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EN
The price of real estate is influenced by a number of factors that provoke huge discrepancies in the prices of separate dwellings. The aim of this study is to conduct a statistical analysis of transactions of the dwellings’ prices on the secondary market in Lublin in the years 2002–2013. The focus is put on the process of transactions’ changes depending on the following criteria: date of transaction, location, technical condition and floor area of dwellings. The relations between abovementioned factors were analyzed. On the basis of the INSPIRE Directive, the data on the sales and transaction prices of 1 m2 of dwellings are presented using maps of deviations of the average price in the years 2003–2013 with the city’s division into 677 hexagons with the surface of 0,25 ha each.
PL
Na cenę nieruchomości wpływa wiele czynników, które powodują duże rozbieżności cen samodzielnych lokali mieszkalnych. Opracowanie podejmuje analizę statystyczną transakcji cen lokali mieszkalnych z rynku wtórnego na terenie Lublina w latach 2002–2013. Zbadano kształtowanie się transakcji w zależności od: daty oddania do użytku, położenia, stanu technicznego, powierzchni. Analizie poddano relacje pomiędzy tymi czynnikami. W oparciu o dyrektywę INSPIRE przedstawiono dane sprzedaży lokali i cenę transakcyjną za 1 m2 w postaci mapy odchyleń od średniej cen w latach 2003–2013 z podziałem miasta na obszary 677 heksów o powierzchni 0,25 ha.
EN
This article proposes to employ taxonomic methods to assess the residential situation in selected countries of the European Union. A synthetic measure was used whose construction was based on diagnostic variables which characterise the housing and socioeconomic conditions in the countries included in the study. This measure made it possible to arrange the items under study in a linear manner by residential situation (from the best to the worst). In addition, Ward’s method of classification was used to arrange countries in groups with similar residential situations. Similar results were obtained in both classifications for the years 2007 and 2013. The proposed procedure can be used by state authorities to make housing policy decisions.
PL
W artykule zaproponowano zastosowanie metod taksonomicznych do oceny sytuacji mieszkaniowej w wybranych krajach Unii Europejskiej. Wykorzystano miernik syntetyczny, którego konstrukcję oparto o zmienne diagnostyczne charakteryzujące warunki mieszkaniowe i uwarunkowania społeczno-gospodarcze występujące w badanych krajach. Miara ta pozwoliła na uporządkowanie liniowe badanych obiektów według sytuacji mieszkaniowej (od najlepszych do najgorszych). Drugą zastosowaną metodą klasyfikacji była metoda Warda, pozwalająca na pogrupowanie krajów w grupy o zbliżonej sytuacji mieszkaniowej. Uzyskano zbieżne wyniki w obu klasyfikacjach wykonanych dla lat 2007 i 2013. Zaproponowana procedura może być wykorzystywana przez władze państw do podejmowania decyzji w zakresie polityki mieszkaniowej.
EN
Firms operating in the property sector use information asymmetry and the local monopoly to differentiate prices of housing units. Selling similar housing to purchasers at various prices allows them to maximize profits. The aim of this article is to analyze empirically the behavior of developers, that shape the market situation. It is necessary to depart from the classical analysis of enterprises that operate in a free and competitive market and produce typical, homogeneous goods. We analyze firms that produce heterogeneous goods and make individual trans-actions with each client. We use the hedonic regression to compare the theoretical and empirical prices per sq. m. of dwelling in the primary market in Warsaw and find significant dispersions. The price discrimination strategy, can be one of the explanations of the observed high, upward elasticity of prices.
EN
The level of satisfaction that households have with their housing is important for people to function properly, as it largely determines their life satisfaction. Housing satisfaction is a multidimensional concept that can be defined, measured, and analysed in various ways. The aim of the article is to identify the housing satisfaction of Polish households in terms of living space, housing standard, and housing expenses, and to identify the main determinants of housing satisfaction. Factors that have a major impact on housing satisfaction are classified based on a literature review. The sources of Poles’ housing satisfaction are identified using ordered logistic regression. This article is one of the first attempts to analyse housing satisfaction in a post-socialist Central and Eastern European economy.
EN
The main goal of the article is to evaluate the city’s real estate sub-product and identify the impact of perception of this urban sphere on the overall image of Rzeszów city among students. A thesis was accepted by the authors that the attractive image of Rzeszów determines the development of the residential real estate market, attracting especially young, educated people to the city. On the basis of a literature analysis of the subject, information obtained from secondary sources on the topic of Rzeszów, as well as surveys carried out in 2018 among students (n = 325), the thesis was confirmed. Thanks to the fast, modern development of the city and consistently implemented marketing activities, Rzeszów is perceived as an innovative city that is friendly to residents, investors and students. This contributes to the inflow of new, usually young, educated residents and investors, which in turn translates into high dynamics in the residential real estate market. Questionnaire surveys carried out among students have shown that they highly appreciate the current image of Rzeszów and, most after graduation, plan to stay in the city which in their opinion is an attractive place for everyday life.
EN
In this study, we analyse the impact of COVID-19 on house rents and prices in Warsaw, the capital of Poland. Hedonic indexes indicate a slight increase in prices (ca. 1.2%) and a substantial drop in long-term rents (ca. -7.7%) between March 2020 and December 2020. The largest decline in rents occurred in centrally located neighbourhoods, which was largely due to the inflow of new housing supply from the short-term rental market (the Airbnb Warsaw market shrank by almost 30% in December 2020 y/y). Using hedonic methods, we show the effect of the shrinking Airbnb market on the drop in long-term rents. The study indicates the elasticity of rents with respect to Airbnb supply, with a 1% change in Airbnb listings leading to a 0.031% change in rents.
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EN
The econometric modeling of real estate prices is an important step in their valuation. As shown in the theory and practice of valuation, the most important determinant of these prices is location. Therefore, models comprising the spatial components give better estimates than a-spatial models. The purpose of this paper is to compare the quality of prediction for several models: a classical linear model estimated with OLS, linear OLS model including geographical coordinates, Spatial Expansion model, spatial lag and spatial error models, and geographically weighted regression. The evaluation will be based on the calibrated models for the real estate market data in Wroclaw in 2011. The study confirms that the inclusion of the spatial aspect of the analysis may result in improvement in the quality of models. Best fit to the data among the presented methods has proved a geographically weighted regression.
EN
In this paper we present the first insight about the impact of the COVID epidemic on the pri-mary housing market in Poland, with a focus on Warsaw which is the largest market. We ex-plain the structural features that allowed the market to return to pre-shock levels after the pandemic shock. Contrary, after the 2007-2008 global financial crisis the negative consequences lasted for several years. This time a sharp monetary policy and fiscal intervention was carried out. Moreover, the developer sector is much more mature, has expanded its production capaci-ties. We show empirically that the monopolistic competition of developers allowed them to restrict excessive demand that was observed before the COVID broke out. In this way they were able to increase prices despite the economic problems. Another important structural change was the increased housing demand, mainly for investment housing, which was fi-nanced predominantly with cash and contributed to the development of the rental market. We approximate the investment demand, which was generated by private households that pur-chased flats for rental, with the help of a simple demand and supply model.
EN
Many aspects of the global economy changed during the Covid-19 pandemic, including the real estate market. This study examines the primary residential property market in Opole during the Covid-19 pandemic. It uses property transaction data from 2018 to 2021 to conduct statistical analyses and independent group tests and also takes into account the real-estate price trend from 2014 to 2020. The study finds that both property prices and preferences relating to the structure and location of housing changed during the pandemic. In the case of Opole, the number of transactions involving residential units in the primary market increased in 2020 compared to previous years. After adjusting the unit price value of residential properties for the trend in the pre-pandemic period, the study finds that there was also an increase in property transaction prices. The study confirms three important facts relating to phenomena that are occurring globally in cities today. First, local communities are more diverse in terms of the economic heterogeneity of real estate buyers. Second, unlike big urban areas, small cities may be more resistant to the process of citizens migrating to suburban areas, thereby limiting the negative phenomenon of urban sprawl. Third, the housing real estate market in small cities is considered a reliable form of investment of assets, as real estate prices increased during the Covid-19 pandemic.
10
100%
PL
Budownictwo mieszkaniowe spełnia ważną rolę społeczną i gospodarczą każdego państwa. Z tych względów problematyka ta jest istotna. Po pierwsze, gdyż dostarcza nowych mieszkań, po drugie – kreuje popyt na grunty i materiały budowlane, a także stwarza nowe stanowiska pracy, czyli wpływa na wzrost gospodarczy. W niniejszym artykule podjęto problematykę rynku mieszkaniowego w Polsce i na Słowacji, zwracając szczególną uwagę na występujące w nim różnice i podobieństwa.
EN
Residential construction plays an important social and economic role in every country, which is why this subject is relevant in social science research. The construction of new housing delivers new living space, creates demand for land and construction materials, and also creates new jobs that drive the national economy. This paper addresses issues in the housing market in Poland and Slovakia with a special focus on similarities and differences.
EN
This paper analyses the spatial dynamism of price changes in the housing market in Olsztyn. A geographically-weighted regression was used to examine the relationship between price changes in time and features of properties that describe specific technical and functional parameters. Data from 2007-2015 obtained from RCiWN were used to construct one exponential GWR model as well as separate models for each year under analysis. The results are presented in background maps.
EN
The object of the study is the residential sector in cities and housing policy instruments used in the housing market. The aim of the study is qualitative and quantitative analysis of the housing and housing policy instruments used to increase housing demand. The study used a statistical method that was used for comparative analysis of transaction prices for primary and secondary housing market. The study evaluated the cost-effectiveness of buying an apartment in the primary market with the participation of MdM program grant. Subsidizing the purchase of an apartment in the primary market is ineffi cient. Development of housing for rent for people creating new households, would be the cheapest and most rational method of implementation of their housing needs.
EN
The purpose of this research is to try to identify development potential for Polish voivodship capital cities in the area of the housing market, with particular consideration of the number of apartments/flats delivered. The Shift Share Analysis (SSA) method has been used to identify development potential of the analyzed cities. The space-time analysis of flats delivered has been carried out in three market aspects regarding flats planned for sale or rent, flats built individually, and other flats (including: condominiums, council flats, company flats and social housing).
PL
Celem przeprowadzonych badań jest próba identyfikacji potencjału rozwojowego polskich miast wojewódzkich, w obszarze rynku nieruchomości mieszkaniowych, ze szczególnym uwzględnieniem liczby mieszkań oddanych do użytkowania. Do identyfikacji potencjału rozwojowego badanych miast wykorzystano metodę przesunięć udziałów (ang. Shift Share Analysis). Analiza przestrzenno-czasowa mieszkań oddanych do użytkowania została przeprowadzona w trzech rynkowych aspektach, tj. w wymiarze mieszkań przeznaczonych na sprzedaż lub wynajmem, mieszkań budowanych indywidualnie oraz mieszkań pozostałych (do których zaliczono mieszkania spółdzielcze, komunalne, zakładowe oraz społeczne czynszowe).
Współczesna Gospodarka
|
2013
|
vol. 4
|
issue 1
33-46
EN
National housing market is one of the first business branches which suffered an economic slowdown due to the global economic crisis started in United States of America in 2007. In this study author presents a situation of the primary housing market in Elblag and evaluates its development prospects in upcoming years. The research hypothesis is that the external factors related to the macroeconomic issues and Elblag's internal problems, cause constant decline in prices of new housing, similarly to other Polish cities. To confirm the presented hypothesis and the evaluation of development possibilities, the author studies housing transaction price fluctuations for the properties built and sold by developers from 2008 till the first quarter of 2012. He also analyse demographic situation of the city, mortgages market and changes in GDP and GDP per capita over the past few years.
EN
Research background: There are several methods to construct a price index for infrequently traded real estate assets (mainly residential, but also office and land). The main concern to construct a valid and unbiased price index is to address the problem of heterogeneity of real estate or put differently to control for both observable and unobservable quality attributes. The one most frequently used is probably the hedonic regression methodology (classic, but recently also spatial and quantile regression). An alternative approach to control for unobservable differences in assets' quality is provided by repeat sales methodology, where price changes are tracked based on differences in prices of given asset sold twice (or multiple times) within the study period. The latter approach is applied in renown S&P CoreLogic Case-Shiller house price indices. Purpose of the article: The goal of the paper is to assess the applicability of repeat sales methodology for a major housing market in Poland. Previous studies used the hedonic methodology or mix adjustment techniques, and applied for major metropolitan areas. The most widely known example is the set of quarterly house price indices constructed by NBP - especially for the primary and secondary market. The repeat sales methodology has not been adopted with significant success to date - mainly because of concern regarding relative infrequency of transactions on the housing market in most metropolitan areas (thus a potentially small sample of repeated sales). Methods: The study uses data on repeat sales of residential transactions in Krakow from 2003 to 2015. We apply different specifications of repeat sales index construction and compare respective values to the hedonic price index for Krakow estimated by NBP. Findings & Value added: Findings suggest that repeat sales house sales indices can be used to track price dynamics for major metropolitan areas in Poland. The study suggests problems that need to be addressed in order to get unbiased results - mainly data collection mechanism and estimation procedure.
EN
The Portuguese housing market underwent major transformations between 2010 and 2020. Until then, a delicate but resentful stability had long existed, with distorted rent schemes and low annual price increases proportional to the national economy and the income of the Portuguese population. After the financial crisis, several internal and external variables converged to dramatically change this scenario. In recent years, a growing number of researchers have centred their attention on the difficulties that the Portuguese urban middle-class populations are facing in trying to find homes. This paper analyses these challenges and their impact quantitatively, focusing on the affordability of housing for purchase or rent and considering synthetic indicators for average household incomes in the Lisbon Metropolitan Area between the beginning of 2016 and the end of 2019. The results show that the cost of buying or renting a house in the main Portuguese urban system has become much more detached from local incomes. The article concludes with reflections on the structural reasons for the enduring inequalities in the housing markets and the difficulties recognising territorial cohesion and spatial justice as important elements shaping urban and housing policies in Portugal.
EN
The main aim of the paper was to identify the synchronization of dwelling price cycles in the secondary housing market in the years 1996-2012 in the six biggest cities in Poland. This aim determines the scope of the subject, which includes price changes in the secondary housing market, relating both to full and limited ownership rights to private accommodation. The research refers only to dwellings located in multi-family buildings.
PL
W artykule podjęto próbę identyfikacji synchronizacji cykli cen mieszkań na wtórnym rynku mieszkaniowym w latach 1996-2012 w sześciu największych miastach w Polsce. Pierwszym krokiem analizy było przeprowadzenie korekty sezonowej. W dalszej części wykorzystano neoklasyczne podejście wskazujące na uznawanie wahań cyklicznych za synonim odchyleń od tendencji rozwojowej danej wielkości makroekonomicznej. Kolejne etapy prac ekonometrycznych polegały na przeprowadzeniu analizy widmowej. Rezultaty badań wskazują, że wahania cen mieszkań na wtórnym rynku w Polsce, definiowane jako odchylenia od jego trendu, wykazują relatywną zgodność w występowaniu punktów zwrotnych. Nie jest to jednak całkowita zbieżność, o czym świadczy to, że nie wszystkie miasta w tym samym czasie rozpoczynają i kończą fazę spadków cen. Ponadto, miastami, w których najwyraźniej obserwowane jest zjawisko synchronizacji oscylacji cen mieszkań na rynku wtórnym są Gdańsk, Łódź, Poznań i Wrocław.
EN
The authors seek the correlations between local council policies concerning residential property taxation and the growth of local housing markets in voivodship capitals in 2007–2013. The first part of the paper contains the analysis of the dynamics of changes in local property taxes followed by the evaluation of the development levels of local housing markets and their linear ordering by means of the property market development indicator. Then, in order to capture the similarities and identify trends on the local housing markets, the cities were classified into homogenous clusters. In the last stage of the analysis the authors evaluated the relevance of property tax rates adopted locally on the growth of local housing markets. The study results showed no statistically relevant correlation between the analysed phenomena — i.e., no effect of the local property tax rates on the decisons made by investors on the local housing markets.
PL
W artykule poszukiwano zależności pomiędzy prowadzoną przez władze lokalne polityką podatkową w zakresie podatku od nieruchomości mieszkaniowych a rozwojem rynków mieszkaniowych w miastach wojewódzkich w latach 2007–2013. W pierwszej części artykułu dokonano analizy dynamiki zmian wysokości uchwalanych stawek podatku od nieruchomości. Następnie dokonano oceny poziomu rozwoju rynków mieszkaniowych oraz uporządkowania liniowego przy wykorzystaniu względnego współczynnika poziomu rozwoju. Z kolei, w celu uchwycenia zbieżności oraz jednakowych tendencji na rynkach mieszkaniowych pogrupowano miasta w grupy jednorodne. Ostatnim etapem analizy była ocena istotność wpływu wysokości uchwalanych stawek podatku od nieruchomości mieszkaniowych na rozwój rynków mieszkaniowych. Uzyskane wyniki wykazały brak statystycznie istotnej zależności pomiędzy badanymi zjawiskami tzn. brak wpływu wysokości uchwalonych przez rady miast wysokości stawek na podejmowane przez inwestorów decyzje na rynku mieszkaniowym.
EN
The article comments on a variety of problems of apartment blocks, featuring the example of the town of Kroměříž. Based on evaluation of a non-public database of sale transactions in the housing market, the authors point out that intra-urban migration is a very significant element in sale transactions. The morphogenetic zone of apartment blocks is an important migrant destination within these transactions. The article shows that apartment blocks are a target destination for migrants from all other morphogenetic zones of the town as well as locations outside. Also, the evaluation evokes reflections about a possible differentiation of the environments of apartment housing zones.
CS
Článek se zabývá problematikou sídlišť na příkladu města Kroměříže. Vychází z hodnocení neveřejné datové základny prodejních transakcí na trhu bydlení a poukazuje na skutečnost, že vnitroměstská migrace představuje velmi významnou složku hodnocených prodejních transakcí. Podobně morfogenetická zóna sídlišť je významnou cílovou destinací migrací v rámci hodnocených prodejních transakcí. Článek dále ukazuje, že morfogenetická zóna sídlišť je cílovou destinací migrace ze všech dalších morfogenetických zón města Kroměříže, stejně jako z míst mimo Kroměříž. Konečně hodnocení prodejních transakcí evokuje úvahy o diferenciaci prostředí jednotlivých sídlišť.
20
75%
PL
Artykuł prezentuje najważniejsze wyniki badań mających na celu sprawdzenie rzeczywistych cen mieszkań na rynku wtórnym w Krakowie. Zaprezentowano w nim mapę cenową zawierającą graficzną prezentację średnich cen transakcyjnych mieszkań własnościowych zanotowanych na krakowskim rynku wtórnym w 2008 r. Mapa cenowa Kraków 2008 została przygotowana przez Dział Badań i Analiz firmy Emmerson S.A. na podstawie analizy bazy 1,2 tys. transakcji kupna/sprzedaży mieszkań własnościowych zgromadzonej i udostępnionej przez Emmerson Evaluation. Oparta została więc o dane rzeczywiste w odróżnieniu od najbardziej rozpowszechnionych analiz wykorzystujących dane ofertowe. Prezentacja mapy, wyników i najważniejszych wniosków poprzedzona została krótkim przypomnieniem różnic między cenami ofertowymi i transakcyjnymi.
EN
The article presents the major results of the research conducted with the intention to diagnose real prices of “second-hand” flats in Krakow. The presented map shows average transaction prices (freehold flats only) registered on the Krakow secondary market in 2008. It has been prepared by the Emmerson Market Research Department on the basis of approx. 1,200 sale/purchase transactions monitored by the property valuers of Emmerson Evaluation. Contrary to other similar publications based on offering (initial) data, it presents updated real market value of dwellings in the city. In the beginning of the article, the author has briefly summarized the main differences between offer (initial) prices and transaction (final) ones.
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