EMF Publishes Quarterly Review of European Mortgage & Housing Markets Q2 2025
The European Mortgage Federation (EMF) is delighted to announce the publication of its Quarterly Review of European Mortgage & Housing Markets for the second 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, introducing six new jurisdictions: Bulgaria, Cyprus, Malta, Norway, Lithuania and Slovenia.
Quarterly Focus
This section of the review provides a detailed comparative analysis of the current socio-political landscapes governing short-term rentals. The analysis focuses on three critical areas: Regulation (licensing, duration limits, and zoning restrictions), Taxes (tourism and income tax applicability), and the Political and Social response in each country.
Country Spotlight: France
For this quarter, we invited an esteemed EMF contributor, Claude Taffin, to write an article on the private rental sector in France and Europe. Homeownership has become increasingly unattainable for the younger generation which is leading to a surge in rental demand. This pressure affects both social housing, lengthening waiting lists, and the private market, where supply is shrinking.
Updated EMF Country Fact Sheet
As always, we include up-to-date national factsheets offering a snapshot of mortgage market developments in Q2 2025.
The country fact sheets highlight analytical commentary together with data tables on the following key indicators:
- Total outstanding residential mortgage lending;
- Regulation and Government intervention;
- Nominal house price indices; and
- Mortgage interest rates.
Key highlights from the Q2 2025 Quarterly Review
- In the second quarter of 2025, the EMF sample of European mortgage and housing markets confirmed the overall recovery of markets across Europe from the last quarter, with most countries reporting renewed lending growth and improving borrower confidence. After several quarters of adjustment, activity picked up again as interest rates eased, economic sentiment strengthened, and housing demand recovered.
- Overall, the European mortgage market in Q2 exhibited recovery and cautious optimism. Lending activity continued to expand and refinancing remained strong. Although supply constraints, construction costs, and regulatory challenges persist in some countries, the general trend points toward steady and sustainable growth accross Europe's mortgage markets, supported by lower rates, improving economic conditions, and borrower engagement.
Contact:
Eva Dervaux
Research & Data Adviser
Tel: +32 472 052 217