- Détails du magazine
- Première publication
- 16 May 2013
- Période de publication
- 4 fois par an
- Accès libre
Residential Property Price Indices on Small Property Markets
Pages: 5 - 18
There are many reasons for the fact that reliable property indices are difficult to calculate. Even though, in theory, there are several acknowledged methods of their determination, this task poses problems of various nature in practice. These problems grow when the data sets are limited, which is the case on small property markets where the number of transactions are low. The paper is an attempt to compute property price indices on the basis of a statistically smoothed series of average unit prices of residential properties sold on a small market, exemplified by the county of Łobez. Additionally, the paper discusses the problems that have emerged over the course of the study, as well as the obtained results, as viewed in the context of the general situation on the property market.
- real property market
- property price indices
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Closed-End Real Estate Funds in Comparison with other Investment Opportunities in Poland
Pages: 19 - 31
The first closed-end real estate investment funds in Poland began to appear in 2004, along with the development of the capital market and the real estate market. The funds invested both in the housing market and in the commercial market. In general, they encouraged potential investors to purchase investment fund units by pointing to positive results obtained by similar funds in other countries, as well as the dynamic growth of prices in domestic real estate markets. However, the analysis of the performance of closed-end real estate funds in Poland shows that they have failed to earn satisfactory rates of return. The aim of the study was to compare their performance with the profitability of other investment instruments in the 2004 to 2014 period. In addition, the authors aimed to establish why closed-end real estate funds had failed to succeed in Poland, by analyzing, among other things, their institutional context. The study was based on a comparison of the characteristics and performance of particular funds, and also analyzed the profitability of selected alternative investments.
- close-end real estate investment fund
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Is there a Housing Bubble in Turkey?
Pages: 48 - 73
There was a notable housing price inflation in aggregate/local levels in Turkey during the last few years. Although the country’s economic fundamentals remain strong, the probability of a housing bubble is a heated debate among market participants. This timely investigation brings greater clarity to whether the Turkish housing market is in a bubble. The study uses a multi-strand approach to dissect the bubble over the period of Jan. 2010 - Dec. 2014. First, monthly/annual price-to-income and monthly price-to-rent ratios are examined for the national Turkish as well as regional Istanbul, Izmir and Ankara housing markets. Second, an extended CASE and SHILLER (2003) model is applied assessing the interdependence between housing prices and a series of explanatory variables. Lastly, the Right Tail Augmented Dickey-Fuller (Rtadf) test is performed to support the overall analysis. This study finds that neither affordability ratios nor regression estimates support the existence of the bubble in Turkey.
- Housing bubble
- regression analysis
- affordability ratios
- Turkish housing market
- Istanbul housing market
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Possibilities for the Growth of Social Housing with the Participation of Developers in Poland
Pages: 74 - 83
Development activity, understood as an economic activity consisting of transforming a property so as to induce an increase in value, has been expanding in Poland since the early nineties of the twentieth century. However, in this country, it is an activity associated mainly with the profit which a developer can make from the sale or rental of the transformed property. In the West, however, non-profit development activity, providing mainly housing for rent for people with limited financial resources, has become increasingly popular. Under the current institutional conditions, the growth of this type of activity in Poland seems impossible. In this situation, Social Housing Associations could play a similar role, subject to the extension of the scope of their activities and funding opportunities. Therefore, it is reasonable to put forward the thesis that, in order to make the growth of social housing in Poland more dynamic, it is necessary to expand for the range of SHA activities as well as to initiate non - profit development activity based on the model of Western countries. The aim of the paper is to demonstrate the legitimacy of the presented thesis by analyzing the available literature, statistical data and case studies.
- development activity
- non-profit activity
- Social Housing Association
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Econometric Identification of the Impact of Real Estate Characteristics Based on Predictive and Studentized Residuals
Pages: 84 - 92
The paper proposes a means of determining the impact of real estate characteristics based on the residuals of an accordingly specified econometric model. The econometric model contains explanatory variables whose values are easily measurable. Then, the hypothesis that the residuals of the econometric model encompass the impact of specific factors indicating that the real estate is atypical is verified, thus supporting real estate market analysis. The work describes various types of residuals (predictive and studentized residuals).
- identification of specific (unobserved) factors
- predictive and studentized residuals
- econometric analysis of real estate market
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Fees for Advertisements in Public Space Incurred by a Given Bank Brand in Poland
Pages: 93 - 102
This article aims to present significant changes in the rates of fees for advertisements on selected bank buildings located in public space, resulting from the implementation of the so-called "Act on Landscape Protection" (Act on amending certain acts in connection with the strengthening of landscape protection tools from 24 April 2015 (2015 Journal Of Laws, item 774). The Act on landscape protection aims to minimize the amount of signboards in city centers. It introduces significant changes regarding (a) fees, (b) the expanded definition of advertisements, and (c) potential revisions and renewal of advertisements. The implementation of the Act causes significant inconveniences and challenges in the process advertising services. The objective of this research is to assess changes in the costs of advertising incurred by banks. More specifically, the research estimated (a) fees incurred by a selected bank brand for signboards placed on all bank branches within the entire country. An altered definition of an advertisement placed in the right-of-way and in public space will cause an increase in the surface of signboards, and, therefore, an increase in fees. In addition, a new type of fee (i.e., advertising fee) will increase the expenses incurred by the bank for the specified objects.
- outdoor advertising
- public space
- right-of-way occupation
- Act on landscape protection
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The Activities of Local Governments in the Revitalization of Public Space in Bulgaria and Poland
Pages: 103 - 111
The research discussed in the article focuses on public space in urban areas and revitalization activities carried out by local governments. The goals of the paper are to identify the conditions and opportunities for the development of public space by local governments of Bulgaria and Poland, to find regularities (similarities and differences) and to assess the actions taken. The specific objective is to illustrate the process of planning and managing selected large revitalization investments in urban public spaces in Bulgaria and Poland. The research methods used comprise the analysis of literature, including official documents and acts of law and case studies.
The paper analyzes the conditions and manifestations of activities taken by local governments regarding investment in public space (development and revitalization of public space programs and investing in real estate) in Bulgaria and Poland, using examples from selected cities. The authors selected two comparable urban areas: Varna in Bulgaria and Poznań in Poland, chosen intentionally due to the similarity of the two post-socialist bloc countries and the availability of information. Bulgarian and Polish state law and various acts of local law were analyzed. The experimental part of the publication introduces case studies of investments in the revitalization of real estate in public space managed by the local governments. It shows examples of projects which are relevant to the development of the cities under study.
- public spaces
- local government expenditures
- localities policy
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Land Administration System for Sustainable Development – Case Study of Poland
Pages: 112 - 122
The global idea of building state Land Administration Systems was to determine the infrastructures for the implementation of land policies and land management strategies in support of sustainable development. This new paradigm in science has directed many studies towards the development of concepts for the integration of various spatial information systems in the framework of interoperable infrastructures. Each infrastructure includes institutional arrangements, a legal framework, processes, standards, land information, management and dissemination systems, and technologies required to support allocation, land markets, valuation, control of use, and development of interests in land.
Many countries are in the process of developing Land Administration Systems (LAS). Databases of Land Information Systems (LIS), including cadastres, land registries, tax registries and land-use plans, are integrated to improve Land Information System functions and provide effective support for other systems and economic processes.
This article analyzes the LAS construction process in Poland with particular emphasis on the functionality of the infrastructure supporting the widely understood sustainable development of land, the economy and society. The presented solution may be an important model (template) for other national infrastructures.
- Land Administration System
- Sustainable Development