Social housing finance in Europe: Trends and opportunities

The central topic of this contribution is the financing of the social rente d sector in seven countries in western Europe: the Netherlands, Belgium, De nmark, Germany, Great Britain, France and Sweden. Since 1975, the macro hou sing quota has increased in all seven countries, but most of all in the Net herlands, Property subsidies have been reduced; housing allowances have bec ome more important. The differences in size of the social rented sector rem ain large. Private finance has mostly replaced public loans, with the excep tion of Germany where interest-free government loans cover part of the fina nce needed. In most countries, guarantees for capital market loans exist, G reat Britain being the exception. In the near future, changes in social hou sing finance may be expected as a result of European monetary integration. The euro will (for the time being) not be introduced in Denmark, Great Brit ain and Sweden. The costs of capital may decline when social housing financ e becomes more internationalised.