The real estate market in an environment of low interest rates in Poland in the years 2004–2014

2016 ◽  
Vol 45 ◽  
pp. 269-280
Author(s):  
Grzegorz Gurbin
2020 ◽  
Vol 8 (3) ◽  
pp. 56
Author(s):  
Eva Horvatova

Mortgage banking began to develop in Slovakia after 1998 as an ambitious project, the goal of which was to elevate the lagging development of the real estate market, the development of the financial market and the creation of banks’ long-term resources. Our goal is a comprehensive assessment of the development of Slovak mortgage banking for the past 20 years from the perspectives of the development of banking, the mortgage bond market, the real estate market and selected interactions between individual elements of the mortgage system. The specific aim of the study is to evaluate the substantial links between the basic economic indicators, indicators of housing finance and real estate prices in Slovakia. To evaluate these issues VAR (Vector Autoregression) models, models of panel and linear regression and DEA (Data Envelopment Analysis) models were used. Slovakia has specific indicators of the development of mortgage banking, adequate to its historical and economic development. It was confirmed that the availability of real estate loans had a significant impact on the increase in real estate prices. Real estate prices in Bratislava have different development factors than real estate prices from a nationwide perspective. Low interest rates have an important role in housing financing. The second part of the study is oriented towards an evaluation of the technical efficiency of individual banks. The results of DEA point out that the largest banks in Slovakia were the most efficient in the pre-crisis year 2007. The overall results show that policymakers should react not only to the household indebtedness rate and risks for individual clients, but should also see the risks for banks in possible changes in the real estate market, or the risks of changes in interest rates in the future.


2018 ◽  
Vol 6 (6) ◽  
Author(s):  
Vu Ngoc Xuan

Vietnamese economy in the year 2017 reached a GDP growth rate of 6.81%, inflation was controlled at 3.53%. According to Prime Minister Nguyen Xuan Phuc, Vietnam's economy has overcome many difficulties with the recovery and higher growth. In 2017, the size of the GDP economy will be about $ 220 billion, GDP by purchasing power parity - PPP $ 600 billion, per capita GDP of $ 2,385, and GDP per capita PPP is 6,000 US dollars. As predicted by the General Statistics Office, Vietnam's GDP in the next two years is expected to increase by 6.8%, and 7%. The exchange rate between the Vietnamese dong and foreign currencies such as the US dollar, the yen and the euro remains stable, while a trade surplus of $ 2.67 billion in 2017, slightly up from $ 2.52 billion US surplus in 2016. In addition to the macroeconomic highlights, Vietnam's economy faces challenges due to bad debt from the decline of the real estate market in the past, the bad debt ratio The banking system is high with interest rates falling but still at high levels, many businesses still find it difficult to mobilize business capital. At present, the drastic direction in the direction and management of the State Bank, the birth of the company VAMC recently brought the bad debt ratio of banks to an average of less than 5%. In this article, the author discusses the lessons learned from the management of the real estate market in Poland to provide a number of measures to increase liquidity in the real estate market in Vietnam economic growth in the future.


2020 ◽  
Vol 6 (1) ◽  
pp. 1-26
Author(s):  
C. Aguilera Alvial

This article studies the fundamentals of housing prices based on the Real Index of Housing Prices (IRPV), given that in recent times in Chile there has been a sustained increase in price levels and seeks to find evidence on the existence of a possible speculative bubble in the real estate market. Following the methodology of various Chilean and international authors, the Engle & Granger Co-integration methodology was applied. Furthermore, the results of the previous methodology were compared using the Johansen Co-integration test. Then a method to find structural breaks is applied. As a result, evidence is found to not reject the existence of a bubble in the real estate market. It is found that only interest rates co-integrate in the long term with the evolution of house prices, while the other fundamentals present a spurious relationship.


2011 ◽  
Vol 9 (2) ◽  
pp. 167
Author(s):  
Denisard Cneio de Oliveira Alves ◽  
Joe Akira Yoshino ◽  
Paula Carvalho Pereda ◽  
Carla Jucá Amrein

Hedonic modeling has become a benchmark for pricing real assets with several intrinsic characteristics. This work tests also others dimensions for asset pricing: the quality of life in the housing neighborhood and macroeconomic variables. The data is about the real estate market in São Paulo city from January 2001 to March 2008. The main results were: the longer the maturity of mortgage financing, the larger the housing price, but decreasing interest rate spread stimulate the real estate market, and the interactions between the dummy for the boom period and either housing characteristics or bank interest rates spread show that the hedonic model loses its relative importance for pricing, while market risk variables become much more relevant. Thus, these new findings suggests that for modeling a house price index it is not sufficient to consider only average prices or a hedonic approach, but both the market and credit risks as well.


2019 ◽  
Vol 70 (4) ◽  
pp. 603-626 ◽  
Author(s):  
Milena Radonjić ◽  
Vladimir Đurišić ◽  
Sunčica Rogić ◽  
Andrija Đurović

The real estate market, as one of the most volatile economic sectors, is a key research topic for many authors. Regardless the significance of this topic, no previous research has been conducted to evaluate the factors which influence the price of real estate in Montenegro. Therefore, the objective of this study is to clarify whether the trend in real estate prices in Montenegro can be explained by macroeconomic fundamentals such as GDP, the inflation rate, interest rates on mortgages, take-up of mortgages, the unemployment rate, the average net salary, the current account deficit and constructing activity and to determine which of them is the most important in explaining the price trend for this market. The applied methodology is based on the model averaging technique, which has not been used in previous research on this topic; it enables the research to focus on the relevant results despite the short time series and the large number of independent variables. The results obtained point to the fact that price trends in real estate are best described by and most closely align to GDP. Apart from GDP, net salary, the unemployment rate as well as the take-up of mortgages and their interest rates are shown to be significant as variables, which determine price trends within the real estate market.


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