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<\/a><\/p>\nGlob\u00e1ln\u00ed ekonomika se nevyv\u00edj\u00ed standardn\u011b. Ekonomov\u00e9 hovo\u0159\u00ed o\u00a0K-shaped ekonomice tehdy, kdy\u017e se r\u016fzn\u00e9 skupiny obyvatel nevyv\u00edjej\u00ed stejn\u00fdm sm\u011brem\u00a0\u2013 jako dv\u011b v\u011btve p\u00edsmene K. Jedna m\u00ed\u0159\u00ed nahoru, druh\u00e1 dol\u016f. Na realitn\u00edm trhu to vypad\u00e1 konkr\u00e9tn\u011b: ti, kdo vlastn\u00ed nemovitosti, vid\u00ed sv\u016fj majetek r\u016fst. Ti, kdo nevlastn\u00ed, \u010del\u00ed rostouc\u00edm n\u00e1jm\u016fm a\u00a0st\u00e1le vzd\u00e1len\u011bj\u0161\u00ed mo\u017enosti vlastn\u00edho bydlen\u00ed. Nemovitostn\u00ed trh tuto divergenci nejen odr\u00e1\u017e\u00ed, ale prohlubuje. Kdo investuje dnes, je na vzestupn\u00e9 v\u011btvi. Kdo \u010dek\u00e1, bari\u00e9ra vstupu pro n\u011bj roste ka\u017ed\u00fdm rokem. Pasivita nen\u00ed neutralita. Je to v\u011bdom\u00e1 nebo nev\u011bdom\u00e1 volba z\u016fstat na t\u00e9 hor\u0161\u00ed v\u011btvi.<\/p>\n
Do tohoto kontextu vstupuje od dubna \u010cNB se zp\u0159\u00edsn\u011bn\u00edm investi\u010dn\u00edch hypot\u00e9k. Maxim\u00e1ln\u00ed mo\u017en\u00fd pom\u011br velikosti \u00fav\u011bru k\u00a0cen\u011b nemovitosti (LTV) kles\u00e1 na 70\u00a0%, maxim\u00e1ln\u00ed velikost hypot\u00e9ky na sedmin\u00e1sobek ro\u010dn\u00edho p\u0159\u00edjmu \u017eadatele (DTV). Kdo chce investovat s\u00a0vyu\u017eit\u00edm hypot\u00e9ky, mus\u00ed poskytnout minim\u00e1ln\u011b 30\u00a0% z\u00a0vlastn\u00edch zdroj\u016f. Model \u201ekoup\u00edm byt s\u00a0minimem vlastn\u00edch pen\u011bz a\u00a0n\u00e1jem to n\u011bjak ut\u00e1hne\u201c bude nedostupn\u00fd.<\/p>\n
LTV<\/p>\n
Ukazatel LTV (Loan to Value) p\u0159edstavuje procentn\u00ed pom\u011br mezi v\u00fd\u0161\u00ed \u00fav\u011bru a\u00a0hodnotou zastaven\u00e9 nemovitosti. Jednodu\u0161e \u0159e\u010deno je to pom\u011br mezi \u010d\u00e1stkou, kterou si pot\u0159ebujete p\u016fj\u010dit na koupi nemovitosti, a\u00a0kupn\u00ed, p\u0159\u00edpadn\u011b odhadn\u00ed cenou dan\u00e9 nemovitosti.<\/p>\n
Pr\u016fm\u011brn\u00e9 LTV u\u00a0\u201etypick\u00fdch\u201c (okolo medi\u00e1nu) nov\u011b poskytnut\u00fdch hypot\u00e9k bylo ve t\u0159et\u00edm \u010dtvrtlet\u00ed 2025\u00a0na \u00farovni 66,7\u00a0%. \u010cNB to uv\u00e1d\u00ed ve Zpr\u00e1v\u011b o\u00a0finan\u010dn\u00ed stabilit\u011b\u00a0\u2013 podzim 2025.\u00a0P\u0159i hranici 70\u00a0% u\u00a0investi\u010dn\u00edch byt\u016f lze o\u010dek\u00e1vat, \u017ee se pr\u016fm\u011brn\u00e9 LTV posune n\u00ed\u017e, realisticky do p\u00e1sma cca 55\u201360\u00a0%.<\/p>\n
Toto zp\u0159\u00edsn\u011bn\u00ed investi\u010dn\u00edch hypot\u00e9k nevyma\u017ee z\u00e1jem o\u00a0investice do nemovitost\u00ed. Vyfiltruje ty, kdo vstupovali na trh bez propo\u010d\u00edtan\u00e9 strategie, a\u00a0ponech\u00e1 prostor t\u011bm, kdo maj\u00ed jasno v\u00a0ekonomice konkr\u00e9tn\u00edho projektu. Nedostatek nab\u00eddky p\u0159etrv\u00e1v\u00e1 a\u00a0tlak na ceny i\u00a0n\u00e1jmy v\u00a0\u0159ad\u011b lokalit z\u016fst\u00e1v\u00e1.<\/p>\n
Co si z\u00a0toho tedy odn\u00e9st? Shr\u0148me si, \u017ee jako \u010ce\u0161i m\u00e1me v\u00edce ne\u017e biliony korun na bankovn\u00edch \u00fa\u010dtech, trh roste dvoucifern\u00fdm tempem a\u00a0v\u00edme, \u017ee nab\u00eddka byt\u016f se nezlep\u0161\u00ed p\u0159es noc. Regulace sp\u00ed\u0161e zv\u00fd\u0161\u00ed vstupn\u00ed bari\u00e9ry, ne\u017e aby zlevnila bydlen\u00ed. Struktur\u00e1ln\u00ed deficit v\u00fdstavby, kter\u00fd se v\u00a0dohledn\u00e9 dob\u011b nezm\u011bn\u00ed.<\/p>\n
Tradi\u010dn\u00ed rada \u201espo\u0159te a\u00a0\u010dekejte\u201c p\u0159edpokl\u00e1d\u00e1, \u017ee trp\u011blivost bude odm\u011bn\u011bna. Na realitn\u00edm trhu to \u010dasto plat\u00ed naopak. Proto d\u00e1v\u00e1 smysl investovat do pe\u010dliv\u011b vybran\u00fdch n\u00e1jemn\u00edch byt\u016f v\u00a0regionech (vysok\u00fd v\u00fdnos, n\u00edzk\u00e1 vstupn\u00ed cena, diverzifikace rizik) s\u00a0cash flow, kter\u00e9 obstoj\u00ed i\u00a0v konzervativn\u00edm sc\u00e9n\u00e1\u0159i, a\u00a0s provozem nastaven\u00fdm tak, aby se z\u00a0investice nestala druh\u00e1 pr\u00e1ce. Nespo\u0159te. Nespekulujte. Investujte.<\/p>\n","protected":false},"excerpt":{"rendered":"\u010cesk\u00e9 dom\u00e1cnosti jsou rekordn\u011b bohat\u00e9, ale tak\u00e9 rekordn\u011b pasivn\u00ed. Podle dat \u010cesk\u00e9 n\u00e1rodn\u00ed banky (\u010cNB) dr\u017eely dom\u00e1cnosti na…\n","protected":false},"author":2,"featured_media":44709,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[423,2165,1984,69,12325,98,99,2012],"class_list":{"0":"post-44708","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-praha","8":"tag-byty","9":"tag-ceska-narodni-banka-cnb","10":"tag-hypoteky","11":"tag-investice","12":"tag-najemni-byty","13":"tag-prague","14":"tag-praha","15":"tag-vystavba"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/116341809083651261","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/44708","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/comments?post=44708"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/44708\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/44709"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=44708"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=44708"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=44708"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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