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Europe and Central Asia

Housing Finance Policy

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A. Legal and Regulatory Framework
- A.1 Legal and Regulatory Framework
B. Housing Finance Subsidies
- B.1 Subsidies to Housing Finance Institutions
- B.2 Subsidies to Households
C. Taxation

A. Legal and Regulatory Framework

A.1 Legal and Regulatory Framework

Variable	End of 2018	End of 2017	End of 2016	Sources	Var ID
Basis of the legal system: Civil, Common, Islamic, Other? (Describe)	Civil	Civil	Civil	German Civil Code	A.1.1
Are there specific laws that deal with mortgages?	Yes	Yes	Yes	OECD	A.1.2
Registration/Transfer of titles:					A.1.3
Does the law clearly define different types of property rights?	Yes	Yes	Yes	German Civil Code	A.1.3.1
Are property rights easily transferable?	Yes			Pfandbrief Act	A.1.3.2
Typical number of days needed for the transfer of title	52	52	52	WDI	A.1.3.4
Can liens be effectively enforced?			Yes	Research	A.1.4
Are there legal constraints on mortgage features?	Yes	Yes	Yes	Pfandbrief Act	A.1.6
Interest rate caps	Yes	Yes	Yes	Pfandbrief Act	A.1.6.1
Loan-to-Value cap	Yes	Yes	Yes	Pfandbrief Act	A.1.6.2
Payment-to-Income maximum	No	No	No	IMF	A.1.6.3
Are there disclosure requirements for mortgage lending?	Yes	Yes	Yes	BaFin	A.1.8
Is there specialized legislation covering:					A.1.9
Issuance of covered mortgage bonds	Yes	Yes	Yes	Research	A.1.9.1

B. Housing Finance Subsidies

B.1 Subsidies to Housing Finance Institutions

B.2 Subsidies to Households

Variable	End of 2018	End of 2017	End of 2016	Sources	Var ID
Are there subsidies to households on housing finance?	Yes	Yes		Research	B.2.1
Interest rate subsidies by special government funds	Yes	Yes		Research	B.2.1.1
Down-payment subsidies	Yes	Yes		Research	B.2.1.3
Subsidies to savings for mortgage loans	Yes	Yes		Research	B.2.1.4
Other	Yes	Yes	Yes	Research	B.2.1.6
Reach of subsidies in 2.1.1 to 2.1.4 ?					B.2.2

C. Taxation

Variable	End of 2018	End of 2017	End of 2016	Sources	Var ID
What taxes apply to Residential Real Estate?					C.1
Tax on property (home-owners)	Yes	Yes	Yes	International Property Tax Institute	C.1.1
Property transaction taxes (purchase/selling)	Yes	Yes	Yes	Global Property Guide	C.1.2
Tax on capital gains on property	Yes	Yes	Yes	Deloitte Tax Highlights	C.1.5

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