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Objetivos dos FIAH : teoria e prática
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Resumo(s)
Os Fundos de Investimento Imobiliário de Arrendamento Habitacional (FIIAH) surgiram
em 2009 em Portugal como resposta ao rápido aumento do crédito mal parado na
habitação, à necessidade de dinamizar o mercado de arrendamento habitacional e
ainda como apoio às famílias que se encontravam em dificuldades para cumprir as
suas obrigações financeiras no que respeita aos empréstimos à habitação.
Assim, este trabalho tem como propósito principal aferir o modo como os três objetivos
propostos para os FIIAH estão a ser alcançados, e perceber quais as melhorias a
implementar de modo a melhorar o cumprimento dos respetivos objetivos. Para tal,
foram efetuados dois questionários às sociedades gestoras e diversos especialistas no
sector, analisados os Relatórios e Contas dos diversos FIIAHs existentes ao longo de
4 anos (2009 – 2012) e foi ainda estudada diversa bibliografia relevante sobre o tema
bem como artigos publicados em jornais e revistas do sector.
Constata-se que, dos objetivos que os FIIAH pretendem alcançar, apenas um - a
limpeza dos ativos imobiliários residenciais do balanço dos bancos - está a ser
cumprido de forma eficaz, ficando os dois restantes objetivos aquém do esperado.
O estudo deste tema destaca-se, uma vez que o período para a constituição dos
FIIAH termina a 31 de dezembro de 2013 e pelo facto de terem sido constituídos
poucos fundos deste tipo, estando praticamente todos os existentes associados à
banca.
The Residential Real Estate Investment Funds - Fundos de Investimento Imobiliário de Arrendamento Habitacional (FIIAH) came out in 2009 as a response to the prompt increase of the bad credit, to the necessity to dinamyze the rental residential market and also as to support the families struggling to pay their finantial obligations and housefunding credits towards bank institutions. Therefore, this work’s main purpose is to assess to what degree are the three proposed objectives for the FIIAH being achieved and suggest changes to implement as to improve the performance of its respective goals. To this end, two questionnaires were made to real estate management companies and various experts in the sector, annual reports and accounts of the various existing FIIAHs - over 4 years (2009-2012) - analyzed and studied diverse yet relevant literature on the subject, as well as articles published in newspapers and magazines of the sector. It appears that from the goals the FIIAH’s aim to achieve, only one - the cleaning of residential real estate assets from banks' balance sheets - is being met effectively, leaving the remaining two goals far from the expected results. This theme’s study stands out, since the time to form the FIIAH ends December 31, 2013 and for the fact that few funds of this type have been constituted so far, with almost all of the being existing associated with banking.
The Residential Real Estate Investment Funds - Fundos de Investimento Imobiliário de Arrendamento Habitacional (FIIAH) came out in 2009 as a response to the prompt increase of the bad credit, to the necessity to dinamyze the rental residential market and also as to support the families struggling to pay their finantial obligations and housefunding credits towards bank institutions. Therefore, this work’s main purpose is to assess to what degree are the three proposed objectives for the FIIAH being achieved and suggest changes to implement as to improve the performance of its respective goals. To this end, two questionnaires were made to real estate management companies and various experts in the sector, annual reports and accounts of the various existing FIIAHs - over 4 years (2009-2012) - analyzed and studied diverse yet relevant literature on the subject, as well as articles published in newspapers and magazines of the sector. It appears that from the goals the FIIAH’s aim to achieve, only one - the cleaning of residential real estate assets from banks' balance sheets - is being met effectively, leaving the remaining two goals far from the expected results. This theme’s study stands out, since the time to form the FIIAH ends December 31, 2013 and for the fact that few funds of this type have been constituted so far, with almost all of the being existing associated with banking.
Descrição
Mestrado em Gestão e Avaliação Imobiliária
Palavras-chave
FIIAH Arrendamento Habitacional Imobiliário Housing Market Real Estate
Contexto Educativo
Citação
Ribeiro, André Francisco Gomes. 2014. "Objetivos dos FIAH : teoria e prática". Dissertação de Mestrado. Universidade de Lisboa. Instituto Superior de Economia e Gestão.
Editora
Instituto Superior de Economia e Gestão