The European Systemic Risk Board (ESRB) warned on Monday that eleven real estate markets are overheating.

The EU’s financial stability watchdog warned that the housing market in Belgium, France Germany, the Czech Republic, Denmark, Luxembourg, the Netherlands, Finland, Norway, Iceland, and Sweden are overheating, calling on local authorities to take action.

In the Netherlands, France and Germany on Monday, citing household debt as one area of concern, while the Czech Republic, Germany, France, Iceland and Norway should move preemptively, ESRB warns.

Credit for mortgages is surging, given record-low unemployment and interest rates. However, increased liquidity is also fueling real estate prices making, with an immediate effect on inequality.

The Dutch central bank governor Klaas Knot said on Monday that “low and negative rates will be with us for a long time,” while Danish lenders have moved to offer negative rate mortgages.