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Behawioralne aspekty w wycenie nieruchomości

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PL
Proces określania wartości jest procesem złożonym, zawsze obarczonym subiektywizmem. Na poziom tego subiektywizmu istotny wpływ wywierają zachowania rzeczoznawców majątkowych. Podlegają oni pewnym heurystykom, które nie pozostają bez wpływu na wynik szacunku. Celem opracowania jest ujawnienie behawioralnych uwarunkowań procesu wyceny. W tym celu zastosowane zostały dwie metody badawcze: metoda analizy literatury, dokumentującej behawioryzm na obszarze wyceny, oraz własne badania wykorzystujące metodę ankietową. Opracowanie ma walory naukowe, a także aplikacyjne. Na pierwszym obszarze pokazany został wpływ na poziom wartości czynników, wychodzących poza czynniki przyczynowo-skutkowe, na drugim obszarze podjęta została próba sformułowania postulatów pod adresem praktyki wyceny.
EN
The article presents foundations for estimating the volume of necessary repairs from the view point of the theory and methodology of estimation process. This called for defining more precisely the category of repair needs itself and showing a relationship between needs and rate of obsolescence. The authoress classifies methods of estimation according to different criteria. Applying the criterion of "investigation method" she has distinguished direct and indirect methods. Taking into account consequences of obsolescence, she proposes their division into static and dynamic. In turn, accepting the goal of a study as a criterion, she distinguishes methods serving as an instrument of diagnosing existing and past processes of obsolescence or also predicting their further course. There are pointed out interrelationships between particular groups of methods. More attention has been paid to presentation of the method of estimating repair needs in practice of the cooperative housing sector, and it is suggested that adjustments in the method of estimation it self are necessary.
EN
The article presents an attempt at determining the impact exerted by principles of financing the cooperative housing sector on technical maintenance of housing resources. Its theoretical part is based on descriptive analysis supported by the theory explaining the impact exerted on the process of technical maintenance of housing resources by the financial system. The authoresses proceed from an assumption that the financial system in the cooperative housing sector has characteristics of a parametric system, which theoretically creates possibilities for the effective functioning of the process of technical maintenance of housing resources. These possibilities have be engreatly reduced in conditions of the economic crisis. This thesis is supplementd by statistical interpretation of te analyzed economic phenomena.
EN
The purpose of this paper is to show that the public intervention consisting of establishing a restricted use area (RUA) is implemented with a systemic error at the stage of assessing compensation. The source of the error is a faulty interpretation of the law performed by the judges with the mistake being perpetuated by a mostly incorrect application of the economic concept of stigmatization. The analysed methodological matters have been illustrated by judgments and data from court documents of cases regarding RUA compensation disputes of five largest civil regional airports in Poland. Expert witnesses are provoked to prepare opinions that require them to make individual interpretations of law and to apply valuation methodology focused on searching for a justification of lower market prices within a RUA. This is performed with either no or faulty conceptualization of the differential method. Instead of assessing an objective diminution of value caused by an administrative restriction of ownership, a difference in values derived from the conditions in which the market functions are shown by the expert witness. The boundaries of the market are delimited in a manner allowing to prove damage (loss), which is then additionally explained by the notion of stigmatization. It is recommended that judges resort to experts opinions only after they have correctly interpreted the law and have completed all activities necessary to ascertain the factual and legal state of the immovable in question. In particular, this includes identifying the introduced restrictions on the use of land. Regarding expert witnesses it is suggested that they prepare opinions strictly within their competencies and formal certification, abstaining from activities reserved for the court or for scientific research.
EN
This monograph is a common work of Department of Investment and Real Estate, University of Lodz. It is an overview of various fields of interest of the researchers. The main idea is to show same theoretical approaches and some practical examples of the real estate market development. The monograph is made of 6 chapters. The first chapter depicts the fundamentals of the real estate market. It describes different theoretical approaches to this market, same specific features and models of this market. The second chapter has more practical character. It portrays links between the real estate market and economy. It concentrates on connection between the real estate market and financial market and underlines the importance of real estate as an investment vehicle. There are also mentioned some cyclical changes in the real estate market activity and their connections with business cycles. The third chapter introduces the problem of the real estate investment risk. There are mentioned various sources of risk and different measures and the problem of risk management. There is also a part of the chapter devoted to connections between risk and real estate valuation. The fourth chapter presents the level of the real estate market efficiency with respect to real estate value. There are mentioned analysis of the real estate market efficiency as an element of valuation process. There is also cross-country comparison of rate of return in different investments. The fifth chapter concentrates on real estate finance, especially with respect to banking activity. There are depicted various models of real estate finance and their advantages and weaknesses. The sixth chapter is devoted to the Polish real estate market. It describes the stages of the market development and concentrates on housing with respect to housing stock, building activity, financing, privatisation and social housing. This chapter also presents the Polish real estate market on the ground of the EEC real estate markets.
PL
Omówiono strukturę rynku nieruchomości, przedstawiono powiązania rynku nieruchomości z gospodarką, naświetlając szczególnie związki z rynkami finansowymi. Podjęto rozważania teoretyczne nad ryzykiem inwestowania na rynku nieruchomości oraz metodami zarządzania tym ryzykiem. Omówiono związki pomiędzy efektywnością inwestycji w nieruchomości a wartością nieruchomości. Przedstawiono znaczenie kredytu jako podstawowego źródła finansowania inwestycji na rynku nieruchomości. Dokonano także oceny funkcjonowania rynku nieruchomości w Polsce.
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