Search results - CEJSH

1

Diversified Price Dynamics in some Sub-Segments of the Housing Market

100%

Kokot S. G.

Folia Oeconomica Stetinensia

|

2015

|

vol. 15

|

issue 1

162-173

EN

The observation of price movements on the real estate market is an extremely difficult task as we have to face problems belonging to two spheres. The first of them is the specific nature of real estate as marketable objects and of the real estate market itself. The second one is the character and quality of data on real estate transaction prices. In this article the author, based on an empirical study, attempts to prove that even in a single segment of a local real estate market the prices in individual sub-segments can fluctuate with different intensity. The range of price movements can be so vast that it seems pointless to apply a single averaged price index for the whole segment, and usually that is what analysts do.

2

Residential Real Estate Market in the Context of Local and Regional Development

100%

Myna A.

Barometr Regionalny. Analizy i prognozy

|

2018

|

issue 1(51)

81-87

EN

The aim of the work is to present the relationship between the development of residential real estate markets and local and regional development. It was found that the number of completed dwellings is strongly connected with the value of transactions on residential property markets in cities of over 200 000 inhabitants (confirmation of the theory of the residential real estate market as a “growth machine”). The value of transactions on the residential real estate market in these big cities proved to be strongly correlated with the number of natural persons performing economic activity and the share of persons working in the service sector in voivodships which would indicate regional development. Along with the increase in transactions on the residential real estate market, the demand for construction and renovation of flats and houses increases, as well as for works that cause an increase in the utility value of the property: finishing works, production and assembly of fences, hardening of the area or setting up gardens. The question arises as to whether natural persons performing economic activity do such works mainly in cities with more than 200 000 inhabitants and in suburbanization areas surrounding them (the hypothesis of local development), or the external effects of real estate markets as a “growth machine” have a supralocal range, somehow “leaking” beyond the areas of large cities and suburbanization zones (the hypothesis of regional development). Therefore, in-depth surveys are necessary.

PL

Celem pracy jest przedstawienie związków pomiędzy rozwojem rynków nieruchomości mieszkaniowych a rozwojem lokalnym i regionalnym. Stwierdzono, że liczba oddanych do użytku mieszkań jest silnie powiązana z wartością transakcji na rynkach lokali mieszkalnych w miastach liczących powyżej 200 tys. mieszkańców (potwierdzenie teorii rynku nieruchomości jako maszyny wzrostu). Wartość transakcji na rynkach nieruchomości mieszkaniowych w dużych miastach okazała się także silnie skorelowana z liczbą osób fizycznych prowadzących działalność gospodarczą oraz udziałem pracujących w sektorze usług w województwach, co wskazywałoby na rozwój regionalny. Wraz ze wzrostem transakcji na rynkach nieruchomości mieszkaniowych wzrasta bowiem popyt na budowę i remonty mieszkań i domów, a także na prace, które powodują wzrost wartości użytkowej nieruchomości: roboty wykończeniowe, produkcję i montaż ogrodzeń, utwardzanie terenu czy zakładanie ogrodów. Powstaje jednakże pytanie: czy osoby fizyczne prowadzące działalność gospodarczą wykonują tego rodzaju prace głównie w miastach liczących powyżej 200 tys. mieszkańców i na otaczających je obszarach suburbanizacji (hipoteza rozwoju lokalnego), czy też efekty zewnętrzne rynków nieruchomości jako maszyny wzrostu mają zasięg ponadlokalny, niejako „wyciekając” poza obszary dużych miast i strefy ich suburbanizacji (hipoteza rozwoju regionalnego). Niezbędne są zatem pogłębione badania ankietowe.

3

Krótkoterminowa prognoza rozwoju rynku nieruchomości handlowych i biurowych w Krakowie

80%

Marona B.

Świat Nieruchomości

|

2012

|

issue 2(80)

38-43

EN

The paper presents brief results of analysis made for Malopolska Regional Development Agency. The full results of the research will be published in the report “Real estate in Malopolska, Business in Malopolska 2012”. The main objective of this paper is to demonstrate current performance of retail and office real estate market in Krakow and present short term forecast for 2012 – 2013.

4

Ustawa o planowaniu i zagospodarowaniu przestrzennym jako instrument kształtowania wartości rynkowej nieruchomości

80%

Habdas M., Kalus S.

Studia Iuridica Agraria

|

2012

|

vol. 10

76-91

EN

The paper considers three basic notions, namely: immovables and their legal economic features, the real estate market and its characteristics, and finally spatial planning as a means of influencing the market value of immovables. Its aim is to consider how spatial planning instruments influence the market value of immovables and how economic features of immovables and of the real estate market are to be considered when dealing with spatial planning issues. It is shown, that proper spatial management brings about many benefits, including the increase in market or rental value of real estate, the improvement of citizens’ quality of life, the decrease in costs of maintaining real estate by motivating their users to keep them in good condition. It is emphasized, that spatial planning and management must be viewed not only from a legal perspective but also in the context of economic factors which are relevant to the real estate market. The market value of an immovable to a large extent depends on the possibility of developing it and this in turn is regulated by local development plans. Simultaneously, well developed spaces cause increases in market values and positively influence the neighboring areas, stimulating growth and highest and best use of available space. Spatial planning is not, however, a short term activity, as its effects must be planned and assessed also, or perhaps predominantly, in long term analyses. It is also important to note, that management of spaces may be carried out not only with the use of administrative instruments, but also through the active application of possibilities which arise from private law.

80%

Maćkiewicz B., Andrzejewski A., Kacprzak E.

Studia komitetu przestrzennego zagospodarowania kraju PAN

|

2018

|

vol. 182

|

issue 2

280-316

12

The impact of planning conditions on residential land prices in the district of Bydgoszcz

80%

Krajewska M., Szopińska K., Dittmann I.

Econometrics. Ekonometria. Advances in Applied Data Analytics

|

2014

|

issue 4(46)

108-120

EN

Real estate market analyses are the basis for making many investment decisions, including residential land market. Residential lands may have different planning conditions, which in the literature are also called states planning space. In the paper the authors diagnose conditions of planning and carry out an analysis of transaction prices of land designated for residential development and residential services. The purpose of the article was an attempt to answer the question whether planning conditions affect prices of undeveloped land allocated for housing development in the rural district of Bydgoszcz. Based on transaction price data from the years 2011-2012 there were calculated average transaction prices and examined their variability. In order to assess the impact of planning conditions on undeveloped land prices two-way analysis of variance test and the test for two means were used. The results indicate that the planning conditions have an impact on the price of undeveloped land in most communes of district of Bydgoszcz.

13

Przeobrażenia rynku nieruchomości w polskich metropoliach w okresie 1989–2011 oraz perspektywy jego rozwoju

80%

Słodczyk A.

Biblioteka Regionalisty

|

2012

|

issue 12

163-174

EN

The article concerns the real estate market in Polish metropolitan areas and the factors that affect it. The purpose of this study is to identify the most important elements affecting the conditions, functioning and perspectives of the real estate market. In the study six metropolitan areas: Warsaw, Łódź, Cracow, Wrocław, Poznań and Tri-City have been presented. The comparison of statistics and annual reports of selected banks and consulting firms have shown that the real estate market changed under the influence of external factors, associated with changes in the world economy and the crisis. The beginning of the changes was a crisis on the mortgage market in the United States and internal factors associated with Polish economic situation connected with the Polish accession to the European Union in 2004 and with amended legislation on the conditions for obtaining loans for the purchase of real estates.

14

Miękkie finansowanie jako kluczowy czynnik w powstawaniu bańki cenowej na rynku nieruchomości

80%

Nowakowski K.

Ekonomia XXI Wieku

|

2014

|

issue 1(1)

151-167

EN

The multiplicity of approaches and perspectives used for the explanation of enormous price increases indicates the complexity of this process. The aim of the article is the explanation of the real estate bubble through the identification of soft budget constraint as the key factor in its formation. For this purpose the soft budget constraint has been defined in the aspect of the real estate bubble on two levels of capital creation. The first one placed in the sphere of real economy is the meeting place of lenders and borrowers looking for the source of financing of the real estate assets. The second placed in the finance sphere is a meeting place of banks and other financial institutions generating the capital on a huge scale. In the article the institutional basis of soft budget constraint has been analyzed from the perspective of two levels of generation of capital by the identification of key factors in connection with enormous price increase. The research has been performed for three countries: Spain, the United States of America and Poland. In the performed analysis there were described the factors of soft budget constraint similar and different for each of the country. The performed research of soft budget constraint led to the following conclusions. In all of the analyzed countries severe credit policy had not a preventing function and was rather an answer for the emerging economic conditions. The soft credit policy was realized for the longer period of time only in the United States and in this country had the most significant impact on the increase of credit action and growth of real estate prices. The analysis of the lending standards shows symptoms of soft budget constraint in the real sphere. In each of the analyzed countries the mortgages were granted even for the period of fifty years, with the zero down payments, many times with the loan to value ratio above 100%. The next factor of soft budget constraint was the introduction of new banking products in the United States and Spain such as interest-only mortgages and adjustable rate mortgages. In the financial sphere the huge in size accelaration of generation of capital was identified in the form of securitization present on an enourmous scale in the United States and on a smaller scale in Spain. This process led to the additional credit action by the elimination of toxic assets from the balance sheets and transfer of a risk which also finally led to real estate price increases. The research of the quality of mortgages portfolios confirmed the existence of the soft budget constraint factors in the period of boom on the real estate market. In each of the examined countries there was an increase of share of nonperforming loans in the value of all mortgages. The highest dynamic of increase of nonperfoming loans was identifed in the United States. In this country the cumulation of several factors of soft budget constraints was observed on each of analyzed levels. This cumulation led to

15

Kondycja finansowa jako wyznacznik pozycji konkurencyjnej przedsiębiorstw deweloperskich

80%

Gostkowska-Drzewicka M.

Nauki o Finansach

|

2015

|

issue 1(22)

49-68

EN

The aim of the article is to analyse the financial standing of real estate development companies listed on WSE and to fix on this basis their competitive position in Poland in the years 2007-2013. Liquidity, debt, turnover, profitability and market efficiency ratios were used to construct the taxonomic measure of investment attractiveness (TMAI). It was the basis for a comparative assessment of the companies financial condition. The financial condition of the company determines its survival and development opportunities in a competitive and changing market environment, and therefore – it is an indicator of competitive position. The group of companies with a stable competitive position and good financial condition is small. Most companies showed frequent changes in the ranking. Entities whose financial condition underwent systematic deterioration dominated in the examined population. TMAI indicator has a generally low value, which means that the financial condition of the realtors is weak.

16

An evaluation of the real estate market development with a special consideration of the building process stage

80%

Mach Ł.

Econometrics. Ekonometria. Advances in Applied Data Analytics

|

2016

|

issue 4 (54)

95-107

EN

In this article the author attempts to define, parameterize, evaluate and conduct a synthetic analysis of development potential in the area of the regional real estate market. The scope of analysis was defined according to the methodology of real estate quantification accepted by the Central Statistical Office. The Central Statistical Office in defining the process of the real estate market distinguished four research areas. These are the following: planning permissions which were issued, apartments which are under construction, apartments put into use and sales of building-assembly production executed by construction companies. The conducted research enables to evaluate the development of particular provinces in the area of the real estate market. The above mentioned evaluation, which depicts the potential of the regional residential market, is the starting point for the synthetic analysis of the obtained results. Simultaneously it enables to indicate changes in the development potential of local real estate markets.

17

Analysis of real estate market based on balance sheet data of major developers in Poland

80%

Zielińska-Sitkiewicz M., Uniwersytet Łódzki; Wydział Ekonomiczno-Socjologiczny; Instytut Statystyki i Demografii

Acta Universitatis Lodziensis. Folia Oeconomica

|

2011

|

vol. 255

PL

Artykuł ten prezentuje sytuację na rynku nieruchomości w Polsce w czasie globalnego kryzysu finansowego. W związku z sytuacją ekonomiczną na świecie główne firmy deweloperskie w Polsce znacznie ograniczyły plany dotyczące ich rozwoju. Oceny rynku nieruchomości mieszkaniowych dokonano analizując kondycję finansową głównych firm deweloperskich. Do badania wybrano siedem dużych firm deweloperskich: Echo, Polnord, LCC, Gant, Dom Development, Ronson oraz JW. Construction, które notowane są na Warszawskiej Giełdzie Papierów Wartościowych. Analizie poddano dane finansowe z bilansów i rachunków wyników w okresie od 1 stycznia 2008 do 31 marca 2009.

18

DYNAMICS OF THE REAL ESTATE PRICES IN THE LIGHT OF THE CATASTROPHE THEORY

80%

Kulesza S., Bełej M.

Acta Universitatis Lodziensis. Folia Oeconomica

|

2014

|

vol. 3

|

issue 302

EN

The paper describes application of catastrophe theory for analysis of trends of real estate prices inPoznan. It turns out that the evolution of the real estate market is comprised of two main processes: long-term evolution in the area of a non-degenerate stability and discontinuous, rapid changes in the area of a degenerate stability. In the macro scale, the construction and developing branch contributes largely to the Gross Domestic Product affecting overall economic environment. In the micro scale, however, the knowledge about future price trends may help to decide whether or not to buy or sell the house property.

19

Can a Multinational Company Create a Real Estate “Bubble” at the Local Level? The Case of Fiat and City of Kragujevac / Mogućnost Stvaranja „Mehura” na Lokalnom Tržištu Nekretnina Usled Dolaska Multinacionalne Kompanije: Primer Fijata i Grada Kragujevca

70%

Makojević N., Veselinović P., Kalinić L.

Economic Themes

|

2015

|

vol. 53

|

issue 4

519-534

EN

The aim of the paper is to analyze the recent dramatic increase in housing prices in Kragujevac, related to the opening of a multinational company facility. The main question is whether increasing house prices have been driven by market fundamentals or by speculative behaviour of the market players. We have decomposed variables influencing house prices in Kragujevac into supply and demand driven fundamentals to explore speculative ‘bubbles’ and detected the evidence of irrationally exuberant investors (constructors and buyers). The findings show a lack of rational behaviour among market players, absence of fundamentaldriven influence on real estate prices and expectancy-driven prices. The main characteristic is a strong relationship between price and rental price with no significant change in price-rent ratio.

20

The Real Estate Market in the Context of Municipal Management. Example of the Lublin Functional Area

70%

Kociuba D., Matacz A.

Barometr Regionalny. Analizy i prognozy

|

2018

|

issue 1(51)

67-80

EN

The article aims at the determination of relations between the real estate market and water supply and sewage management based on the example of the Lublin Functional Area (LFA). The paper is composed of two parts. The first part focuses on the characteristics of functional urban areas (FUA) both in the context of theoretical assumptions and practical aspects of their implementation under the Cohesion Policy 2014–2020 in Poland, as well as development problems of FUA resulting from the intensity of the process of suburbanization. The second part of the article presents the characteristics of LFA and the analysis of the relations between an increase in dwelling stock and the real estate market in the communes of LFA and their provision in water supply and sewage infrastructure. It also presents problems caused by uncontrolled expansion of built-up areas in the context of conducting sustainable municipal management in areas with high values for agricultural production in spatial, socio-economic, and environmental terms.

PL

Artykuł ma na celu określenie relacji pomiędzy rynkiem nieruchomości a gospodarką wodno-ściekową na przykładzie Lubelskiego Obszaru Funkcjonalnego (LOF). Praca składa się z dwóch części. W pierwszej części skupiono się na charakterystyce miejskich obszarów funkcjonalnych (MOF ) zarówno w kontekście założeń teoretycznych jak i praktycznych aspektach ich implementacji w ramach polityki spójności 2014–2020 w warunkach polskich, a także problemów rozwojowych MOF wynikających z nasilenia zjawisk towarzyszących suburbanizacji. W drugiej części artykułu dokonano charakterystyki LOF oraz poddano analizie relacje pomiędzy przyrostem zasobów mieszkaniowych i rynkiem nieruchomości w gminach LOF, a ich uzbrojeniem w infrastrukturę wodno-kanalizacyjną. Przedstawiono także problemy jakie niesie niekontrolowany przyrost terenów zabudowanych w kontekście prowadzenia zrównoważonej gospodarki wodno-ściekowej na terenach posiadających wysokie walory dla prowadzenia gospodarki rolnej w sferze przestrzennej, społeczno-gospodarczej, jak i środowiskowej.

Refine search results