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Analysis of Prices and Investments in Housing Market using Capital Stock Model in the Czech republic in 2000-2013
Hájková, Eva ; Dušek, Libor (advisor) ; Rod, Aleš (referee)
This thesis deals with the evolution of prices in the housing market within the Czech Republic. The model of capital stock was used for this purpose. The factors that affect the price evolution were the size of income, the size of the first time buyer population, and the anticipated VAT change on new housing. Various evolution scenarios were presented under various conditions. Housing market in the Czech Republic as a whole and the market in the capital particularly were considered. In the case of the Czech Republic both real and simulated prices reached their peak in 2009, simulated price was 7 % lower than real. Concerning Prague, the real price peak happened in 2008, while the estimated price was 19 % lower compared to real prices.
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Prodejní cena a čas na trhu s nemovitostmi: Meta-analýza
Kuncová, Barbora ; Čadil, Jan (advisor) ; Slaný, Martin (referee)
The aim of the thesis is to broaden the research in the field of housing economics using the statistical tool of meta-analysis. The thesis examines the relationship between the selling price of a house and the time the house spends at the housing market. Although the research investigating this relation is of a wide comprehension, the results arising from various primary studies differ a lot. The goal of the thesis is to explain the source of this heterogeneity and determine the factors causing this variation. According to the results, it can be concluded that the effect size is influenced mainly by number of observations, modelling technique and specification of the model. Median income or location are other factors also determining the size of estimated coefficients. Also publication bias has been investigated although its presence is not confirmed in this thesis.
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Tax policy and housing development
Kubantová, Kateřina ; Sedmihradská, Lucie (advisor) ; Dugová, Alena (referee)
This thesis deals with the impact of tax policy on new housing developments. In the first part is analysed the development of housing construction in recent years, in the next section can be found influences that could have an impact on housing development and consequently the analysis of the evolution of housing development under the influence of these aspects. The result of the analysis is the conclusion that the greatest impact on housing has a set of value added tax. Income taxes are much less important, as well as a tax on immovable property, tax on the purchase of property has negligible effect actually. These and other tax influences are less significant than the adjustment of the value added tax. An influence on the development of housing construction has also economic and demographic development. The method used in thesis is primarily correlation of the housing and the individual effects, abstraction and comparison of the impact of individual effects.
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The Czech Housing Market Through the Lens of a DSGE Model Containing Collateral-Constrained Households
Tonner, Jaromír ; Brůha, Jan
We incorporate a housing market with liquidity-constrained households into the Czech National Bank’s core forecasting model (g3) to analyze the relationship between housing market and aggregate fluctuations in a small open economy framework. We discuss the historical shock decomposition of house prices and interpret the results in the light of recent empirical work. For a wide range of model calibrations, the interaction between the housing market and the aggregate economy is weak and so the monetary policy implications of house price fluctuations for the Czech Republic are not strong. We interpret this – in line with recent empirical evidence – as an indication that the wealth effects stemming from house ownership are not significant in the Czech Republic. Nevertheless, we show that the collateral mechanism significantly improves the forecasting properties of the extended model, especially for private consumption. This indicates the importance of the collateral effect, which can be caused by assets other than houses.
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Determinants of house prices in central and eastern Europe
Égert, Balázs ; Mihaljek, Dubravko
This paper studies the determinants of house prices in eight transition economies of Central and Eastern Europe (CEE) and 19 OECD countries. The main question addressed is whether the conventional fundamental determinants of house prices, such as GDP per capita, real interest rates, housing credit and demographic factors, have driven observed house prices in CEE.
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Housing market in Hodonín and Uherské Hradiště
Důbravová, Zuzana ; Dušek, David (advisor) ; Dohnal, Petr (referee)
The diploma thesis focuses on housing market in Hodonín and Uherské Hradiště. The goal of this thesis is the evaluation of some housing market determinants in both cities and the identification of their influence on the housing market supply and demand as well as on the diference of the flat prices in both mentioned cities. The characteristic of the housing fund in Hodonín and Uherské Hradiště and the analysis of the flat prices in these cities, which has been accomplished with usage of the own examination, is also the object of this diploma thesis.
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Analysis of housing development in and around Prague
Svítilová, Kateřina ; Poláková, Olga (advisor) ; Sunega, Petr (referee)
The aim of this work is an analysis of housing as a source of growth of housing in the Czech Republic. The introductory part will focus on supply and demand for housing in economic theory, basic theory of the housing market and housing policy instruments. It will include further defining the content, meaning and basic forms of State action in the sphere of housing as an important segment of the state social policy, along with the general factors affecting their operation. This part will include identifying the factors and explaining the particularities of social and economic environment of socialist Czechoslovakia, including the intermediate stages of historical development of state intervention in the housing market. The analytical part will be focused on the main factors affecting the housing. The factors will be presented, analyzed and commented on available statistical data, their structure and evolution. In the conclusion of the thesis will be the analysis of housing and segmented offers housing in the capital city of Prague and its surroundings.
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Beginnings and history of state interventions into housing market using Czech market as example
Knap, Adam ; Poláková, Olga (advisor) ; Sunega, Petr (referee)
The goal of my thesis "Beginnings and history of state interventions into housing market using Czech market as example" is to illustrate circumstances (conditions) in which housing policy started to evolve. Next goal is to explain the reasons why state interventions on Czech housing market grew stronger. Historical circumstances, which were important in housing market shaping, are accompanied by analysis of historical sources. First part of thesis is focused on explaining basic terms regarding forming housing market and highlighting specialties of housing as (tady ten statek nevím). Second part demonstrates first state interventions in Czech Republic territory using historical legislative sources, statistical data and historical context. It starts in Austria-Hungary and then chronologically moves over two World Wars era and socialism to the present.
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Housing development in Prague and Central Bohemia region
Pflanzerová, Šárka ; Patočka, Jiří (advisor) ; Slepička, Alois (referee)
This Diploma thesis focuses on new housing development. The aim is to evaluate housing development in Prague and Central Bohemia region and point out factors that affect housing development. This work is seen on demographic, social, economic and political factors. The first part defines basic concepts and put into the real estate market and housing market. The following section analyses the various factors that affect housing, such as the demographic situation and its trends, economic and social environment, legal environment and government policy and prices. Another part of the work evaluates housing development in Prague and Central Bohemia by using empirical data from the Czech Statistical Office. The last part of the work deals with problems of suburbanisation in terms of migration flows and the impact reflecting in living and socio-economic environment, territorial planning, transport and economy.
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The mortgage crisis and problems in the housing market in Great Britain
Koukalová, Eva ; Stuchlíková, Zuzana (advisor) ; Popovová, Marie (referee)
This bachelor thesis is divided into 4 chapters. The theoretical introduction explains the theory of financial crises, their kinds, main features, and their causes in general. The second chapter explains the american subprime mortgage crisis, its causes and consequences. The third chapter is dedicated to Great Britain, explains the term "credit crunch", describes the causes of the crisis and current situation. The fourth chapter is focused on the housing market in Great Britain and its state before and after the crisis.
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