Analysis of price determinants and housing affordability in the Republic of Croatia and the Czech Republic

U fokusu ovog rada je analiza tržišta stambenog prostora kao jednog od segmenata cjelokupnog tržišta nekretnina. Cijena stambenog prostora bitan je element tržišta stambenog prostora te je upravo ona u žarištu rada. Analizira se koje makroekonomske varijable determiniraju cijene na stambenom tržištu Hrvatske i Češke, a izbor varijabli korišten pri analizi temelji se na DiPasquale i Wheaton modelu. Nakon analize odrednica potražnje i ponude, odnosno cijena na stambenom tržištu, analizira se priuštivost u Hrvatskoj i Češkoj te odabranim novim članicama Europske unije. Rezultati regresijske analize odrednica cijena na stambenom tržištu ukazuju na određena odstupanja od teorijskog modela, osobito sa strane ponude. Ipak, neki od rezultata u skladu su s DiPasquale i Wheaton modelom te dosadašnjim istraživanjima determinanti cijena stambenog prostora. Priuštivost se promatrala u odnosu na 2010. godinu te se pokazalo da je među odabranim skupom zemalja, priuštivost stanovanja u 2019. godini bila najmanja u Češkoj.This thesis analyzes housing market as one of the segments of the overall real estate market. Housing price, as an important element of the housing market, is the main focus of this thesis. Through the choice of variables based on the DiPasquale and Wheaton model, it studies which macroeconomic variables determine prices in the housing market of Croatia and the Czech Republic. After the analysis of the determinants of supply and demand on the housing market, a comparison of housing affordability is made between markets of Croatia, the Czech Republic and selected new members of the European Union. The results of the regression analysis of price determinants in the housing market indicate certain deviations from the theoretical model, especially on the supply side. Nevertheless, some results are consistent with DiPasquale's and Wheaton's models and previous research on housing price determinants. Affordability was observed compared to 2010 and it turned out that among the selected group of countries, the affordability of housing in 2019 was the lowest in the Czech Republic