スペインの住宅ローン市場（市場ガイド）

Abstract

Overview

Introduction

Spanish house prices have risen sharply every quarter for more than 10 years, making the Spanish housing market one of the most impressive performers in the EU. What are the current issues facing the Spanish mortgage market? How are housing policies affecting its performance? Who are the biggest lenders? What will be the size of the sector in the next five years? This report provides the answers.

Scope

• Covers the residential mortgage market.
• Provides market sizing data in terms of gross advances and balances outstanding.
• Provides competitor market share for the top five players in terms of balances outstanding.
• Looks at housing policies, regulations and issues in the mortgage market.

Report Highlights

Strong competition coupled with the relatively high rate of inflation in Spain has meant that real interest rates on loans have been extremely low for a number of years, helping to stimulate mortgage demand and house price growth. However, since the fourth quarter of 2005, typical mortgage rates have been increasing steadily.

Outperforming most of Europe' s surging mortgage markets in recent years, mortgage lending in Spain has expanded rapidly to reach €569.3 billion in 2006. Indeed, mortgage lending balances have grown by a compounded average rate of 21.4% per year since 2002, according to the EMF.

By the end of 2006, outstanding covered bonds backed by mortgages amounted to €214.8 billion whereas new issues amounted to €69.9 billion in 2006.

Reasons to Purchase

• Learn how the Spanish residential mortgage market has developed over the last five years.
• Understand the recent developments in the mortgage market in terms of regulations and competitor shares.
• Find out Datamonitor' s opinion on the future performance of the Spanish mortgage market over the next five years and its future prospects.

Table of Contents

• Overview
  • Catalyst
  • Summary
• Executive Summary
  • Market size
  • Market forecasts
  • Key issues
  • Key market players
• Table of Contents
• Table of figures
• Table of tables
• Market Context
  • Country overview
    • Demographics data on a selection of major western European countries
      • Population
      • Economy
    • Housing market
      • Dwelling stock
      • House prices
  • Government housing intervention
    • The government is attempting to make more housing affordable for lower income groups
    • In addition, it is trying to boost the rental sector
  • Market data
    • Mortgage interest rates
    • Market size
      • Balances outstanding
      • Gross advances
      • Product lines
  • Market structure
    • Categories of banks
      • Private commercial banks
      • Cajas de Ahorros (savings banks)
      • Co-operativas de Crédito (co-operative banks)
    • Mortgage market structure
      • Market share by player type
      • Funding
      • Distribution
  • Regulatory environment
    • Industry regulators
      • Banco de España
    • Industry associations
      • Asociación Española de Banca (AEB)
      • Confederación Española de Cajas de Ahorros (CECA)
      • Unión Nacional de Cooperativas de Crédito (UNACC)
      • Asociación Nacional de Establecimientos Financieros de Crédito (ASNEF)
      • Asociación de Usuarios de Servicios Bancarios (AUSBANC)
    • Credit bureaus
      • Banco de España manages a public registry
      • Equifax operates a private sector credit bureau in Spain
      • Experian entered the market in 2000
    • Regulatory issues and developments in the mortgage market
      • The birth of an integrated European mortgage market is still very far off
      • Basel II will mean a number of changes for lenders
      • Spain was the last European country to adopt the Code of Conduct for Home Lending
      • Recent national legislation
      • The government is working on a sweeping Modernization Law for the mortgage market
  • Key issues
• Competitor and Product Overview
  • Top five mortgage lenders
    • Market share by balances outstanding
  • Product analysis
    • Typical product characteristics
• Market Forecasts
  • Forecasting gross advances
    • Datamonitor forecasts a considerable slowdown for the Spanish mortgage market
  • Future prospects
    • Market attractiveness
    • Market inhibitors
• APPENDIX
  • Supplementary data
    • Tables relating to Chapter 2: Market Context
  • Definitions
    • Balances outstanding
    • CAGR
    • Capped mortgage
    • Fixed rate mortgage
    • Gross advances
    • Loan-to-value (LTV)
    • Mortgage intermediary
    • Remortgaging
    • Tied agent
    • Unemployment rate
    • Variable mortgage
  • Research methodology
  • Further reading
    • European Mortgages
  • Ask the analyst
  • Datamonitor consulting
  • Disclaimer
  • List of Tables
    • Table 1: Forecast of residential mortgage gross advances in the Spanish market, 2005-11f, (€m)
    • Table 2: Total population across major western European countries, 2002-06
    • Table 3: GDP at current rates across major western European countries, 2002-06, (€ billions)
    • Table 4: GDP per capita at current rates across major western European countries, 2002-06, (€)
    • Table 5: GDP growth rates across major western European countries, 2002-06, (%)
    • Table 6: GDP composition by sector across major western European countries, 2006, (%)
    • Table 7: Inflation across major European countries, 2002-06, (%)
    • Table 8: Unemployment rates across major western European countries, 2002-06, (%)
    • Table 9: Dwellings in Spain by year of construction, 2001
    • Table 10: Residential mortgage balances outstanding in Spain compared to GDP of selected European countries, 2006
    • Table 11: Top five mortgage lenders in the Spanish residential market in terms of balances outstanding, 2005-06
    • Table 12: Forecast of residential mortgage gross advances in the Spanish market, 2005-11f, (€m)
    • Table 13: Total dwelling stock in Spain, 2001-05, (000s)
    • Table 14: House price growth in the Spanish residential mortgage market, 2002-06
    • Table 15: Typical mortgage interest rates in the Spanish residential market, Q3 2004-Q3 2006
    • Table 16: Mortgage balances outstanding in Spain, 2002-06, (€m)
    • Table 17: Net mortgage lending in Spain, 2002-06, (€m)
    • Table 18: Mortgage gross advances in Spain, 2002-06, (€m)
  • List of Figures
    • Figure 1: Mortgage gross advances in the Spanish market have grown strongly, 2002-06
    • Figure 2: Santander is the leading mortgage lender in Spain, 2005-06
    • Figure 3: A snapshot of Spain' s key statistics, 2006
    • Figure 4: Spanish housing stock grew strongly, 2001-05
    • Figure 5: Owner occupation is high in Spain, 2004
    • Figure 6: Average house price growth in Spain has slowed in recent years, 2002-06
    • Figure 7: Typical mortgage interest rates in Spain stood at 4.7% in Q4 2006
    • Figure 8: Mortgage balances outstanding in Spain saw strong growth from 2002-06
    • Figure 9: Net lending in Spain saw strong growth from 2002-06
    • Figure 10: Mortgage lending gross advances in Spain witnessed strong growth from 2002-06
    • Figure 11: The three pillars of Spanish banking, 2007
    • Figure 12: Examples of banks in each of the three pillars of Spanish banking, 2007
    • Figure 13: Regulatory overview of the Spanish banking sector, 2007
    • Figure 14: Santander is the leading mortgage lender in Spain, 2005-06
    • Figure 15: Datamonitor forecasts that the Spanish mortgage market will grow at a much slower pace over the next five years than witnessed previously, 2005-11f