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Immobilienvermögen und Hypothekarverschuldung der Haushalte im Europavergleich


  • Stefan Jestl
  • Mario Holzner
  • Sebastian Leitner


In den Ländern der Eurozone können signifikante Unterschiede in der Vermögenshaltung der Haushalte festgestellt werden. Während in einigen Ländern, wie beispielsweise Österreich und Deutschland, der soziale Wohnbau und das Mieten von Privatwohnungen von großer Bedeutung sind, wurde in anderen Ländern, wie zum Beispiel den „Eigentümergesellschaften“ Spanien und Portugal, der individuelle Besitz von Immobilien intensiv gefördert. Diese Unterschiede bei Wohnungseigentum und Wohnungspolitik haben Auswirkungen auf das Niveau und die Struktur der Hypothekarverschuldung von Haushalten. Vor allem die mittleren und unteren Einkommensgruppen sind in den Eigentümergesellschaften hohen finanziellen Belastungen ausgesetzt. Neben den Funktionen als Wohnsitz und Schuldsicherheit dienen Immobilien auch als Absicherung gegen kurz- und langfristige Risiken, wie etwa Arbeitslosigkeit und Alter, vor allem in jenen Ländern welche über nur schwache wohlfahrtsstaatliche Institutionen verfügen. Darauf aufbauend behandelt der Artikel mögliche Verbindungen zwischen der Struktur von Haushaltseigentum, der Hypothekarschuldenlast und Sozialpolitik in den Euroländern im Vergleich.

Suggested Citation

  • Stefan Jestl & Mario Holzner & Sebastian Leitner, 2015. "Immobilienvermögen und Hypothekarverschuldung der Haushalte im Europavergleich," Wirtschaft und Gesellschaft - WuG, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik, vol. 41(1), pages 49-70.
  • Handle: RePEc:clr:wugarc:y:2015v:41i:1p:49

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    References listed on IDEAS

    1. Luc Arrondel & Laura Bartiloro & Pirmin Fessler & Peter Lindner & Thomas Y. Mathä & Cristiana Rampazzi & Frédérique Savignac & Tobias Schmidt & Martin Schürz & Philip Vermeulen, 2016. "How Do Households Allocate Their Assets? Stylized Facts from the Eurosystem Household Finance and Consumption Survey," International Journal of Central Banking, International Journal of Central Banking, vol. 12(2), pages 129-220, June.
    2. Joe Doherty, 2004. "European Housing Policies: Bringing The State Back In? 1," European Journal of Housing Policy, Taylor and Francis Journals, vol. 4(3), pages 253-260, December.
    3. Olympia Bover & Jose Maria Casado & Sonia Costa & Philip Du Caju & Yvonne McCarthy & Eva Sierminska & Panagiota Tzamourani & Ernesto Villanueva & Tibor Zavadil, 2016. "The Distribution of Debt across Euro-Area Countries: The Role of Individual Characteristics, Institutions, and Credit Conditions," International Journal of Central Banking, International Journal of Central Banking, vol. 12(2), pages 71-128, June.
    4. Mathä, Thomas Y. & Porpiglia, Alessandro & Ziegelmeyer, Michael, 2017. "Household wealth in the euro area: The importance of intergenerational transfers, homeownership and house price dynamics," Journal of Housing Economics, Elsevier, vol. 35(C), pages 1-12.
    5. Beverley Searle, 2011. "Recession and housing wealth," Journal of Financial Economic Policy, Emerald Group Publishing, vol. 3(1), pages 33-48, April.
    6. James B. Davies & Susanna Sandström & Anthony Shorrocks & Edward Wolff, 2009. "The global pattern of household wealth," Journal of International Development, John Wiley & Sons, Ltd., vol. 21(8), pages 1111-1124.
    7. Ehrmann, Michael & Ziegelmeyer, Michael, 2014. "Household Risk Management and Actual Mortgage Choice in the Euro Area," MEA discussion paper series 201406, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.
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    9. repec:mea:meawpa:14283 is not listed on IDEAS
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    Cited by:

    1. Pirmin Fessler & Peter Lindner & Martin Schürz, 2016. "In focus: Eurosystem Household Finance and Consumption Survey 2014 – first results for Austria (second wave)," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 2, pages 34-95.

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