- Journal Details
- First Published
- 16 May 2013
- Publication timeframe
- 4 times per year
- Open Access
Possibilities of Spatial Data to Determine the Extent of the Occupancy of the Right-of-Way by Large-Format Advertisements
Page range: 5 - 19
Large-format advertisements are becoming a more and more common element of building facades, especially in city centers. Placing an object of this type is not without significance to the real property management. A large-format advertising billboard on the facade, on the one hand, is associated with the possibility of renting advertising space, on the other - it can lead to the occupancy of a right-of-way, which results in a necessity to pay appropriate fees, in the amount regulated by the Act on Public Roads. Placing an object such as a large-format advertising billboard in a right-of-way requires a permit of the manager of this road. However, if a billboard is located on the facade of a building, occupancy of the right-of-way is not always the case. If the boundary of the road parcel runs along the contour of the building, a billboard placed on the elevation will always occupy the right-of-way. However, property boundaries often run at a distance from the building. Such situations - desired by managers - result in a noticeable increase in demand for surveying opinions to determine what part of the right-of-way is occupied by a large-format advertisement. This article analyzes the cases of the right-of-way being occupied by large-format advertising placed on the facades of buildings in the city center. For selected objects, information was obtained from public records, National Cartographic Documentation Center database, and direct surveying was performed with various techniques. This allowed for an objective assessment of the possible use of available surveying methods and the acquired spatial data to determine the right-of-way occupied by large-format advertisements for purposes of real estate management.
- occupancy of the right-of-way
- fee for the occupancy of the right-of-way
- Open Access
Fuel Station Valuation under Polish and RICS Standards
Page range: 20 - 32
In the last few years, there has been a visible change in the structure of the fuel station market in both Poland and the United Kingdom. The changes taking place both in the fuel station market structure and the management forms of fuel stations, along with the increasing significance of convenience goods sales, result in the necessity of verifying the existing Polish valuation standards of the income approach. Moreover, there is an urgent need to develop specific fuel station valuation guidelines. Fuel station valuation requires both the specific approach and profits method adjustment to be able to account for the specificity of the valuation. The universal character of property valuation in Poland cannot result in ignoring the specificity of fuel station valuation and the market where it operates. Property valuers undertaking valuations of this type of facilities must be familiar with the rules operating on the fuel station market. This paper focuses on the comparison analysis of the fuel station market structure in Poland and the United Kingdom along with the specificity of the way fuel stations operate. Its emphasis is on the comparison analysis of fuel station valuation methods under Polish and RICS standards in order to show their similarities and differences. The aim of the paper is to present the methods of fuel station valuation in Poland and the United Kingdom, though mainly to show the areas of changes in the Polish valuation standards with regards to the profits method under the income approach that would take into account the specificity of fuel stations and their market.
- fuel station
- profits method
- Open Access
Socially Responsible Property Investment in Cities – Between Economic Reasoning and Social Obligations
Page range: 33 - 44
This article focuses on socially responsible property investment (SRPI), which is an investment estimated not only to bring financial gain but also social and environmental benefits. The theoretical part of the paper draws on existing literature on responsible investment. The empirical part discussed in this article is based on original research conducted by the author. Starting with a global and regional overview, the query was narrowed down to a national level (Poland) with a case study of the capital - Warsaw. The overarching research problem was described as follows: How are SRPI principles manifested and implemented by investors in the commercial real estate market? Additionally, investigation was supported by numerous questions regarding the interest in SRPI and an understanding of its principles and benefits among investors. Research goals were pursued based on primary and secondary data sources regarding existing and planned SRPI projects within the commercial real estate industry. Results indicate that there is a disparity between declared support for SRPI and market practice. At the conceptual level, there is an understanding of responsible investment principles and will to conduct such projects. However, commercial property practice proves a different reality with primary focus on green buildings, while the social factor is missing.
- socially responsible property investment (SRPI)
- commercial real estate market
- green building
- Open Access
The Problem of Reflecting the Market in the Legal Principles of Real Estate Valuation in Poland. How to Eliminate the “Legal Footprint”?
Page range: 44 - 57
This paper presents and subjects to criticism the current principles of real estate valuation, which were introduced in Poland in the 1990’s during the return to a market economy, under the conditions of an underdeveloped real estate market. Against the background of the hypothesis of institutional maladjustment of the methodology to the current level of real estate market development, the author assesses the imitative manner of creating the valuation methodology and its discontinuation in 1998, resulting from the introduction of rigid legal regulations, which have significantly limited the ability of ongoing adjustment of the methodology to the market needs. The paper deals with the problems of defining market value and classifying valuation. The author assumes that the appraisal regarding the market value should be based on a descriptive model of real estate valuation, which should make it possible to reflect the market. He draws attention to the negative effects of valuation methodology which prevents or hinders the mapping of the market in appraisal reports. He proposes a change in the order of the legal principles of property valuation, based on a hierarchical model consisting of three elements: the definition and interpretation of value, the market and the methods of valuation.
- legal principles of valuation
- a descriptive valuation model
- imitative standardization
- the concept of “legal footprint”
- Open Access
Analysis of the Legal Methods of Agricultural Land Protection in Central Europe On the Example of Poland and Bulgaria
Page range: 58 - 71
For the management of agricultural real properties to be effective, it is required that information about the natural conditions and the existing infrastructure supporting agricultural production, as well as knowledge of the regional traditions, be provided. The management itself should also be based on sound legislation. Due to the fact that agricultural real properties are subject to special legal protection, this article aimed to analyze and assess the methods of managing agricultural real property in the new EU member states on the example of Poland and Bulgaria. This objective was implemented by presenting the structure of agricultural land and the state of agriculture, describing the agrarian reforms, determining the current role of spatial planning and the binding regulations in the management of agricultural land resources, as well as a description of the current surveying procedures. Basing on the outlined comparative characteristics, SWOT/TOWS analysis was performed. The result of this comparative study is the highlighting of the problems and recommendations for the management of agricultural properties in Poland and Bulgaria.
- agricultural land
- legal methods of protection
- land management
- Open Access
Housing Resources and Needs in Light of Modern Urban Transformations: the Case of Poznan
Page range: 72 - 78
Polish cities have been at the stage of a dynamic suburban development for over a decade (which has led to the phenomenon of urban sprawl beyond any control). The population of big urban areas, together with their agglomerations is continuously increasing; however, migration tendencies towards suburban areas are strong as well. In such a situation, the question arises regarding the possibilities and the methods of suppressing the outflow of people to the neighboring communities, and once again, making the city an attractive place to live. The attempt to explain such an issue requires research into both the housing infrastructure and its inhabitants. Poznan has been severely affected by suburbanization. The diagnosis and assessment of Poznan housing resources and the preferences of its inhabitants are the starting point for taking further steps in making the housing conditions more attractive. The article shows the initial results of widespread research regarding housing in the capital city of the Wielkopolska Province (comprising over 2,500 households). A similar study for the entire agglomeration (Poznan County) is due to be completed soon. It will allow for a comparative analysis and formulating recommendations regarding the conditions and the direction of changes on the real estate market which would increase the attractiveness of central cities suffering from suburbanization. In a wider context, the publication might be seen as an analysis of one of the elements of modern urban changes, such as either market driven, or free and spontaneous processes of urban sprawl, and conscious actions taken by local governments (together with developers) regarding the integrated urban revitalization policy.
- housing market
- housing resources
- housing needs
- Open Access
Changes On the Housing Market of the Downtown Area in Selected Polish Cities
Page range: 79 - 90
Large Polish cities are currently dealing with an increasing significance of downtown areas, extending outside of the city centers (meaning the area directly surrounding the city square). The downtown alone seems to influence the fate of entire cities, facilitating their success or contributing to their failure. A good demographic, social and economic condition of a downtown, its positive image and the dynamic development of the part of the city perceived as the business and administration centre and a meeting place of residents and tourists, contribute to the image and potential of the whole city to a great extent. Changes in urban surroundings, the signs of which may be observed in spatial, aesthetic, architectural, urban-planning and socio-economic aspects, determine the functioning and condition of local real estate markets. Whether potential buyers consider the real estate attractive depends on the assessment of its significant features, of which transaction price is representative. The main research objective of the article is the identification, assessment and interpretation of differences in prices registered in the years 2009-2014 in downtown residential real estate markets. These considerations have been referred to analogical phenomena within the entire cities under examination. The detailed research objective is an attempt to explain the sources of individual reactions of the analyzed real estate markets in downtown areas. The cities under research include: Bydgoszcz, Kalisz, Toruń and Wrocław. The authors applied quantitative analysis (statistical, comparative) to transaction data registered in local residential real estate markets.
- Open Access
The Valuation of Hope Value for Real Estate Development
Page range: 91 - 101
In the valuation of a property subject to development, the valuer may consider the potential aspect of the value of both land to be improved and a building to be refurbished. These kinds of valuations are complex, especially when a prudent assessment of value is required. In general terms, all properties may have potential development which, in some cases, can be termed “hope”. In particular, uncertainty regarding the change in the legal framework may create expectations as to the uncertain variation of property value in the future. In these cases, it may be necessary to deal with hope value or future value, trying to reach the value of a property subjected to uncertain changes. Hope value is the difference between the existing use value and the price that the market might pay for future transformation. The main aim of the paper is the elaboration of a methodology to determine the hope value. In this work, a real option model for the valuation of hope value in the real estate market will be applied to a small sample of residential properties located in Olsztyn that are subject to possible transformation. The possibility of a transformation may create expectations and may influence the value of the property. Although the applications of these methods to real estate valuation are fairly recent, the International Valuation Standards have included real option theory in the income approach as a valuation method since 2011.
- real estate development
- option theory
- hope value