Vliv intervencí ČNB na dostupnost vlastnického bydlení v ČR za období 2019-2023

This bachelor’s thesis focuses on the analysis of the impact of interventions by the Czech National Bank (ČNB) on the accessibility of homeownership in the Czech Republic during the period 2019–2023. The thesis integrates both theoretical and practical analyses to provide a comprehensive understanding of the issue. The theoretical part outlines the functioning of the housing market and the development of the real estate market, with a particular emphasis on the role of the ČNB and its macroeconomic tools, including LTV, DTI, DSTI regulations, and key interest rates. The practical part centers on the analysis of changes in interest and mortgage rates, property prices, and the evaluation of the Housing Affordability Index (HAI, referred to as IDB in the thesis). This allows for an understanding of how specific ČNB interventions have influenced the feasibility of acquiring homeownership. The primary objective of this thesis was to analyze ČNB interventions and assess their impact and intensity on the accessibility of homeownership. The findings demonstrate a detailed evaluation of the effects of selected macroeconomic tools on housing accessibility, revealing that rising interest rates had a more significant impact on homeownership accessibility than changes in the regulations of LTV, DTI, and DSTI. These insights underscore the significance of a strategic approach by the central bank in the regulation of the real estate market.