This article is based a study performed for the EBRD during the first half of 2012 covering Hungary, Poland, Croatia, Serbia, Romania and Turkey. It is an expanded version of its executive summary. The study (‘EBRD study') was commissioned to identify sources of mortgage portfolio risk and...

The article discusses the relatively large share of owner-occupied housing in the housing stock in selected European countries with relatively low per capita income and describes the underlying causes of this phenomenon. We identify the economic implications of the growing number of...