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Focus on taxes
The 6th Annual Conference of the Bank of Lithuania is held on Thursday in Kaunas.
"The dominant topic is not only the housing market, financial stability, but also market-related NT taxes." All participants are invited to discuss and express their views on NT taxes, on the ongoing discussions, "said T. Garbaravičius.
The board member of the Bank of Lithuania said that the progressive tax on the TN would be considered, which would complete the budget by more than 100 million. Eur.
"We think the best thing would be the universal tax on TN, but socially sensitive groups should be taken into account.There are different ways to do it.The price of our offer is progressive and, according to this proposal, the amount of the tax is over 100 million euros It is the same tax that would make sense, because the amount of this tax is not very high, but it makes sense when the amount is higher and that fees are available.This is a certain cost, "said T. Garbaravičius.
Quenches that there is no bubble
More apartments and detached homes than today have been sold only in 2005-2007. It is said that ten years ago, the situation was different – the sustainability of the market is now acquired. The affordability of housing remained virtually unchanged as its prices increased at the same rate as wages.
"The bubble is not really there, but there are some question marks, they are still there, market development is very sustainable, prices are rising, they are growing moderately and moderately, but regional disparities are growing. are also unequal.We also see some of these dangers.One of the risks is the purchase of housing and housing in the regions.The areas eligible for help are not big markets, they are not liquid and if loans go to housing in these areas, the amount of credit is high enough, the market may be unbalanced and prices may rise.I repeat – it's a risk. will be more expensive and less affordable.This same goal of support will be more difficult to achieve.However, the current volume, provided in the budget, is not high.If we raise them, we will see risks.The current limits are tolerable but it remains a risk Now the limits are not worrying, "Garbaravičius said.
The increase in home loans is another important problem. Representatives of the Bank of Lithuania say they are trying to find an answer as to why loans are more expensive.
"Indeed, mortgage interest has increased.If we look at the main action, the main component of the mortgage interest component is the interest rate of monetary policy." This increase is due to other reasons.We have tried to understand why this increase has occurred.One of the possible answers is that mortgage interest rates converge in the Baltic States because there are similar banking groups.Right interest was lowest in the Baltic States.The interest rates of Lithuanian mortgage loans are now approaching those of Latvia or Estonia.
Another hypothesis is that this is due to an increase in the ratio of countercyclical reserves, but estimates and badyzes show that it really could not be the main reason. Well, and most likely, some market players said the demand was strong. If demand is high, why not raise prices? Of course, this has also been affected by the fact that the mortgage market has declined players. Two players – Nordea and DNB – have merged and become one more. It is no secret that there is still a merger process, there are still a lot of organizational problems. This market player still does not compete with the total force as before. All of this together is a little less competitive. Let's hope it's temporarily, "said Garbaravičius.
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