Impacts of Crisis on the Real Estate Market Depending on the Development of the Region
The article compares the effects of crisis on the real estate market in two regions of the Czech Republic that differ from a macroeconomic point of view. The region of Prague represents the rich and developed region while the Karlovy Vary region struggles with many socio-economic and structural prob...
| Main Authors: | , , , , |
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| Format: | Article |
| Language: | English |
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MDPI AG
2023-03-01
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| Series: | Buildings |
| Subjects: | |
| Online Access: | https://www.mdpi.com/2075-5309/13/4/896 |
| _version_ | 1797606143918342144 |
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| author | Eduard Hromada Renáta Schneiderová Heralová Klára Čermáková Marian Piecha Božena Kadeřábková |
| author_facet | Eduard Hromada Renáta Schneiderová Heralová Klára Čermáková Marian Piecha Božena Kadeřábková |
| author_sort | Eduard Hromada |
| collection | DOAJ |
| description | The article compares the effects of crisis on the real estate market in two regions of the Czech Republic that differ from a macroeconomic point of view. The region of Prague represents the rich and developed region while the Karlovy Vary region struggles with many socio-economic and structural problems. An analysis was performed for the time period of 2018 to 2022. It analyzed the development of apartment prices in both regions, the availability of housing, the turnover of the real estate market in terms of the number of apartment sales, the development of liens on real estate, the number of apartment transfers from state property to private ownership, and the development of the number of real estate foreclosures. The basis for creating statistical outputs is the EVAL software, which was developed by one of the co-authors of this article. The EVAL software collects price offers of apartments offered for sale and rent throughout the Czech Republic and collects publicly available data from the cadastral office. The authors found that the real estate market experienced a significant turnaround in the volume of mortgage loans granted in 2022. This decline led to a significant drop in the total volume of real estate transactions. The findings suggest that potential buyers should wait for property prices to drop before buying, while rental property owners and investors can take advantage of the increased demand for properties. |
| first_indexed | 2024-03-11T05:11:08Z |
| format | Article |
| id | doaj.art-7c41723e972d47d19eeb966cbdb69fd0 |
| institution | Directory Open Access Journal |
| issn | 2075-5309 |
| language | English |
| last_indexed | 2024-03-11T05:11:08Z |
| publishDate | 2023-03-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Buildings |
| spelling | doaj.art-7c41723e972d47d19eeb966cbdb69fd02023-11-17T18:34:41ZengMDPI AGBuildings2075-53092023-03-0113489610.3390/buildings13040896Impacts of Crisis on the Real Estate Market Depending on the Development of the RegionEduard Hromada0Renáta Schneiderová Heralová1Klára Čermáková2Marian Piecha3Božena Kadeřábková4Faculty of Civil Engineering, Czech Technical University in Prague, Thakurova 7, 166 29 Prague, Czech RepublicFaculty of Civil Engineering, Czech Technical University in Prague, Thakurova 7, 166 29 Prague, Czech RepublicCEVRO Institut, Jungmannova 28/17, 110 00 Prague, Czech RepublicCEVRO Institut, Jungmannova 28/17, 110 00 Prague, Czech RepublicCEVRO Institut, Jungmannova 28/17, 110 00 Prague, Czech RepublicThe article compares the effects of crisis on the real estate market in two regions of the Czech Republic that differ from a macroeconomic point of view. The region of Prague represents the rich and developed region while the Karlovy Vary region struggles with many socio-economic and structural problems. An analysis was performed for the time period of 2018 to 2022. It analyzed the development of apartment prices in both regions, the availability of housing, the turnover of the real estate market in terms of the number of apartment sales, the development of liens on real estate, the number of apartment transfers from state property to private ownership, and the development of the number of real estate foreclosures. The basis for creating statistical outputs is the EVAL software, which was developed by one of the co-authors of this article. The EVAL software collects price offers of apartments offered for sale and rent throughout the Czech Republic and collects publicly available data from the cadastral office. The authors found that the real estate market experienced a significant turnaround in the volume of mortgage loans granted in 2022. This decline led to a significant drop in the total volume of real estate transactions. The findings suggest that potential buyers should wait for property prices to drop before buying, while rental property owners and investors can take advantage of the increased demand for properties.https://www.mdpi.com/2075-5309/13/4/896real estateinvestingavailability of housingownership changescadastral data |
| spellingShingle | Eduard Hromada Renáta Schneiderová Heralová Klára Čermáková Marian Piecha Božena Kadeřábková Impacts of Crisis on the Real Estate Market Depending on the Development of the Region Buildings real estate investing availability of housing ownership changes cadastral data |
| title | Impacts of Crisis on the Real Estate Market Depending on the Development of the Region |
| title_full | Impacts of Crisis on the Real Estate Market Depending on the Development of the Region |
| title_fullStr | Impacts of Crisis on the Real Estate Market Depending on the Development of the Region |
| title_full_unstemmed | Impacts of Crisis on the Real Estate Market Depending on the Development of the Region |
| title_short | Impacts of Crisis on the Real Estate Market Depending on the Development of the Region |
| title_sort | impacts of crisis on the real estate market depending on the development of the region |
| topic | real estate investing availability of housing ownership changes cadastral data |
| url | https://www.mdpi.com/2075-5309/13/4/896 |
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