Perspektive razvoja nekretninskih investicijskih fondova u Republici Hrvatskoj

master's thesis

• Title (english): Perspectives for the development of real estate investment funds in the Republic of Croatia
• Author: Nika Vuković
• Mentor: Jakša Krišto (mentor)
• Committee member: Branka Tuškan Sjauš (predsjednik povjerenstva)
• Committee member: Ana Ivanišević Hernaus (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; (Department of Finance); Zagreb
• Defense date and country: 2022-09-19, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Finance

Abstract

U prošlosti su banke bile glavna financijska institucija, pokretač gospodarstva i akcelerator rasta svake države. No, razvojem znanosti i tehnologije, razvilo se i financijsko tržište te su tradicionalne banke počele dobivati iznimno kvalitetnu konkurenciju u obliku institucionalnih investitora. Danas se banke sve više zamjenjuju za sofisticiranije financijske institucije, a bankocentrično se tržište nastoji zamijeniti tržišnocentričnim. Kao jedan iznimno bitan akter na modernom tržištu kapitala u 21. stoljeću, osim mirovinskih fondova, osiguravajućih društava, brokera i dealera, pojavili su se i nekretninski investicijski fondovi. Nekretninski se fondovi javljaju kao novo rješenje nakon financijskih kriza kada su ljudi izgubili povjerenje u prijašnje konzervativnije financijske institucije. Mogućnost velike diversifikacije portfelja ulaganja, likvidnost, transparentnost poslovanja, dugoročni prinosi i povoljan porezni tretman samo su neke od prednosti nekretninskih fondova. S obzirom na to, činjenica da se nekretninski fondovi razvijaju diljem svijeta i iz godine u godinu postaju sve popularniji oblik ulaganja novčanih viškova, uopće nije iznenađujuća. Važan je i podatak da cijene nekretnina nikada nisu bile više nego danas, u 2022. godini, a njihov daljnji porast u budućnosti nije isključen, što zapravo upućuje da ulaganje u nekretnine predstavlja gotovo siguran prinos. Nekretninski su fondovi nekada poslovali i na području Republike Hrvatske, no njihov tadašnji regulatorni okvir i državni ustroj rezultirali su njihovom propašću. Problemi poput visokih naknada i troškova fonda, nejednakog poreznog tretmana te komplicirana procedura pribavljanja potrebnih dokumenata za legalizaciju ugrozili su tadašnje poslovanje nekretninskih fondova u Republici Hrvatskoj. No, s obzirom na ulazak države u Europsku Uniju, Republika Hrvatska danas posluje po znatno izmijenjenoj, odnosno dijelom novoj zakonskoj regulativi, a time je i perspektiva ponovnog stvaranja i razvoja nekretninskih fondova znatno porasla.

Abstract (english)

In the past, banks have been the main financial institution, the driver of the economy and the growth accelerator of every country. However, with the development of science and technology, the financial market has also developed and traditional banks began to receive extremely high-quality competition in form of institutional investors. Today, banks are increasingly being replaced by more sophisticated financial institutions and the bank-centric market is trying to be replaced by a market-centric one. Apart from pension funds, insurance companies, brokers and dealers, real estate investment funds have emerged as one of the most important players in the modern capital market in the 21st century. Real estate funds are emerging as a new solution after the financial crisises when people lost trust in more conservative financial institutions. The possibility of large diversification of the investment portfolio, liquidity, business transparency, long-term returns and favorable tax treatment are just some of the advantages of real estate funds. Given this, the information that real estate funds are evolving around the world and are becoming an increasingly popular form of surplus cash investment year after year, is not surprising at all. Also important is the fact that real estate prices have never been higher than they are now in the year 2022, and their further rise in the future is not ruled out, which in fact suggests that investing in real estate represents an almost certain return in the future. Real estate funds used to operate in the territory of the Republic of Croatia, but their regulatory framework and state structure at that time, resulted in their collapse. Problems such as high fees and fund costs, unequal tax treatment and complicated procedures for obtaining the necessary documents for legalization, threatened the existence of real estate funds in the Republic of Croatia. However, given the country's accession to the European Union, today the Republic of Croatia operates under significantly modified and partly new legislation, so the prospect of re-creation and development of real estate funds has increased a lot.

• Keywords: financijsko tržište; tržište kapitala; institucionalni investitori; investicijski fond; nekretninski fond
• Keywords (english): financial market; capital market; institutional investors; investment fund; real estate fund
• Language: croatian
• URN:NBN: urn:nbn:hr:148:602059
• Study programme: Title: Business Economics; Study programme type: university; Study level: integrated undergraduate and graduate; Academic / professional title: magistar/magistra ekonomije (magistar/magistra ekonomije)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Open access
• Created on: 2022-10-03 11:15:58