

With access to affordable housing a growing concern in Europe, it is fundamental to include in the broader discussion on Europe’s housing and mortgage markets the role of social housing for which this year’s edition provides a first overview.

A second article further explores the importance of the Current Loan-to-Value (CLTV) ratio, i.e. the current amount of a loan compared with the current value of the property used as collateral and its implications in performance monitoring related issues.

Moreover, energy efficient mortgage finance over the last years gained momentum on the EU and international policy agenda. The EMF has become since 2016 a primary advocate and has been working on the development of an energy efficient mortgage product. With this in mind, the third article provides an update on the latest state of play of the Energy Efficient mortgages Initiative, with a particular focus on the recently launched Pilot Scheme involving 37 pioneering banks together with European and international institutions.

The key figures revealed by Hypostat  2018 show the following:



House prices in aggregate terms continue the positive trend with an aggregate average increase of 6% year-on-year. In the EU 28 all but two countries saw their house prices increase. 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 three countries are at a price level  20% under their 2007 levels.


Housing supply (as measured by the number of building permits issued, housing project begun and housing projects completed) confirms the encouraging signs first seen in 2015 and is picking up. In some countries the indicators have reached their pre-crisis levels and continue to increase, while in other countries the supply levels remain far away from their pre-crisis peak and are either contracting or remain unchanged.


Total outstanding lending in the EU in 2017 increased by 2.24% with respect to 2016, notwithstanding the ongoing depreciation of the GBP reaching EUR 7,014 tn, i.e. almost 46% of EU GDP. The Euro area outstanding mortgage market increased by almost 3% in 2017, whereas the non-Euro area increased by 1.16%. Not considering exchange rate fluctuations, outstanding residential lending increased by EUR 208 bn.

Gross Lending

Gross lending continued its upward trend in EUR terms in 2017, notwithstanding the dampening FX effect, and therefore approached the levels of 2005.


Interest rates on mortgage loans also continued the downward trend in 2017, although at a decelerating pace. In some jurisdictions this trend appeared to have stopped and reversed to some timid interest rate increases. In 2017 nearly a quarter of new gross lending was issued with variable interest rates which have an initial fixation period of up to 1 year.   Please find below an overview of the structure of Hypostat 2017:


  • Social Housing in the EU
  • Monitoring the Current LTV
  • Energy Efficient Mortgages Initiative – The dawn of a new asset class
  • Housing and Mortgage Markets in 2017
  • EU28 Country Reports


  • A. The Mortgage Market
    • Check out the new addition on  “Amount of gross lending with a variable interest rate”
  • 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.