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1
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Forex mortgages and housing access in the reconfiguration of Hungarian politics after 2008

100%
Gagyi A.
Critical Housing Analysis
|
2022
|
vol. 9
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issue 1
78-86
EN
After a boom in foreign-currency denominated (forex) mortgage loans in the 2000s and the resulting debt crisis in 2008-2009, Hungary’s debt management came to be defined by a highly politicised combination of several phenomena: the existence of a large social base at risk of defaulting on their mortgages; the integration of debtors’ struggles into a shift from the post-socialist dominance of neoliberalism to a national conservative political hegemony during the crisis years; and the political foregrounding of forex debt management in the post-2010 Orbán governments’ construction of a new financial model as part of a post-neoliberal authoritarian capitalist regime. The article traces how two main aspects of the forex mortgage crisis, housing debt under dependent financialisation and the problem of limited housing access, became integrated into Hungary’s electoral politics and macroeconomic transformation in the last decade.
2
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Homebuying: a Critical Perspective on Financial Costs and Gains

100%
Soaita A. M., Searle B.
Critical Housing Analysis
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2015
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vol. 2
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issue 1
65-73
EN
In Britain, the shift from the ideology of homeownership into one of homeownership-based welfare has been sustained by homebuyers being regarded as investors. Homeowners are expected to create a synergy between the owned house seen as a space of shelter, place of home and increasingly, an investment vehicle and an object of debt. Drawing on 80 interviews with owner-occupiers and national data on house prices and mortgages, we examine the way in which the meanings of home meanings are negotiated through the subjective calculation of the financial costs and gains of homebuying. We explore homebuyers’ debt amnesia, their miscalculation of gains and their disregard of inflation. However homebuyers’ financially unsophisticated understanding of the asset-home arises less from book-keeping complexities or difficulties in pricing the emotional domain of the home, but rather by them instinctively considering the alternative cost of a rented space of shelter. From this financial perspective and given affordability, homebuying illustrates a misleading ideological notion of choice.
3
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The French social housing sector at the crossroads of budgetary constraints and social missions

100%
Schaefer J.-P.
Critical Housing Analysis
|
2017
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vol. 4
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issue 2
29-38
EN
France has a high rate of production of new housing and the Global Financial Crisis has had little impact on a country of fixed-rate housing loans and strong guarantees for home-buyers. At the same time, the social rental sector, managed by a powerful network of public and private (not-for-profit) companies, has greatly increased its housing production thanks to the use of a financial mechanism that is independent of mainstream finance. Housing should be easily available throughout France. But this is not the case in the capital region and for some disadvantaged households. Critics regularly speak out against the deficiencies of French housing policies. Opponents of increased public spending consider that too much public money is being spent on this, while supporters of the free market say that the legal and institutional framework hinders private initiatives. Advocates of homeless people and low-income groups complain about the high cost of housing and segregation processes. This paper presents the debates and discussions regarding the pros and cons of housing policies in France at a time of severe budgetary constraints.
4
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Housing quantum and Innovative Building Systems in South Africa - the affordability perspective for 2020

88%
Kabundu E., Mbanga S., Botha B., Crafford G.
Critical Housing Analysis
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2022
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vol. 9
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issue 2
18-29
EN
The adoption of innovative building technologies (IBTs) and social welfare policies in South Africa has facilitated an increase in decent homeownership among low-income groups, thus improving their quality of life. However, due to the escalating costs of building materials, the capital and lifecycle costs of implementing these technologies may no longer be affordable. This research aims to provide a comparative evaluation of the affordability of some readily available IBTs in the South African construction industry, relative to existing homeownership subsidy grants. The method used involved the use of secondary data for these IBTs and the income constraint methods. The results showed that, apart from the technologies suitable for the provision of temporary structures, most of the other technologies were not affordable for the complete subsidisation of the top structure when both capital and lifecycle costs were used, except the Moladi and Robust structure IBTs under some low-income homeownership programmes. Further analysis using credit-linked subsidies revealed that the minimum household income required to achieve affordable homeownership (and their rankings) depends both on the evaluation technique (lifecycle or capital costs) and technology used. To improve affordability, any implementing government can either raise the amount of the top structure subsidy grant, promote the use of cheaper but durable IBTs, or promote the use in incremental building methods, such as the Enhanced People’s Housing Process (EPHP) for the case of South Africa.
5
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Social housing models : past and future

88%
Whitehead C.
Critical Housing Analysis
|
2017
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vol. 4
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issue 1
11-20
EN
This paper looks at the rationale for social housing; examines the models that have been used in Europe over the last century and how social housing might be maintained into the future.
6
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Whither peripheral financialisation? Housing finance in Croatia since the global financial crisis

88%
Mikuš M.
Critical Housing Analysis
|
2022
|
vol. 9
|
issue 1
57-67
EN
This article analyses recent developments in Croatian housing finance to update the established account of housing finance and peripheral financialisation in Eastern Europe that is based on the boom-bust cycle of the 2000s and early-to-mid 2010s. During the bust stage of that cycle, changes in regulation and in the behaviour of debtors and creditors resulted in deleveraging and a shift away from the risky and exploitative lending practices characteristic of peripheral housing finance. However, new increases in household debt and housing prices since 2016–17, coupled with the COVID-19 pandemic, seem to have reversed these trends. While a boom-bust cycle of similar scope and modality to the first one is unlikely to be repeated, peripheral forms of housing finance have persisted to some degree.
7
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Housing finance in the aftermath of the foreign-currency mortgage crisis in Eastern Europe: editorial

88%
Gagyi A., Mikuš M.
Critical Housing Analysis
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2022
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vol. 9
|
issue 1
39-47
EN
This special issue expands on the existing research on foreign-currency lending and the forex loan crisis in Eastern Europe by investigating other forms of housing-related finance and post-crisis developments. Bringing together hitherto disparate strands of research, our issue traces the linkages between macroeconomic developments, state measures, class dynamics, and social movements in the aftermath of the forex loan crises in Latvia, Romania, Croatia, Bosnia and Herzegovina, and Hungary as part of their long-term trajectories of housing finance. We find that despite different political-institutional articulations, these trajectories all feature a new expansion of lending based on a bifurcation of the credit market into more secure, often subsidised mortgage lending aimed at better-off debtors and more risky non-mortgage loans used for housing purposes by more precarious households.
8
Content available remote

Informal practices in housing financialisation : the transformation of an allotment garden in Hungary

75%
Gagyi Á., Vigvari A.
Critical Housing Analysis
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2018
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vol. 5
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issue 2
46-55
EN
Although financialization of housing is well known global concept, in our paper we attempt to present how financialization produces new spaces and household practises in a Central Eastern European semipheripheral context. We approach this framework through an anthropological investigation, the transformation of allotment gardens what we consider as a combination of social and spatial transformations after the 1990s. In our case study we are curious how different waves of financialization influence the formation of the transformation of an informal housing space and how informal practices of the households could be an agency against financialization.
9
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Problematyka mieszkaniowa w programach rewitalizacji śródmieść

75%
Muzioł-Węcławowicz A.
Problemy Rozwoju Miast
|
2013
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issue 1
39-49
PL
Wdrażanie programów rewitalizacji w miastach prowadzi do mozaikowatej struktury obszaru rewitalizacji. Projekty mieszkaniowe, dotyczące remontów, modernizacji, przebudowy budynków mieszkalnych, z powodu braku finansowania nie są prowadzone z intensywnością odpowiadającą udziałowi funkcji mieszkaniowych czy potrzebom w tym zakresie. Zaniechanie tych działań wpływa negatywnie na efekty innych projektów rewitalizacji w sferze społecznej, gospodarczej, przestrzennej. Krajowe programy wsparcia w dziedzinie mieszkalnictwa są niewielkie i w minimalnym stopniu mogą przyczynić się do poprawy sytuacji. Również finasowanie unijne w ramach regionalnych programów operacyjnych nie prowadzi do zadowalającego zwiększenia liczby i skali projektów mieszkaniowych w rewitalizacji. Brak programów publicznych współfinansujących projekty mieszkaniowe w rewitalizacji oznacza regres mieszkalnictwa i rewitalizacji rozumianej jako działanie zintegrowane i kompleksowe. Należy dążyć do tworzenia funduszy rozwoju mieszkalnictwa na szczeblu krajowym i regionalnym.
EN
Implementation of urban regeneration programmes causes a mosaic structure of effects on the area of regeneration. Housing projects, aimed at renovation, modernization or rebuilding of residential buildings, are not conducted proportionally to the scale of housing functions of the urban areas and needs of improvement in housing, due to the lack of financial resources. Neglect of such projects negatively influences the results of other types of intervention in the spheres of social, economic, and spatial renewal. National programmes supporting housing can insignificantly support urban regeneration, due to their low budgets. Also EU financing, available within the framework of Regional Operational Programmes, do not cause vital increase of the number or the scale of urban regeneration projects in housing. The deficiency of public programmes supporting housing projects causes recession in housing itself and diminishes the effects of urban regeneration as an integrated and complex approach. The creation of housing development funds at the national and regional levels should be considered by the policy makers to improve the process of urban regeneration.
10
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Podstawy funkcjonowania rynku nieruchomości. Ujęcie teoretyczne

45%
Kucharska-Stasiak E., Ledzion-Trojanowska Z., Marchlewski K., Nykiel L., Wójtowicz-Korycka J., Załęczna M., Łódzki U.
Acta Universitatis Lodziensis. Folia Oeconomica
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2005
|
vol. 187
EN
This monograph is a common work of Department of Investment and Real Estate, University of Lodz. It is an overview of various fields of interest of the researchers. The main idea is to show same theoretical approaches and some practical examples of the real estate market development. The monograph is made of 6 chapters. The first chapter depicts the fundamentals of the real estate market. It describes different theoretical approaches to this market, same specific features and models of this market. The second chapter has more practical character. It portrays links between the real estate market and economy. It concentrates on connection between the real estate market and financial market and underlines the importance of real estate as an investment vehicle. There are also mentioned some cyclical changes in the real estate market activity and their connections with business cycles. The third chapter introduces the problem of the real estate investment risk. There are mentioned various sources of risk and different measures and the problem of risk management. There is also a part of the chapter devoted to connections between risk and real estate valuation. The fourth chapter presents the level of the real estate market efficiency with respect to real estate value. There are mentioned analysis of the real estate market efficiency as an element of valuation process. There is also cross-country comparison of rate of return in different investments. The fifth chapter concentrates on real estate finance, especially with respect to banking activity. There are depicted various models of real estate finance and their advantages and weaknesses. The sixth chapter is devoted to the Polish real estate market. It describes the stages of the market development and concentrates on housing with respect to housing stock, building activity, financing, privatisation and social housing. This chapter also presents the Polish real estate market on the ground of the EEC real estate markets.
PL
Omówiono strukturę rynku nieruchomości, przedstawiono powiązania rynku nieruchomości z gospodarką, naświetlając szczególnie związki z rynkami finansowymi. Podjęto rozważania teoretyczne nad ryzykiem inwestowania na rynku nieruchomości oraz metodami zarządzania tym ryzykiem. Omówiono związki pomiędzy efektywnością inwestycji w nieruchomości a wartością nieruchomości. Przedstawiono znaczenie kredytu jako podstawowego źródła finansowania inwestycji na rynku nieruchomości. Dokonano także oceny funkcjonowania rynku nieruchomości w Polsce.
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