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Gediminas Šimkus, chairman of the board of the Bank of Lithuania, introduced them at a press conference on Monday.
“A few weeks ago, we presented a proposal to the Ministry of Justice on reforms to the Civil Code, establishing the obligation to register contracts for the purchase and sale of a future house or residential apartment.
The primary housing market is historically active right now, with new home sales accounting for 40 percent. transactions in Vilnius. However, the lack of timely official data does not allow an objective assessment of trends in this market, and this recording tool would provide a better understanding of the situation in the primary market, such as speculative reserves or other special reserves. This would help manage expectations and reduce the confusion that we are seeing now in the Vilnius property market, ”he said.
G. Šimkus also said that the Bank of Lithuania is ready to actively participate in the discussions on improving the property tax structure.
“We presented our vision a few years ago, in 2019. We have also been presenting our vision to the responsible authorities recently. The growing interest in real estate investment could lead to imbalances in the housing market, and a revision of the real estate tax framework could reduce the speculative increase in property prices and contribute to a more stable evolution of property prices.
G. Šimkus also said that the Bank of Lithuania is currently monitoring the growing importance of home loans.
“The slow growth of the mortgage loan portfolio in the banking sector makes us think about what measures we can take. If the situation does not change in the near future, the Bank of Lithuania will consider applying a sectoral systemic risk reserve to the housing loan portfolio, which would increase banks’ capital reserves for systemic risk related to the housing market. housing, ”he said.
The speaker recalled that debtors are currently protected in Lithuania. T. and. 15 percent minimum initial contribution requirement, 40%. maximum monthly loan payment, 50 percent. proof of interest rate and a maximum loan term of 30 years.
Bank resilience is subject to 0%. countercyclical capital buffer and 2.5%. capital protection reserve. In addition, SEB and Swedbank apply a 2% reserve for systemically important institutions and for Šiaulių bankas: 0.5%.
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