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Risks to Financial Stability in the Low Interest Rate Environment and its Housing Market Implications: CE Region Study
Meti, Elvira ; Geršl, Adam (advisor) ; Polák, Petr (referee)
iv Abstract The current state of the prolonged low interest rate environment may pose a great threat to the soundness of the financial system both in the eurozone countries as well as in the neighboring regions, such as in countries of Central Europe due to high interconnectedness of markets. Some of the recently identified risks of the low interest rate environment are a notable pickup in mortgage lending and house prices, and deterioration of profitability among banks. We study these channels for the Czech Republic, Hungary and Poland, investigating the impact of the imported ECB monetary policy on local (hos countries) during 2004Q4-2019Q4. Our findings suggest that house prices are further driven by low interest rates, and the effect is lagged by two quarters as looser monetary conditions need time to impact our dependant variables. Furthermore, a decrease in the mortgage rate increases mortgage lending in these countries. Lastly, in our study of 27 banks during 2004-2015, we find that ROAA declines by approximately by 17.8 %, given a one percent increase in the 3-month EURIBOR. Keywords low interest rates, EURIBOR, financial soundness, GMM, residential property, mortgages Author's e-mail 71263908@fsv.cuni.cz Supervisor's e-mail Adam.gersl@gmail.com
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Analysis of the housing market
Rathouzská, Bronislava ; Bejšovec, Jaroslav (referee) ; Staněk, Roman (advisor)
This bachelor thesis deals with the czech real estate market analysis, especially with real estates in South Moravian region. Theoretical part describe markets with residential property, specially flats in the south moravian region. In theoretical part is also described basic concepts, which are used in practical part of thesis. Practical part of thesis deals with three topics. First is determined usual price of family house, then is described example of financing this house and finally is done development analysis of prices of family houses in South Moravian region with comparation with others factors.
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Financial resources for purchasing a residential property
Matoušek, Josef ; Bejšovec, Jaroslav (referee) ; Staněk, Roman (advisor)
This diploma thesis deals with financial issues of immovable property acquision. Specifically, the residential property purchase using mortgage. In this context, the suitability of the collateral is being assessed on the basis of a risk assessment. Subsequently, I determine the collateral value of the property using the comparative valuation method. The practical part includes financial records of six banks and an analysis of a selected segment of the residential real estate market. The theoretical part deals with immovable property valuation, the definition of entities in the real estate market and mortgage mechanism. The main output of the practical part is offered mortgage loans comparison and selection the most favourable of them.
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Return on Investment in a Developer's Project in Brno Žabovřesky
Sasínová, Zdeňka ; Klika, Pavel (referee) ; Martincová, Jana Victoria (advisor)
The diploma thesis is focused on the issue concerning the return on investment for the development projects, its financing possibilities, scope and description of the development activities. Withint the first part of the thesis is described development process, its participants and general possibilties of the development projects financing. The second part of the thesis is dealing with specific real estate residential development project and analysis of its existing market. The main goal of the thesis is to clarify the project development process, its financing and what subjects are involved in such a process.
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Analysis of building development and other impacts on the price of residential properties in a specific locality
Šestáková, Romana ; Mikš, Lubomír (referee) ; Weigel, Lubomír (referee) ; Superatová, Alena (advisor)
Gradual construction in individual parts of the city has its own characteristics. Each period brings different general requirements for construction based on the lifestyle and needs of the population at certain time. This difference in construction, whether the real estate itself, or the overall layout of buildings in the landscape, including different architectural elements, affects the determination of their value. However it is often not possible to provide a sufficiently large database of comparable objects in medium-sized municipalities when applying the comparison method. Analysing of individual types of construction and, in particular, quantifying their impact on the usual cost is a new contribution and a view of building assessment. The dissertation thesis deals with the analysis of the problematic locality, the mapping of the individual construction stages, including defining individual characteristics of buildings and their surroundings. The construction influence was quantified based on the created database of realized housing units and selected methods. The realised facts in this dissertation thesis can be used as a basis for experts and valuers in the securing of database elements but also as a basic information for state administration authorities and for the public when buying and selling commodities, choosing a place for housing or information about their age.
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Development of the Construction of Residential Property in Vyškov
Slechan, Ondřej ; Bradáč, Albert (referee) ; Klika, Pavel (advisor)
This diploma thesis deals with the development of the construction of residential property in the city of Vyškov from the beginning of construction to the present. The thesis is divided into several parts concerning the construction of the area in the certain period. These periods include typical features of construction with photographs of representatives of residential property. The highest quality development was during the seventies of 20th century when the construction of the panel blocks of flats and terraced family houses were built. The work also contains graphic processing of population and home development and the map showing development of construction of residential property in certain periods.
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Development of the construction of residential properties in the town of Polička
Kopecká, Ludmila ; Kosová, Jaroslava (referee) ; Klika, Pavel (advisor)
The main task of this thesis is to describe the development of construction of residential real estates in Polička. It is about capturing a building development of residential real estates since the city's foundation to the present. The thesis describes the construction, large buildings and apartment complexes. It shows how the city was developed and how the city grew. The first part describes the history of the site to the present days. In the second part I describe several buildings and housing complexes characteristic for the city. I try to explain the development of construction in different periods by looking into these objects. At the last part I deal with the current land use plan and the possibilities of further construction. I mention maps of the area, historical and contemporary photographs of selected residential properties and important buildings in my thesis.
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Development of the Residential Property Construction in Brno Štýřice
Liška, Aleš ; Kosová, Jaroslava (referee) ; Klika, Pavel (advisor)
This thesis deals with the development of construction of residential property in Brno Štýřice. The work is divided into several stages of the history of the area from the beginning of construction to the present. Each historical stage describes a characteristic common features and different construction material representative of residential property including pictures and photographs. The work also Štýřice history and information about the cadastral area Štýřice. Brno Štýřice is a site which is constantly developing in recent years to form a housing complexes around the street Vídeňská, while the nearby street Heršpická formed in recent years, more retail and office construction.
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