Nye tiltag ved køb af ejerbolig
Nóhr Andersen, Michael Wagner
This thesis is based on the new initiatives that Finanstilsynet introduced in connection with
purchase of owner-occupied dwellings in Denmark. The main focus is on the new initiatives
regarding the 5% payout requirement (§ 20 section 3 in ’God skik bekendtgørelsen’) in
relation to purchase of owner-occupied dwellings as well as ‘caution in credit rating in the
growth areas’. The thesis will provide an overview of the price development in the housing
market in Denmark since year 2000 with the main focus on Copenhagen + surrounding
municipalities and Aarhus as well as other selected areas in Denmark. These areas are
selected due to the significant increase in prices. The thesis will assess which elements have
caused this substantial price development that has prevailed in Denmark since 2000. This
will be sought to be put in relation to the price bubble that ravaged Denmark from 2000 to
2007 as well as the price development on the owner-occupied dwelling market after the
financial crisis. Furthermore will fundamentals, such as unemployment, interest rates,
demographics etc. be analysed as these have influenced the housing prices, which have
increased yet again after the financial crisis. The second part of the thesis will primarily
focus on how the new initiatives have influenced the customers and further, how the
customers are acting accordingly in a situation where they are buying real estate. The
customers express their opinions around the increased economic demands that they need to
accommodate. One of the main concerns for the customers are the fact that the housing
pricing in the growth areas have risen to such a level that a regular Danish citizen, with an
average income, is not able to buy real estate in these areas. All the interviewed costumers
are about to or have already bought dwellings in Copenhagen, Aarhus or the surrounding
municipalities. The criterion was carefully chosen to secure that both initiatives are
applicable to the customers thus making both groupings obligated to approach the influence
of both initiatives. The customers’ opinions regarding the initiatives have been scattered,
which is seen in their feedback in the thesis. On one hand they understand the thinking
behind it, however on the contrary they also have doubt about whom these initiatives will
have the biggest influence on. The analysis will be followed by a discussion of which
advantages and disadvantages will be reflected upon. This will further lead to a conclusion
upon which influence the initiatives will have on the customers and the housing market.
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