scholarly journals Teoretyczne i metodyczne aspekty wyznaczania indeksów cen na rynku mieszkaniowym

2018 ◽  
Author(s):  
Radosław Trojanek
Keyword(s):  
Real Estate ◽  
Housing Prices ◽  
Real Estate Market ◽  
Secondary Market ◽  
Property Right ◽  
Sources Of Information ◽  
Single Family ◽  
Starting Point ◽  
Price Indexes

In the book, an attempt was made to catalogue knowledge concerning the importance of research into the dynamics of housing prices for social and economic development. The analysis of the experience of countries with well-developed real estate markets in the aspect of building price indexes was carried out. Based on original databases of asking and transaction prices, price indexes were built, which were then subjected to numerous resistance tests. The aims of these research tasks were as follows: 1) to examine the quality of offers for sale as a source of information about changes in the real estate market, 2) to find out whether the repeat sales method can be used for building price indexes and to critically assess this method in terms of the stability of the obtained results, 3) to analyze hedonic methods and indicate the preferred one in terms of the ratio of the quality of results to how time-consuming and cost-intensive it is to build such indexes, 4) to establish the importance of methods and sources of information for building price indexes in different time horizons, 5) to identify how important it is for the fluctuation of price indexes if the cooperative property right to a flat is not taken into account. In order to perform the research tasks and accomplish the goals scopes of the work were defined. The subject followed the aim of the study and refers to prices in the secondary housing market, encompassing both the property right and cooperative property right to a flat or house. The broad scope concerns the discussion in the general part, being narrowed down to the secondary market of flats located in multi-family and single-family buildings. The time scope covers the years 2000-2015, which is connected to the range of empirical studies carried out. They focused both on actual transactions and on offers of flats for sale. On this basis, we built databases which served as the starting point for further analyses. The study involved transactions and offers in the area of Poznan.

scholarly journals Changes in Housing Availability Indicator in Selected Polish Cities in the Years 2006 to 2018

2019 ◽  
Vol 16 (1) ◽  
pp. 91-97
Author(s):  
Marta Martyniak
Keyword(s):  
Real Estate ◽  
Housing Market ◽  
Housing Prices ◽  
Real Estate Market ◽  
Secondary Market ◽  
Individual Investors ◽  
Residential Real Estate ◽  
Asymmetry Of Information ◽  
Transaction Prices ◽  
Central Statistical

Abstract Research purpose. Housing availability indicator shows the area of residential real estate possible to purchase for the average monthly wage in the enterprise sector. The research carried out in this paper is aimed at determining the current level of housing availability indicator and its detailed analysis, taking into account the dynamics of changes in 2006 to 2018. This analysis will be carried out for primary and secondary market for selected Polish cities. Design/Methodology/Approach. Calculations were based on the average transaction prices obtained from the transactional database of residential real estate of the National Bank of Poland and the value of the average monthly remuneration in the enterprise sector obtained partly from statistical data and official journals of the Central Statistical Office. Findings. The analysis shows that the indicator of housing availability in Poland, despite the visible upward trend, is at a very low level, placing Warsaw at the first place. In addition, the extension of the analysis to the division of the housing market into the primary and secondary market provided more information about shaping the housing availability indicator. Whereas in the primary market in individual cities its value was at a similar level, the secondary market was subject to greater fluctuations. Originality/Value/Practical implications. This paper is of practical nature. Due to the asymmetry of information on the Polish real estate market, especially regarding housing prices, knowledge about the value of the housing availability indicator in Poland may be exceptionally valuable, especially for people interested in the housing market, including individual investors and market practitioners, as an auxiliary source of information in purchasing decisions of households.

scholarly journals Residential factor of forming the territory’s value of the Lviv city

2016 ◽  
pp. 72-78
Author(s):  
V. Zapototska ◽  
O. Levytska ◽  
I. Horyn
Keyword(s):  
Real Estate ◽  
Housing Prices ◽  
Real Estate Market ◽  
Secondary Market ◽  
Transport Infrastructure ◽  
Full Time ◽  
The Real ◽  
The Real Estate ◽  
The Real Estate Market ◽  
The City

In this article we consider the theoretical and applied principles of formation of the cost of residential areas of Lviv. Some factors of supply were evaluated such as: availability of housing, the exploitaition of housing, foreign direct investments, the amount of construction works. The assessment of activity indicators of the real estate market in the regions was done. Maximum of residential real estate of the secondary market of Lviv, which were on sale in 2015, was observed in FrankIvskiy region (20.0% of all objects), because it has a high degree of intensity of functioning of the real estate market in this segment. However, in Sykhivskiy region the development of secondary real estate is retarded, despite of the significant amounts of housing. An analysis of the price indices of housing in the city allowed to the authors to identify five areas of pricing, to analyze property values of the areas of the city and to outline the reasons of differentiation. The first – Central area – includes Galitskiy array. The second – middle zone – consists of Zaliznichniy, Frankivskiy, Shevchenkivskiy and Lychakivskyi arrays and Lychakiv, Pogulyanka and the New Lviv. The third – peripheral urban area – covers Levandivka, Sriblyastiy, Veliki Kravchitsi, Znesinnia, Mayorivka, Kozelnyky, Sihiv and Sykhivskiy array Bodnarivka, Kulparkiv, Zamarstyniv and Zboyischa. The fourth – peripheral area – includes Syhnivka and Ryasne. The fifth – neighborhood peripheral zone– applies to the Lysynachi and Ryasne-2. The authors managed to create a map of the potential fields in a cost of residential development in the city. The amount of new buildings in the city’s area also was analyzed in the work. According to the forecast which was made by using analytical methods of smoothing and leveling till May 2017, prices in secondary market of all areas of Lviv will gradually decrease in average house. Naturally, the highest values in prices will occur in the central and middle areas. The reason is that the investigated territory is the historical center of the city, which has a high level of service industry. This part of city has the highest level of industrial production and sales of industrial products. It also constantly focuses on development of trade and providing the local population with qualitative goods and services. Housing prices will be the lowest in peripheral approximate, peripheral and remote peripheral areas of Lviv, which are the youngest and the most isolated among other areas of the city. There are also green areas in Lviv which are characterized by insufficient availability of social facilities. The main problem here is transport infrastructure. It needs development and improvement because the locals daily faced with serious problems both during arrival at work or school and when they return home. In the work also were conducted the calculations of tightness connection (correlation) parameters of the commissioning of housing, retail turnover volume of enterprises of direct investment, the quantity of people and the average nominal wage by an average of one full-time employee. The result of the reseach is a tight connection between the commissioning of housing and retail turnover of enterprises and average nominal wages on average one staff member. It has a linear character and it’s positive. However, direct investments and quantity of population in general are not related to the investigation process.

What drives housing prices, rent and new construction in China

2017 ◽  
Vol 10 (5) ◽  
pp. 662-686
Author(s):  
Dimitrios Staikos ◽  
Wenjun Xue
Keyword(s):  
Real Estate ◽  
Empirical Test ◽  
Housing Prices ◽  
Panel Cointegration ◽  
Real Estate Market ◽  
Estimation Methods ◽  
Content Type ◽  
New Construction ◽  
Using Data ◽  
First Time

Purpose With this paper, the authors aim to investigate the drivers behind three of the most important aspects of the Chinese real estate market, housing prices, housing rent and new construction. At the same time, the authors perform a comprehensive empirical test of the popular 4-quadrant model by Wheaton and DiPasquale. Design/methodology/approach In this paper, the authors utilize panel cointegration estimation methods and data from 35 Chinese metropolitan areas. Findings The results indicate that the 4-quadrant model is well suited to explain the determinants of housing prices. However, the same is not true regarding housing rent and new construction suggesting a more complex theoretical framework may be required for a well-rounded explanation of real estate markets. Originality/value It is the first time that panel data are used to estimate rent and new construction for China. Also, it is the first time a comprehensive test of the Wheaton and DiPasquale 4-quadrant model is performed using data from China.

scholarly journals Did the COVID-19 Pandemic Crisis Affect Housing Prices Evenly in the U.S.?

2021 ◽  
Vol 13 (21) ◽  
pp. 12277
Author(s):  
Xinba Li ◽  
Chuanrong Zhang
Keyword(s):  
Real Estate ◽  
Spatial Patterns ◽  
Price Change ◽  
Housing Prices ◽  
Housing Price ◽  
Real Estate Market ◽  
Moran’S I ◽  
Moran's I ◽  
Price Changes ◽  
The U.S

While it is well-known that housing prices generally increased in the United States (U.S.) during the COVID-19 pandemic crisis, to the best of our knowledge, there has been no research conducted to understand the spatial patterns and heterogeneity of housing price changes in the U.S. real estate market during the crisis. There has been less attention on the consequences of this pandemic, in terms of the spatial distribution of housing price changes in the U.S. The objective of this study was to explore the spatial patterns and heterogeneous distribution of housing price change rates across different areas of the U.S. real estate market during the COVID-19 pandemic. We calculated the global Moran’s I, Anselin’s local Moran’s I, and Getis-Ord’s statistics of the housing price change rates in 2856 U.S. counties. The following two major findings were obtained: (1) The influence of the COVID-19 pandemic crisis on housing price change varied across space in the U.S. The patterns not only differed from metropolitan areas to rural areas, but also varied from one metropolitan area to another. (2) It seems that COVID-19 made Americans more cautious about buying property in densely populated urban downtowns that had higher levels of virus infection; therefore, it was found that during the COVID-19 pandemic year of 2020–2021, the housing price hot spots were typically located in more affordable suburbs, smaller cities, and areas away from high-cost, high-density urban downtowns. This study may be helpful for understanding the relationship between the COVID-19 pandemic and the real estate market, as well as human behaviors in response to the pandemic.

Improved Price Indexes for Real Estate: Measuring the Course of Swedish Housing Prices

1998 ◽  
Vol 44 (2) ◽  
pp. 171-196 ◽  
Author(s):  
Peter Englund ◽  
John M Quigley ◽  
Christian L Redfearn
Keyword(s):  
Real Estate ◽  
Housing Prices ◽  
Price Indexes

Local Investments Site Selection and the Behavior of the Real Estate Market – Case Study in Poland

2017 ◽  
Author(s):  
Monika Siejka
Keyword(s):  
Economic Development ◽  
Real Estate ◽  
Negative Impact ◽  
Real Estate Market ◽  
The European Union ◽  
The Real Estate ◽  
The Real Estate Market ◽  
Real Estate Management

One of the main tasks of real estate management in the area of the municipality is making decisions concerning the location of investments on a local scale. These decisions should be taken with the principle of sustainable development. For such an action obliges Poland's membership in the European Union. Poland as a member of the EU is obliged to implement the rules in force in the Member States. Bearing in mind that any investment impact directly or indirectly on the economic development of the municipality, is therefore a significant impact on the local real estate market. Investments that have a negative impact on the environment can contribute to a reduction in the activity of the local real estate market. While performing tasks related to the economic development of the region and the increase in quality of life, increases the activity of the local real estate market. The work was carried out research on the dynamics of changes in the local real estate market in the area of the municipality Skrzyszow in the Malopolska province in Poland, in connection with the construction of the reservoir.

scholarly journals COVID-19 Infects Real Estate Markets: Short and Mid-Run Effects on Housing Prices in Campania Region (Italy)

2020 ◽  
Vol 9 (7) ◽  
pp. 114 ◽  
Author(s):  
Vincenzo Del Giudice ◽  
Pierfrancesco De Paola ◽  
Francesco Paolo Del Giudice
Keyword(s):  
Real Estate ◽  
Housing Prices ◽  
Real Estate Market ◽  
Campania Region ◽  
Real Estate Markets ◽  
The Real ◽  
The Real Estate ◽  
Short Run ◽  
Predator Model ◽  
Real Estate Prices

The COVID-19 (also called “SARS-CoV-2”) pandemic is causing a dramatic reduction in consumption, with a further drop in prices and a decrease in workers’ per capita income. To this will be added an increase in unemployment, which will further depress consumption. The real estate market, as for other productive and commercial sectors, in the short and mid-run, will not tend to move independently from the context of the aforementioned economic variables. The effect of pandemics or health emergencies on housing markets is an unexplored topic in international literature. For this reason, firstly, the few specific studies found are reported and, by analogy, studies on the effects of terrorism attacks and natural disasters on real estate prices are examined too. Subsequently, beginning from the real estate dynamics and economic indicators of the Campania region before the COVID-19 emergency, the current COVID-19 scenario is defined (focusing on unemployment, personal and household income, real estate judicial execution, real estate dynamics). Finally, a real estate pricing model is developed, evaluating the short and mid-run COVID-19 effects on housing prices. To predict possible changes in the mid-run of real estate judicial execution and real estate dynamics, the economic model of Lotka–Volterra (also known as the “prey–predator” model) was applied. Results of the model indicate a housing prices drop of 4.16% in the short-run and 6.49% in the mid-run (late 2020–early 2021).

Airport noise compensation: real estate perspective

2019 ◽  
Vol 12 (2) ◽  
pp. 250-266 ◽  
Author(s):  
Jacek Batóg ◽  
Iwona Foryś ◽  
Jan Konowalczuk
Keyword(s):  
Real Estate ◽  
Noise Level ◽  
Linear Models ◽  
Real Estate Market ◽  
Single Family ◽  
Content Type ◽  
Explanatory Variables ◽  
Noise Compensation ◽  
Restricted Use ◽  
Practical Implications

Purpose This study aims to present a problem of noise compensation related to the localization of single-family houses in the restricted use areas (RUA) created around airports. The authors presented different methodological approaches to the valuation of such amends and characterized distinct solutions applied in that area in chosen countries and cities. Design/methodology/approach To estimate the level of those indemnities, linear models including spatial and generalized linear models, were applied. The set of explanatory variables contains quantitative and qualitative attributes of real estates. The influence of outliers indicated by means of cluster analysis on the received results were also considered. Findings The results show that after accounting for noise level and house characteristics, houses in noisier areas were sold for less than houses subjected to less noise. Unit prices of houses located outside the RUA were on average 17.05 per cent higher than the prices observed in zone with noise level for the daytime of 60 dB and 8.95 per cent in zone characterized by noise level for the daytime of 55 dB. Practical implications Received results can be compared with results obtained by other authors, but its most important application is possibility of use the proposed methodology by judicial appraisers to assess the proper level of noise compensation for home owners or tenants. Originality/value An identification of real estate market heterogeneity and its considering in estimation of compensation related to airport noise evidence some novelty of the research.

scholarly journals Assessment of Predictor Importance with the Example of the Real Estate Market

2016 ◽  
Vol 16 (2) ◽  
pp. 29-39
Author(s):  
Mariusz Kubus
Keyword(s):  
Feature Selection ◽  
Real Estate ◽  
Linear Models ◽  
Predictive Modelling ◽  
Real Estate Market ◽  
Comparative Approach ◽  
Single Family ◽  
Data Set ◽  
The Real Estate ◽  
Leave One Out

Abstract Regression methods can be used for the valuation of real estate in the comparative approach. However, one of the problems of predictive modelling is the presence of redundant or irrelevant variables in data. Such variables can decrease the stability of models, and they can even reduce prediction accuracy. The choice of real estate’s features is largely determined by an appraiser, who is guided by his/her experience. Still, the use of statistical methods of a feature selection can lead to a more accurate valuation model. In the paper we apply regularized linear regression which belongs to embedded methods of a feature selection. For the considered data set of real estate land designated for single-family housing we obtained a model, which led to a more accurate valuation than some other popular linear models applied with or without a feature selection. To assess the model’s quality we used the leave-one-out cross-validation.

scholarly journals Modeling the Real Estate Prices in Olsztyn under Instability Conditions

2012 ◽  
Vol 11 (1) ◽  
pp. 61-72 ◽  
Author(s):  
Mirosław Bełej ◽  
Sławomir Kulesza
Keyword(s):  
Real Estate ◽  
Housing Prices ◽  
Intrinsic Property ◽  
Small Variation ◽  
Smooth Curve ◽  
Real Estate Market ◽  
The Real ◽  
The Real Estate ◽  
The Real Estate Market ◽  
The Stability

Abstract The paper deals with the description of the issues related to the dynamics of the real estate market in terms of sharp, unexpected changes in the housing prices which have been observed in the last decade in many European countries due to some macroeconomic circumstances. When such perturbations appear, the real estate market is said to be structurally unstable, since even a small variation in the control parameters might result in a large, structural change in the state of the whole system. The essential problem addressed in the paper is the need to define and discriminate between the intervals of stable and unstable real estate market development with special attention paid to the latter. The research aims at modeling hardly explored field of discontinuous changes in the real estate market in order to reveal the bifurcation edge. Assuming that the periods of sudden price changes reflect an intrinsic property of the real estate market, it is shown that the evolution path draws for most of the time a smooth curve onto the stability area of the equilibrium surface, and only briefly penetrates into the instability area to hop to another equilibrium state.

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