Andelsforeninger og finansielle risici

Per Straarup

Student thesis: Diploma thesis


In Copenhagen, Denmark, 33 % of all properties are so called Andelsboliger. The special thing about these properties is that you don’t own the apartment; you only buy a share in it, which give you the exclusive right to use it. Andelsboliger has often been a cheap way to establish on the real-estate market, because you only have to pay a small amount upfront to get in the andelsboligforening. When buying a piece of the andelsboligforening, you are automatically also buying a piece of the andelsboligforening’ debt. This debt has especially in new andelsboligforeninger, caused big concerns among the owners of the andelsboliger. The reason is that many new andelsboligforeninger, has been financiering the property with short current loans and interest swaps, which often can be connected with big financially risks and lack of transparency. The reason for selecting these, is to make the monthly payment as low as possible. Because of the high risk and lack of transparency, has especially the banks and other loaners been criticized for lack of information, after an andelsboligforening went bankrupt in 2007. This Thesis is therefore analysing on, if it is a good idea for an andelsboligforening to select an interestswap instead of a traditionally loan, in spite of the higher risks. Also will there be analysing on how the interest swap will affect the andelsboligforening’ accounting and therefore also how it will affect the andelsbolighaverer. To investigate which other factors there are playing an important role, in andelsboliger’ economy, there has been made different kind of scenario analysis. This has been done with the help from the term, user cost. With help from user cost it is possible to analysis on, the different costs there relates to the andelsbolig and therefore see how important each of the cost are in the total economy.

EducationsGraduate Diploma in Financial Planning, (Diploma Programme) Final Thesis
Publication date2011
Number of pages77