Safet Kurtović
Boris Siljković
Milica Vukičević

DERIVATI I REALNA IMOVINA

DERIVATIVES AND REAL ESTATE

Abstract

This paper aims to highlight the importance of application of derivates on the market of real estate.Although real estate is included in biggest markets of developed countries, the market of derivates of real estate is still low when viewed under the scope of trade and liquidity. In the past few years we have witnessed development of derivate instruments that are used by asset managers. In this sense problem of use the real estate derivates is particularly solved in risk management of real estate in developed European countries. In addition, special class of structured interest rate swaps has been analyzed as well as more efficient means of swap management.

Key words: real estate, derivates, real property, hedging, mortgage loans, structured swap.

Rezime

Ovaj rad ima za cilj da ukaže na značaj primene derivata na tržištu realne imovine. Tržište realne imovine spada u red najvećih tržišta u razvijenim zemljama, mada se tržište derivata realne imovine i dalje nalazi na niskom nivou posmatrano prema obimu trgovine i likvidnosti. U poslednjih nekoliko godina, svedoci smo razvoja derivatnih instrumenata koji se koriste od strane menadžera aktive. U tom smislu, posebno je rasvetljen problem upotrebe derivata na nekretnine, u upravljanju rizikomrealne imovine, u razvijenimevropskimzemljama. Pored toga, analizirana je posebna klasa struktuirane kamatne stope svopova kao i efikasniji načini upravljanja svopovima.

Ključne reči: realna imovina, derivati, nekretnine, hedžing, hipotekarni krediti, strukturirani svop.