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Volume 31 (2023): Issue 1 (March 2023)

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Volume 30 (2022): Issue 1 (March 2022)

Volume 29 (2021): Issue 4 (December 2021)

Volume 29 (2021): Issue 3 (September 2021)

Volume 29 (2021): Issue 2 (June 2021)

Volume 29 (2021): Issue 1 (March 2021)

Volume 28 (2020): Issue 4 (December 2020)

Volume 28 (2020): Issue 3 (September 2020)

Volume 28 (2020): Issue 2 (June 2020)

Volume 28 (2020): Issue 1 (March 2020)

Volume 27 (2019): Issue 4 (December 2019)

Volume 27 (2019): Issue 3 (September 2019)

Volume 27 (2019): Issue 2 (June 2019)

Volume 27 (2019): Issue 1 (March 2019)

Volume 26 (2018): Issue 4 (December 2018)

Volume 26 (2018): Issue 3 (September 2018)

Volume 26 (2018): Issue 2 (June 2018)

Volume 26 (2018): Issue 1 (March 2018)

Volume 25 (2017): Issue 4 (December 2017)

Volume 25 (2017): Issue 3 (September 2017)

Volume 25 (2017): Issue 2 (June 2017)

Volume 25 (2017): Issue 1 (March 2017)

Volume 24 (2016): Issue 4 (December 2016)

Volume 24 (2016): Issue 3 (September 2016)

Volume 24 (2016): Issue 2 (June 2016)

Volume 24 (2016): Issue 1 (March 2016)

Volume 23 (2015): Issue 4 (December 2015)

Volume 23 (2015): Issue 3 (September 2015)

Volume 23 (2015): Issue 2 (June 2015)

Volume 23 (2015): Issue 1 (March 2015)

Volume 22 (2014): Issue 4 (December 2014)

Volume 22 (2014): Issue 3 (September 2014)

Volume 22 (2014): Issue 2 (June 2014)

Volume 22 (2014): Issue 1 (March 2014)

Volume 21 (2013): Issue 4 (December 2013)

Volume 21 (2013): Issue 3 (September 2013)

Volume 21 (2013): Issue 2 (June 2013)

Volume 21 (2013): Issue 1 (May 2013)

Journal Details
Format
Journal
eISSN
2300-5289
First Published
16 May 2013
Publication timeframe
4 times per year
Languages
English

Search

Volume 24 (2016): Issue 1 (March 2016)

Journal Details
Format
Journal
eISSN
2300-5289
First Published
16 May 2013
Publication timeframe
4 times per year
Languages
English

Search

8 Articles
Open Access

Accessibility of Real Estate by Transportation as a Determinant of the Development of Suburban Real Estate Markets – Case Study

Published Online: 04 Apr 2016
Page range: 5 - 18

Abstract

Abstract

The aim of this article is to show the accessibility of real estate by transportation as a factor that significantly determines the decision to acquire it. Direct access to a public road, or access to an internal road that provides communication with the public road, are a factor affecting the value of real estate. In addition, this factor is taken into account in the process of changing the function of the area, especially in determining zoning and land use. The decision of purchasing real estate often depends on transportation accessibility, because it has an impact on developing the selected plot.

Suburban real estate markets, as markets exposed to particularly strong investment pressure, develop depending on the influx of external investors and the local transportation network. Here, the smaller the distance from the city center, the greater the building concentration; nevertheless, it is still important to improve transportation links and create a well-developed local transportation network. The provision of access to main roads on the rapidly growing market is in the interest of local authorities implementing spatial policy. It is also a challenge for real estate investors taking on the initiative in the scope of transforming land use.

The analysis of the impact that transportation accessibility has on the development of the real estate market was conducted on the example of two selected suburban communes bordering the city of Olsztyn - Dywity and Stawiguda. Transactions on the local real estate market entered into during a period of five years were subjected to analysis. The results of the research revealed concentrations of transactions of real estate located on the outskirts of the city or in areas well-communicated with Olsztyn. The conducted research also indicates that, due to the activity of investors, a network of internal roads creating a complex structure was formed.

Keywords

  • suburbanization
  • transportation
  • concentration
  • real estate market

JEL

  • C26
  • R39
  • R42
Open Access

Methods of Assessing Noise Nuisance of Real Estate Surroundings

Published Online: 04 Apr 2016
Page range: 19 - 30

Abstract

Abstract

Testing what factors create the market value of real estate is key information when preparing property valuations as well as other opinions and professional evaluations on the basis of which court verdicts or administrative decisions are made. One of the factors influencing the value of some real estate is the level of noise present in the surroundings, which can lead to the occurrence of noise nuisance negatively affecting social relations.

Due to the fact that the analysis of the attractiveness of a location is the basis for properly determining the market value of real estate, the present article is dedicated to the methodology of assessing the noise nuisance of real estate surroundings. Four methods of assessment are proposed in the work: two of an objective nature, based on the measurements of noise and spatial analyses of data included in a strategic noise map, as well as two of a subjective nature, accounting for, among others, the individual perceptions of real estate users. The results of studies using the above methods can serve as a source of information on real estate as well as aid decision processes in the scope of real estate management. Theoretical deliberations were supported by a sample assessment of the noise nuisance of real estate surroundings carried out using two of the presented study methods.

Keywords

  • noise
  • methods of assessing noise nuisance
  • residential real estate
  • Poland

JEL

  • Q51
  • Q53
  • Q24
  • R31
Open Access

Modern Management Challenges of Floating Housing Development

Published Online: 04 Apr 2016
Page range: 31 - 40

Abstract

Abstract

The aim of the article is to identify factors that determine the development and management models of floating housing development in the analyzed countries. The author indicates factors determining the possibility of settling on bodies of water in Poland, and restrictions connected with this type of development, as well as the need for specialized persons and companies ready to meet the challenges of the modern management of hydro-technical facilities, including floating housing development.

In Western Europe, living on water is gaining in popularity. People have begun to dwell on water because of rising land prices, congestion in cities and work related to the use of rivers for the transport of goods.

The popularity of housing on water in the Netherlands results from environmental conditions. About 60% of the Netherlands is below the sea level. For hundreds of years, the population of the Netherlands has been battling with the elements, while being exposed to continuously rising sea levels, which has been a consequence of the greenhouse effect. Environmental changes have caused a change in government policy, which began to support construction activity on water, adapted regulations and changed office holders.

In North America, especially in the United States, the identification of residents with their neighborhoods of houses on water is so high that it has resulted in the formation of communities uniting owners of residential watercrafts, who have succeeded in homes on water becoming recognized as real estate and, consequently, now have the same rights as residents of houses on land.

In Poland, housing estates on water are slowly gaining popularity but no factors determining the development of this type of settlement have been established. An analysis of the situation in Poland reveals many factors limiting the functional use of houses on water and a lack of specialists in the management of hydro-technical facilities. Therefore, on the basis of examples of countries in Western Europe and North America given in this article, the author tries to define the responsibilities of managers and an appropriate management model for housing estates on water in Poland, as well as indicate problems with the development of housing on water and their possible solutions.

Keywords

  • housing on water
  • management
  • waterside areas

JEL

  • R20
  • Z19
Open Access

Investment Risk in the Context of Price Changes on the Real Estate and Stock Markets

Published Online: 04 Apr 2016
Page range: 41 - 50

Abstract

Abstract

The residential real estate market is thought to show a tendency for wide fluctuations in prices, as a result of which price bubbles appear. This element of risk has a direct bearing on investors interested in speculation and those seeking to meet their housing needs. Wide fluctuations in the values of real estate affect the investors’ financial situation in many ways, by determining the possibility of meeting one’s housing needs, reducing or sometimes raising creditworthiness, and by increasing investment risk measured by volatility. Omitting the obvious social dimension of the residential real estate market and concentrating on its financial aspects, the author of the article analyses to what degree wide swings in prices can be recognized as specific to this market. To this end, the volatility of prices in the stock market and in the secondary housing market in Poland is compared. An analysis is performed to establish which of them has higher average volatility measures or rates of return, i.e. which of them is more profitable or secure for investors. Statistical tests are used to find out whether average rates of return or measures of risk are equal or different between the two markets. The results of the research show that the secondary housing market and the stock market differ concerning cumulative average rates of return and standard deviations. In the first of them, they are respectively higher and lower.

Keywords

  • capital market
  • real estate market
  • risk of investments
  • price changes

JEL

  • G11
  • G12
  • R31
Open Access

A Model to Decompose Property Rental Multipiers with Regard to the Division Between Land and Building Elements

Published Online: 04 Apr 2016
Page range: 51 - 63

Abstract

Abstract

We propose a new model for the decomposition of rental multipliers for the property building element which also supports valuation of income-producing real properties based on the principle of stability and an un-orthodox application of discounted cash flow analysis. Having regard to the building/land element analytical split of overall property, the proposed model explicitly accounts for the impact of the value of underlying land on the decomposition of rental multipliers, and doesn’t require long-term forecasting of income.

Keywords

  • market value
  • valuation
  • buildings
  • income
  • rental multiplier
  • land
  • taxes
  • ad valorem expenditures
  • discounting

JEL

  • R30
  • D03
  • D40
Open Access

Streamlining of the Process of Decision-Making in Real Estate Management with Incomplete Information

Published Online: 04 Apr 2016
Page range: 64 - 75

Abstract

Abstract

This paper presents a streamlined sub-system of decision-making in a real estate market with incomplete data. As we currently observe, various entities collect data and use databases, which entails a problem with their quality and completeness. This results from the specifics of the real estate market, particularly from the nature of the available information, access to it and integral uncertainty.

In the first part of this paper, we will present substantive guidelines for the development of a procedure for supplementing missing information. Afterwards, in order to verify the feasibility and effectiveness of the procedure, an implementation simulation will be conducted on the selected example. We would like to emphasize that all decisions are made under the conditions of an information gap.

Keywords

  • decision-making
  • real estate market
  • rough set theory

JEL

  • R30
  • C18
  • C44
Open Access

Carbon Sequestration in Forest Valuation

Published Online: 04 Apr 2016
Page range: 76 - 86

Abstract

Abstract

Strong links between the condition of the environment and the economy have recently resulted in a number of actions aiming to implement environmental considerations in economic calculations. This is accompanied by the development of the concept of ecosystem services, characterizing the benefits that the environment provides humankind with. The identification of these services is reflected in their economic values. Hence, the concept of the valuation of ecosystem services. Therefore, if the service provided by the environment takes on a financial value, we can consider it as income from the property containing the analyzed ecosystem. Of course, in order to speak in practice of the income approach in the valuation of such properties, there must be actual financial flow as income for the real estate owner. However, in the era of big economic changes and the implementation of a number of financial instruments (e.g., subsidies for a particular use of property, trade of CO2 emission rights), it seems reasonable to consider the possibility of property valuation by the valuation of ecosystem services.

A part of this research focused on a service of forest ecosystems service that is carbon sequestration. The selection was made due to the implementation of the climate policy at the European level and its association with the trade of CO2 emission rights. The analyses were performed for two test sites characterized by different determinants (composition of species in the tree stand, age of the stand, degree of compactness of the tree stand, etc.). The low level of difficulty of the test methods used enables non-experts (persons with no qualifications in forestry) to carry out valuations themselves. The research is a contribution to the debate on the possibility of accounting for carbon sequestration in forest property valuation based on the income approach, but the issue still requires clarification of certain elements.

Keywords

  • forest
  • carbon sequestration
  • income approach

JEL

  • Q23
  • Q51
  • R58
Open Access

Speculative Bubbles and their Components on the Real Estate Market–A Preliminary Analysis

Published Online: 04 Apr 2016
Page range: 87 - 99

Abstract

Abstract

Various speculative phenomena arise on the real estate market, and the speculative bubble (SB) is one of the best known events of the type. Speculative bubbles still have many unidentified components, and are characterized by high research potential due to the multiple factors responsible for bubble creation, as well as considerable practical implications on account of the multivariate results describing the real estate market (REM) and its surroundings.

Speculative price bubbles are associated mainly with changes in price trends on the real estate market. A thorough analysis of a speculative bubble over time demonstrates trend changes also in other research categories which constitute bubble components and elements of the real estate market and its surroundings. The above criteria were used to identify a new research category termed speculative bubble components (SBC).

The research hypothesis states that speculative bubbles should be analyzed based not only on prices, but also on bubble components. The objectives of this study were to: 1) classify speculative phenomena on the REM, 2) describe a speculative bubble based on market prices and SBC, and 3) present the results of a study evaluating speculative bubble components in relation to market prices, and discuss the trajectories of the analyzed research categories over time.

This study attempts to determine whether a speculative bubble can be analyzed in view of its components, and which elements of the real estate market and its surroundings can be classified as SBC. Attempts were also made to identify a research method that supports the identification of SBC variables and classification of variables into groups, and explains market prices in view of the identified variables and groups. The research relies on a review of literature in the theoretical part and statistical analyses in the experimental part. The results will broaden our knowledge of the mechanisms behind speculative phenomena on the real estate market.

Keywords

  • speculative bubble
  • speculative bubble components
  • real estate market
  • speculation

JEL

  • D84
  • R21
8 Articles
Open Access

Accessibility of Real Estate by Transportation as a Determinant of the Development of Suburban Real Estate Markets – Case Study

Published Online: 04 Apr 2016
Page range: 5 - 18

Abstract

Abstract

The aim of this article is to show the accessibility of real estate by transportation as a factor that significantly determines the decision to acquire it. Direct access to a public road, or access to an internal road that provides communication with the public road, are a factor affecting the value of real estate. In addition, this factor is taken into account in the process of changing the function of the area, especially in determining zoning and land use. The decision of purchasing real estate often depends on transportation accessibility, because it has an impact on developing the selected plot.

Suburban real estate markets, as markets exposed to particularly strong investment pressure, develop depending on the influx of external investors and the local transportation network. Here, the smaller the distance from the city center, the greater the building concentration; nevertheless, it is still important to improve transportation links and create a well-developed local transportation network. The provision of access to main roads on the rapidly growing market is in the interest of local authorities implementing spatial policy. It is also a challenge for real estate investors taking on the initiative in the scope of transforming land use.

The analysis of the impact that transportation accessibility has on the development of the real estate market was conducted on the example of two selected suburban communes bordering the city of Olsztyn - Dywity and Stawiguda. Transactions on the local real estate market entered into during a period of five years were subjected to analysis. The results of the research revealed concentrations of transactions of real estate located on the outskirts of the city or in areas well-communicated with Olsztyn. The conducted research also indicates that, due to the activity of investors, a network of internal roads creating a complex structure was formed.

Keywords

  • suburbanization
  • transportation
  • concentration
  • real estate market

JEL

  • C26
  • R39
  • R42
Open Access

Methods of Assessing Noise Nuisance of Real Estate Surroundings

Published Online: 04 Apr 2016
Page range: 19 - 30

Abstract

Abstract

Testing what factors create the market value of real estate is key information when preparing property valuations as well as other opinions and professional evaluations on the basis of which court verdicts or administrative decisions are made. One of the factors influencing the value of some real estate is the level of noise present in the surroundings, which can lead to the occurrence of noise nuisance negatively affecting social relations.

Due to the fact that the analysis of the attractiveness of a location is the basis for properly determining the market value of real estate, the present article is dedicated to the methodology of assessing the noise nuisance of real estate surroundings. Four methods of assessment are proposed in the work: two of an objective nature, based on the measurements of noise and spatial analyses of data included in a strategic noise map, as well as two of a subjective nature, accounting for, among others, the individual perceptions of real estate users. The results of studies using the above methods can serve as a source of information on real estate as well as aid decision processes in the scope of real estate management. Theoretical deliberations were supported by a sample assessment of the noise nuisance of real estate surroundings carried out using two of the presented study methods.

Keywords

  • noise
  • methods of assessing noise nuisance
  • residential real estate
  • Poland

JEL

  • Q51
  • Q53
  • Q24
  • R31
Open Access

Modern Management Challenges of Floating Housing Development

Published Online: 04 Apr 2016
Page range: 31 - 40

Abstract

Abstract

The aim of the article is to identify factors that determine the development and management models of floating housing development in the analyzed countries. The author indicates factors determining the possibility of settling on bodies of water in Poland, and restrictions connected with this type of development, as well as the need for specialized persons and companies ready to meet the challenges of the modern management of hydro-technical facilities, including floating housing development.

In Western Europe, living on water is gaining in popularity. People have begun to dwell on water because of rising land prices, congestion in cities and work related to the use of rivers for the transport of goods.

The popularity of housing on water in the Netherlands results from environmental conditions. About 60% of the Netherlands is below the sea level. For hundreds of years, the population of the Netherlands has been battling with the elements, while being exposed to continuously rising sea levels, which has been a consequence of the greenhouse effect. Environmental changes have caused a change in government policy, which began to support construction activity on water, adapted regulations and changed office holders.

In North America, especially in the United States, the identification of residents with their neighborhoods of houses on water is so high that it has resulted in the formation of communities uniting owners of residential watercrafts, who have succeeded in homes on water becoming recognized as real estate and, consequently, now have the same rights as residents of houses on land.

In Poland, housing estates on water are slowly gaining popularity but no factors determining the development of this type of settlement have been established. An analysis of the situation in Poland reveals many factors limiting the functional use of houses on water and a lack of specialists in the management of hydro-technical facilities. Therefore, on the basis of examples of countries in Western Europe and North America given in this article, the author tries to define the responsibilities of managers and an appropriate management model for housing estates on water in Poland, as well as indicate problems with the development of housing on water and their possible solutions.

Keywords

  • housing on water
  • management
  • waterside areas

JEL

  • R20
  • Z19
Open Access

Investment Risk in the Context of Price Changes on the Real Estate and Stock Markets

Published Online: 04 Apr 2016
Page range: 41 - 50

Abstract

Abstract

The residential real estate market is thought to show a tendency for wide fluctuations in prices, as a result of which price bubbles appear. This element of risk has a direct bearing on investors interested in speculation and those seeking to meet their housing needs. Wide fluctuations in the values of real estate affect the investors’ financial situation in many ways, by determining the possibility of meeting one’s housing needs, reducing or sometimes raising creditworthiness, and by increasing investment risk measured by volatility. Omitting the obvious social dimension of the residential real estate market and concentrating on its financial aspects, the author of the article analyses to what degree wide swings in prices can be recognized as specific to this market. To this end, the volatility of prices in the stock market and in the secondary housing market in Poland is compared. An analysis is performed to establish which of them has higher average volatility measures or rates of return, i.e. which of them is more profitable or secure for investors. Statistical tests are used to find out whether average rates of return or measures of risk are equal or different between the two markets. The results of the research show that the secondary housing market and the stock market differ concerning cumulative average rates of return and standard deviations. In the first of them, they are respectively higher and lower.

Keywords

  • capital market
  • real estate market
  • risk of investments
  • price changes

JEL

  • G11
  • G12
  • R31
Open Access

A Model to Decompose Property Rental Multipiers with Regard to the Division Between Land and Building Elements

Published Online: 04 Apr 2016
Page range: 51 - 63

Abstract

Abstract

We propose a new model for the decomposition of rental multipliers for the property building element which also supports valuation of income-producing real properties based on the principle of stability and an un-orthodox application of discounted cash flow analysis. Having regard to the building/land element analytical split of overall property, the proposed model explicitly accounts for the impact of the value of underlying land on the decomposition of rental multipliers, and doesn’t require long-term forecasting of income.

Keywords

  • market value
  • valuation
  • buildings
  • income
  • rental multiplier
  • land
  • taxes
  • ad valorem expenditures
  • discounting

JEL

  • R30
  • D03
  • D40
Open Access

Streamlining of the Process of Decision-Making in Real Estate Management with Incomplete Information

Published Online: 04 Apr 2016
Page range: 64 - 75

Abstract

Abstract

This paper presents a streamlined sub-system of decision-making in a real estate market with incomplete data. As we currently observe, various entities collect data and use databases, which entails a problem with their quality and completeness. This results from the specifics of the real estate market, particularly from the nature of the available information, access to it and integral uncertainty.

In the first part of this paper, we will present substantive guidelines for the development of a procedure for supplementing missing information. Afterwards, in order to verify the feasibility and effectiveness of the procedure, an implementation simulation will be conducted on the selected example. We would like to emphasize that all decisions are made under the conditions of an information gap.

Keywords

  • decision-making
  • real estate market
  • rough set theory

JEL

  • R30
  • C18
  • C44
Open Access

Carbon Sequestration in Forest Valuation

Published Online: 04 Apr 2016
Page range: 76 - 86

Abstract

Abstract

Strong links between the condition of the environment and the economy have recently resulted in a number of actions aiming to implement environmental considerations in economic calculations. This is accompanied by the development of the concept of ecosystem services, characterizing the benefits that the environment provides humankind with. The identification of these services is reflected in their economic values. Hence, the concept of the valuation of ecosystem services. Therefore, if the service provided by the environment takes on a financial value, we can consider it as income from the property containing the analyzed ecosystem. Of course, in order to speak in practice of the income approach in the valuation of such properties, there must be actual financial flow as income for the real estate owner. However, in the era of big economic changes and the implementation of a number of financial instruments (e.g., subsidies for a particular use of property, trade of CO2 emission rights), it seems reasonable to consider the possibility of property valuation by the valuation of ecosystem services.

A part of this research focused on a service of forest ecosystems service that is carbon sequestration. The selection was made due to the implementation of the climate policy at the European level and its association with the trade of CO2 emission rights. The analyses were performed for two test sites characterized by different determinants (composition of species in the tree stand, age of the stand, degree of compactness of the tree stand, etc.). The low level of difficulty of the test methods used enables non-experts (persons with no qualifications in forestry) to carry out valuations themselves. The research is a contribution to the debate on the possibility of accounting for carbon sequestration in forest property valuation based on the income approach, but the issue still requires clarification of certain elements.

Keywords

  • forest
  • carbon sequestration
  • income approach

JEL

  • Q23
  • Q51
  • R58
Open Access

Speculative Bubbles and their Components on the Real Estate Market–A Preliminary Analysis

Published Online: 04 Apr 2016
Page range: 87 - 99

Abstract

Abstract

Various speculative phenomena arise on the real estate market, and the speculative bubble (SB) is one of the best known events of the type. Speculative bubbles still have many unidentified components, and are characterized by high research potential due to the multiple factors responsible for bubble creation, as well as considerable practical implications on account of the multivariate results describing the real estate market (REM) and its surroundings.

Speculative price bubbles are associated mainly with changes in price trends on the real estate market. A thorough analysis of a speculative bubble over time demonstrates trend changes also in other research categories which constitute bubble components and elements of the real estate market and its surroundings. The above criteria were used to identify a new research category termed speculative bubble components (SBC).

The research hypothesis states that speculative bubbles should be analyzed based not only on prices, but also on bubble components. The objectives of this study were to: 1) classify speculative phenomena on the REM, 2) describe a speculative bubble based on market prices and SBC, and 3) present the results of a study evaluating speculative bubble components in relation to market prices, and discuss the trajectories of the analyzed research categories over time.

This study attempts to determine whether a speculative bubble can be analyzed in view of its components, and which elements of the real estate market and its surroundings can be classified as SBC. Attempts were also made to identify a research method that supports the identification of SBC variables and classification of variables into groups, and explains market prices in view of the identified variables and groups. The research relies on a review of literature in the theoretical part and statistical analyses in the experimental part. The results will broaden our knowledge of the mechanisms behind speculative phenomena on the real estate market.

Keywords

  • speculative bubble
  • speculative bubble components
  • real estate market
  • speculation

JEL

  • D84
  • R21