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A Multidimensional Analysis of the Maturity of Residential Mortgage Markets in the European Union Countries
,
Błażej Lepczyński
https://doi.org/10.26354/%202.2.103.2026
Abstract
The volume of housing loans relative to GDP indicates the importance of this segment of intermediation in a country's financial system. Properly analyzed, the market features of a given country—when compared with others—allow for an assessment of its level of maturity. At the same time, such an evaluation of the maturity of the housing loan market can roughly serve as an indication of the stability of the financial system in a given country or group of countries. Research on the characteristics and patterns of the maturation processes of housing loan markets in different countries is relatively scarce and methodologically challenging (among other things, due to heterogeneity).
The goal of the article is to analyze and quantify the maturity level of the housing loan market in 19 European Union countries. The analysis of the collected data used the TOPSIS technique, designed for a synthetic assessment of multi-criteria processes in the form of linear ranking of objects. Nine selected diagnostic indicators of the studied markets were analyzed. The diagnostic indicators of the examined markets and the results were used to create a ranking. Meanwhile, the indicators of basic features and the synthetic market maturity indicators were used to group the studied countries. The conducted analysis shows a clear segmentation of the mortgage markets in the examined EU countries according to the applied criteria and indicators, and thus provides evidence that the process of convergence of housing finance models in the European Union remains unfinished, while historical and institutional differences still significantly affect the development level of these markets. The highest positions were taken by Northern and Western European countries, characterized by a deep market, developed refinancing mechanisms based on covered bonds, relatively stable price conditions, and a significant share of fixed-rate loans. This pattern of results indicates that the maturity of the mortgage market is associated not only with the level of mortgage debt, but also with the durability of funding sources, the level of capital market development. At the bottom of the ranking were Hungary, Poland, Romania, Greece, Cyprus, and the Czech Republic.
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G21, F36, C38Download files
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Vol. 103 No. 2 (2026)
Published: 2026-10-30
10.26354
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.