IMF-波斯尼亚和黑塞哥维那的房地产市场（英）

2025 SEP The Real Estate Market in Bosnia and Herzegovina Carolina Lopez-Quiles and Adrian Music SIP/2025/123IMF Selected Issues Papers are prepared by IMF staff as background documentation for periodic consultations with member countries. It is based on the information available at the time it was completed on July 29, 2025. This paper is also published separately as IMF Country Report No 25/253 © 2025 International Monetary Fund SIP/2025/123 IMF Selected Issues Paper European Department The Real Estate Market in Bosnia and Herzegovina Prepared by Carolina Lopez-Quiles and Adrian Music Authorized for distribution by David Amaglobeli September 2025 IMF Selected Issues Papers are prepared by IMF staff as background documentation for periodic consultations with member countries. It is based on the information available at the time it was completed on July 29, 2025. This paper is also published separately as IMF Country Report No 25/253. ABSTRACT: This Selected Issues Paper (SIP) analyzes recent developments in the real estate market in Bosnia and Herzegovina, focusing on housing price dynamics, financial stability implications, and policy responses. Housing prices in Bosnia and Herzegovina have increased sharply in recent years, mirroring trends across the region. Despite significant increases in the House Price Index and strong private credit growth, systemic risks remain contained due to the relatively low share of mortgages in banks’ portfolios and modest household indebtedness. The SIP highlights that systematic monitoring of housing market and credit indicators is necessary to detect vulnerabilities early and ensure a timely and effective policy response to potential real estate market shocks. RECOMMENDED CITATION: Lopez-Quiles, Carolina, and Adrian Music, 2025, “The Real Estate Market in Bosnia and Herzegovina.” IMF Selected Issues Paper 2025/123 JEL Classification Numbers: R21, R31, G21 Keywords: Housing Demand, Housing Prices, Housing Supply, Mortgage, Mortgage Market, Residential Real Estate, Bank Lending, Financial Risk, Fixed Rate Mortgage, Bosnia and Herzegovina Author’s E-Mail Address: clopezquiles@imf.org; amusic@imf.org; SELECTED ISSUES PAPERS The Real Estate Market in BiH Bosnia and Herzegovina Prepared by Carolina Lopez-Quiles and Adrian Music 1 1 The authors would like to thank the Bosnia and Herzegovina authorities for their constructive discussions, insights, and comments, in particular the Central Bank of Bosnia and Herzegovina, and geodetic administrations and banking agencies in the Republika Srpska and the Federation of Bosnia and Herzegovina. BOSNIA AND HERZEGOVINA SELECTED ISSUES Approved By European Department Prepared By Carolina Lopez-Quiles and Adrian Music THE REAL ESTATE MARKET IN BOSNIA AND HERZEGOVINA ______________________ 2 A. The Role of the Real Estate Market in Financial Stability ____________________________ 2 B. Macroprudential Policy and the Real Estate Market _________________________________