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An Analysis of Housing Finance Models in the Republic of Croatia

Author

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  • Mladen Mirko Tepuš

Abstract

Housing issues are a part of economic, financial and social policies of every country, as well as the Republic of Croatia. Legal conditions for implementation of various housing finance models have been created in order to find accessible solutions that would enable average citizens to solve their housing problem. Four housing finance models currently existing in Croatia are separately analysed in this paper (banking finance, contract savings for housing, the Fund for the Long-Term Financing of Residential Construction with Government Subsidy and the Publicly Subsidised Residential Construction Program – PSRC). The most important home loan lenders are universal banks, whereas more intense lending activities of housing savings banks are still expected. The Fund for the Long-Term Financing of Residential Construction with Government Subsidy has never gotten under way, and the most recent government model – PSRC has raised strong interest of citizens. However, existing models have not provided an adequate solution to the housing finance problem. This paper offers a comparative analysis and evaluation of present housing finance models and, on the basis of the results and conclusions of the conducted research, hints at solutions that may improve the present situation and foster the development of the national housing finance market.

Suggested Citation

  • Mladen Mirko Tepuš, 2005. "An Analysis of Housing Finance Models in the Republic of Croatia," Surveys 12, The Croatian National Bank, Croatia.
    • Handle: RePEc:hnb:survey:12
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    File URL: http://www.hnb.hr/repec/hnb/survey/pdf/s-012.pdf
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    References listed on IDEAS

    as
    1. World Bank, 2001. "Finance for Growth : Policy Choices in a Volatile World," World Bank Publications - Books, The World Bank Group, number 13895, December.
    2. Mladen Mirko Tepuš, 2002. "An Analysis of the Operation of Building Societies in the Republic of Croatia," Surveys 6, The Croatian National Bank, Croatia.
    3. Jaffee, Dwight M. & Renaud, Bertrand, 1996. "Strategies to develop mortgage markets in transition economies," Policy Research Working Paper Series 1697, The World Bank.
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    Cited by:

    1. Valerija Botriæ & Željka Kordej de Villa, 2005. "Determinants of Regional Housing Market in Croatia," ERSA conference papers ersa05p289, European Regional Science Association.
    2. Broulíková Hana M. & Montag Josef, 2020. "Housing Privatization in Transition Countries: Institutional Features and Outcomes," Review of Economic Perspectives, Sciendo, vol. 20(1), pages 51-71, March.

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    More about this item

    Keywords

    housing finance; banks; housing savings banks; primary/secondary home loan market; creditworthiness; Croatia;
    All these keywords.

    JEL classification:

    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets

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