Abstract
Abstract The study analyses the changes in financing the purchase of residential real estate based on a mortgage in Poland, caused by the outbreak of the COVID-19 pandemic in its initial stage, that is, the period from March to September 2020. The research problem is the impact of the pandemic on the process of granting and repaying loans for housing purposes. Banking institutions tightened the terms of granting financing. People who received financing earlier may, however, benefit from assistance in paying off the debt. The research hypothesis assumes the negative consequences of the COVID-19 pandemic for the consumers of the housing loan market in the analysed period. The research methods used are the analysis of statistical data and facts. The author looks at the situation on the real estate market and the situation on the housing loan market in 2020. The study then highlights the actions of lending banks and the actions of buyers in the first pandemic months.
Highlights
The year 2020 was an extraordinary year for the world economy
Experts, developers, investors and households deliberate about changes in real estate prices and the terms of financing the purchase of real estate based on external funds
According to the report of the National Bank of Poland (NBP) from March 2020, 25% of the real estate acquired on the primary market is financed by external funds1, other reports indicate much higher values2
Summary
The year 2020 was an extraordinary year for the world economy. The coronavirus pandemic (COVID-19) has had (and continues to have) a huge impact on the market, both in general and across categories. It is worth noting that the crisis caused by the coronavirus pandemic, which the global economy is currently struggling with, is extremely interesting. This is due to the fact that the problems affect both the demand and supply sides of the economy. According to the report of the National Bank of Poland (NBP) from March 2020, 25% of the real estate acquired on the primary market is financed by external funds, other reports indicate much higher values. The purpose of this article is to analyse the changes related to financing the purchase of residential real estate through a mortgage in Poland that were a result of the coronavirus pandemic in its initial stage, that is, the period from March to September 2020.
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