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Homeownership and housing finance patterns one generation after the fall of communism

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Abstract

Drawing on a recent wave of the OeNB Euro Survey, we document current homeownership patterns across ten countries in Central, Eastern and Southeastern Europe (CESEE-10), the demographic characteristics of homeowners and the connections between their housing assets and the household credit market. Due to the experience of Central, Eastern and Southeastern Europe (CESEE) with both communism and postcommunist privatization reforms, homeownership rates in the CESEE countries are among the highest in Europe. However, the demographic characteristics of homeowners we observe in the CESEE-10 now largely resemble those observed in more mature market settings. Despite high homeownership rates, the percentage of CESEE-10 households with housing loans is relatively small and homeowners infrequently use their dwellings to secure housing loans. However, we find that homeowners do use real estate as collateral for loans that are not used to finance house purchases.

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  • Elisabeth Beckmann & Christa Hainz & William Pyle & Sarah Reiter, 2019. "Homeownership and housing finance patterns one generation after the fall of communism," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue Q4/19, pages 79-101.
    • Handle: RePEc:onb:oenbfi:y:2019:i:q4/19:b:2
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    File URL: https://www.oenb.at/dam/jcr:76f1be60-7aee-41b4-a9fd-7483d974a2b1/05_PB_focus_2019-Q4_Homeownership%20and%20housing%20finance%20patterns.pdf
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    Cited by:

    1. Marc Bittner, 2021. "Which borrower in CESEE gets which loan? Evidence from the OeNB Euro Survey," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue Q4/21, pages 77-92.
    2. Brzezinski, Michal & Sałach, Katarzyna, 2021. "Factors that account for the wealth inequality differences between post-socialist countries," Economic Modelling, Elsevier, vol. 105(C).

    More about this item

    Keywords

    housing; residential real estate; household assets; personal finance; CESEE;
    All these keywords.

    JEL classification:

    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • P30 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - General
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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