MORTGAGE LOAN MARKET IN LATVIA
DOI:
https://doi.org/10.17770/jresd2024vol16.8293Keywords:
interest rates, mortgage loan, property and housing marketAbstract
Purpose and aim of the study: to examine the mortgage loan market in Latvia.
Design / Methodology / Approach: The research employed the following methods: descriptive and logical construction were used for reviewing and analysing research papers and other information sources, as well as for scientific discussion. Statistical analysis was employed to process and analyse secondary data on trends in mortgage loans in Latvia. The graphic method was applied to better represent and compare the research results.
Main Findings: It was concluded that the property, housing and mortgage markets were interlinked, with developments in one market affecting developments in the other. Tax policies, government support measures and macro-prudential supervision measures form part of the regulatory framework for the mortgage market, which, together with the creditworthiness and financial literacy of borrowers, can promote or restrict the availability and development of mortgage loans.
Originality: The research examined the concept of mortgage loans and factors in the mortgage credit market, as well as mortgage loan market trends in Latvia.
Implications: The research provides a basis for further research on the development of the mortgage market in Latvia.
Downloads
References
ALTUM (2023a). Palielināts atbalsts mājokļa iegādei jaunajiem speciālistiem un ģimenēm, kurās aug bērns ar invaliditāti. https://www.altum.lv/palielinats-valsts-atbalsts-majokla-iegadei-jaunajiem-specialistiem-un-gimenem-kuras-aug-berns-ar-invaliditati/
ALTUM (2023b). Balsts subsīdija. https://www.altum.lv/pakalpojumi/iedzivotajiem/majoklu-atbalsts-gimenem-ar-berniem/balsts-subsidija
ALTUM (2024). 2024. gadā ALTUM turpinās aktivitātes kreditēšanas veicināšanai. https://www.altum.lv/2024-gada-altum-turpinas-aktivitates-kreditesanas-veicinasanai/
Asadov, A., & Masih, M. (2016). Home Financing Loans and Their Relationship to Real Estate Bubble: an Analysis of the U.S. Mortgage Market. MPRA Paper, 69771. https://mpra.ub.uni-muenchen.de/id/eprint/69771.
Avery, R.B., Bostic, R.W., Calem, P.S., & Canner, G.B. (1996). Credit risk, credit scoring, and the performance of home mortgages. Federal Reserve Bulletin, 82(7), 621-648. DOI: 10.17016/bulletin.1996.82-7
Baķis, P.P. (2023). Likumdošanas jaunumu apskats un tiesu prakse 07.11.-21.11. https://www.sorainen.com/lv/publikacijas/likumdosanas-jaunumu-apskats-un-tiesu-prakse-07-11-21-11/
Bazilinska, O., & Panchenko, O. (2020). Mortgage Lending as a Component of Economic Growth. Scientific Papers NaUKMA. Economics, 5(1), 3-9. DOI: 10.18523/2519-4739.20205.1.3-9
Ciemleja, G., & Lāce, N. (2022). Personīgo finanšu pārvaldība. 4. pārstr. un papild. izd. Rīga: RTU izdevniecība, 127 lpp. https://doi.org/10.7250/9789934227189
Dārziņa, L. (2023). Hipotekārā kredīta ņēmējiem kompensēs procentu maksājumus 30% apmērā. https://lvportals.lv/skaidrojumi/358069-hipotekara-kredita-nemejiem-kompenses-procentu-maksajumus-30-apmera-2023
Doling, J. Vandenberg, P., & Tolentino, J. (2013). Housing and Housing Finance – A Review of the Links to Economic Development and Poverty Reduction. ADB Economics Working Paper, No. 362. Manila: Asian Development Bank, 8-27. https://www.adb.org/sites/default/files/publication/30348/ewp-362.pdf.
ECB (2017). Īss ieskats makroprudenciālās uzraudzības politikas darbībā. https://www.ecb.europa.eu/ecb/educational/explainers/tell-me-more/html/macroprudentialpolicies.lv.html
ECB Data Portal (2024). Bank Interest Rates - Loans to Households for House Purchase (New Business) – Euro Area. https://data.ecb.europa.eu/data/datasets/MIR/MIR.M.U2.B.A2C.A.R.A.2250.EUR.N.
EC (2017). Eiropas pusgada tematiskā faktu lapa. Mājokļu tirgus attīstības tendences. https://commission.europa.eu/system/files/2021-01/european-semester_thematic-factsheet_housing-market-developments_lv.pdf
Euriborrates.eu (2024). ECB Refinancing or Minimum Bid Rate. https://www.euribor-rates.eu/en/ecb-refinancing-rate/.
Eurostat (2023). Distribution of Population by Tenure Status, Type of Household and Income Group - EU-SILC Survey. https://ec.europa.eu/eurostat/databrowser/view/ILC_LVHO02__custom_3553007/bookmark/table?lang=en&bookmarkId=2457e44e-df35-4995-aacc-e79684402691
Fiscal Discipline Council (2023). Surveillance report on the MTBF 2024-2026 and the Budget for 2024. https://www.fdp.gov.lv/en/publikacijas-un-parskati/zinojumi/2023/01-11
MoF (2022). Kreditēšanas attīstības tendences un kreditēšanu kavējošie faktori Latvijā. https://www.fm.gov.lv/lv/media/9967/download
MoF (2023a). Kreditēšanas attīstības tendences un kreditēšanu kavējošie faktori Latvijā. https://www.fm.gov.lv/lv/media/14220/download?attachment
MoF (2023b). Izmaiņas nodokļu jomā, sākot ar 2024. gadu. https://www.fm.gov.lv/lv/izmainas-nodoklu-joma-sakot-ar-2024gadu
FNA (2023). Hipotekāro kredītu procentu maksājumu samazināšanas kumulatīvais efekts attiecībā uz ietekmi uz kapitālu un likviditāti gan esošajā kreditēšanas ciklā, gan arī turpmākajos. https://www.financelatvia.eu/news/material/hipotekaro-kreditu-procentu-maksajumu-samazinasanas-kumulativais-efekts-attieciba-uz-ietekmi-uz-kapitalu-un-likviditati-gan-esosaja-kreditesanas-cikla-gan-ari-turpmakajos/
Ghazi, R. (2022). The Impact Of Interest Rate Increases On The Mortgage Market. https://www.forbes.com/sites/forbesfinancecouncil/2022/12/07/the-impact-of-interest-rate-increases-on-the-mortgage-market.
Kaukškale, L. (2018). Nekustamā īpašuma tirgus ilgtspējīgas attīstības novērtēšana: Latvijas situācija. Promocijas darba kopsavilkums. Rīga: RTU Izdevniecība. https://ortus.rtu.lv/science/lv/publications/28170/attachments/4412
Credit Institution Law (1995). Law of the Republic of Latvia. https://likumi.lv/ta/en/en/id/37426
LB (2024). Kredītu reģistra statistika. https://www.bank.lv/statistika/dati-statistika/kr-statistika#kreditiestazu-jauno-kreditu-statistika
Latio (2024). Mājokļu pircēju pārliecības indekss. Maijs 2024. https://latio.lv/lv/majoklu_indekss_maijs_2024#
LB (2022a). Finanšu Stabilitātes Pārskats. 2022. https://datnes.latvijasbanka.lv/fsp/FSP_2022_lv.pdf
LB (2022b). Uz aizņēmējiem vērstie pasākumi. https://www.bank.lv/darbibas-jomas/finansu-stabilitate/latvija-ieviestie-makrouzraudzibas-pasakumi/uz-aiznemejiem-verstie-pasakumi
LB (2023a). Finanšu Pieejamības Pārskats. 2023. gada oktobris, Nr. 1. https://datnes.latvijasbanka.lv/fpp/FPP_2023_LV.pdf
LB (2023b). GPL mājokļa eiro kredītiem rezidentu mājsaimniecībām. https://www.bank.lv/statistika/skaitlis/gpl-majokla-eiro-kreditiem-rezidentu-majsaimniecibam
LB (2023c). Finanšu Stabilitātes Pārskats. 2023. https://datnes.latvijasbanka.lv/fsp/FSP_2023_LV.pdf
LB (2023d). Latvijas Banka pārskata kredītriska pārvaldīšanas noteikumus. https://www.bank.lv/aktualitates-banklv/zinas-un-raksti/jaunumi/16755-latvijas-banka-parskata-kreditriska-parvaldisanas-noteikumus
LV portal (2024). Palielina valsts garantiju mājokļa iegādei vai būvniecībai ģimenēm Latvijas reģionos. https://lvportals.lv/skaidrojumi/362161-palielina-valsts-garantiju-majokla-iegadei-vai-buvniecibai-gimenem-latvijas-regionos-2024
Nakiwala, M., Mukiibi, S., & Tmale, A. (2022). Mortgage Financing: Access, Knowledge, Attitudes and Challenges Experienced by Urban Housing developers. International Journal of Finance and Accounting, 1(1), 47-56. https://doi.org/10.37284/ijfa.1.1.1030
Regulations Regarding the State Assistance in Purchase or Construction of Residential Space (2018). Republic of Latvia Cabinet Regulation No. 95. https://likumi.lv/doc.php?id=297289
OECD (2023). PH2.1. Public Spending on Financial Support to Homebuyers and Homeowners. https://www.oecd.org/els/family/PH2-1-Public-spending-support-to-home-buyers.pdf.
Par Mājokļu pieejamības pamatnostādnēm 2023.-2027. gadam. (2023). MK rīkojums Nr. 739. https://likumi.lv/ta/id/347211-par-majoklu-pieejamibas-pamatnostadnem-2023-2027-gadam
Riashchenko, V., Gottmann, W., & Mandzyk, P. (2023). Mortgage Lending Market in Europe: Dynamics and Features. Baltic Journal of Economic Studies, 9(3), 77-85. https://doi.org/10.30525/2256-0742/2023-9-3-77-85
Saeima Press Service (2023). Hipotekāro kredītu ņēmējiem kompensēs 30% no kopējiem procentu maksājumiem. https://www.saeima.lv/lv/aktualitates/saeimas-zinas/32926-hipotekaro-kreditu-nemejiem-kompenses-30-no-kopejiem-procentu-maksajumiem
Sekace E., & Viesturs J. (2021). Affordable Housing for Young Adults in Latvia. Baltic Journal of Real Estate Economics and Construction Management, 9 (1), 42-52. https://doi.org/10.2478/bjreecm-2021-0004
Sideļska, A. (2014). Dzīvojamais fonds kā reģionu sociāli ekonomiskās attīstības elements. LLU https://llufb.llu.lv/dissertation-summary/regional-economics/A_Sidelska_prom_darba_kopsavilkums_2014_LLU.pdf
Tēzaurs.lv (2023). Kredīts. https://tezaurs.lv/kredīts:1
Trinh, T.H. (2022). Theroetical Foundations of Real Estate Market Behavior. Cogent Business & Management, 9(1). https://doi.org/10.1080/23311975.2022.2132590
Vilerts, K., & Ņikitins, A.J. (2024). Hipotekārā kreditēšana reģionos vāja. Kāpēc tā un ko darīt? https://www.makroekonomika.lv/raksti/hipotekara-kreditesana-regionos-vaja-kapec-ta-un-ko-darit
Volkova, N., & Khamula, K. (2020). Mortgage Loan: Assesment of the Current Situation and Impact of the Solution of Housing Problems. Economics and Region, 3(78), 78-79. https://r.donnu.edu.ua/xmlui/handle/123456789/2655
Zhao, Ch., Liu, F. (2023). Impact of Housing Policies on the Real Estate Market - Systematic Literature Review. Heliyon, 9(10). https://doi.org/10.1016/j.heliyon.2023.e20704
Downloads
Published
Issue
Section
License
Copyright (c) 2024 Elvijs Stepens, Inta Kotane
This work is licensed under a Creative Commons Attribution 4.0 International License.
