Although recent price and lending growth has been rapid in many Emerging Europe countries, housing prices in much of the region remain below the highs seen before the 2008-09 global financial crisis, while rising incomes have contributed to improved affordability. Although few Emerging Europe countries face the risk of a real-estate bubble in the short term, longer-term risks could mount if the recent trend continues, meaning that further efforts to reign in lending and support faster housing construction may be warranted.
