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

Volume 30 (2022): Issue 4 (December 2022)

Volume 30 (2022): Issue 3 (September 2022)

Volume 30 (2022): Issue 2 (June 2022)

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 25 (2017): Issue 4 (December 2017)

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

Search

9 Articles
Open Access

Components of Path Dependence of the Agricultural Property Market in Poland

Published Online: 11 Jan 2018
Page range: 5 - 12

Abstract

Abstract

Agricultural real property has economic and social significance. An inseparable aspect of it is a historically and culturally shaped structure of ownership. The possibility of converting production of food into more profitable activity fans conflicts between the business-minded holders of farmland and the legislature seeking to protect the agricultural use of land, which have economic, but also social and political dimensions. Laws evolve in time and space, ranging from strict restrictions on transactions in land and few possibilities of changing its use to complete freedom of land use and disposal, with many intermediate solutions. This study is an outcome of author’s interest in the broad context of changes occurring in this market. The article identifies the market’s characteristics and its institutions, events, processes and mechanisms that provide insight into the present level of its institutional development.

In the author’s opinion, tracing back the development of the Polish agricultural property market is useful for identifying opportunities that were missed and threats arising from ‘path dependence’. The author studies the course of development of institutions, events and historic processes using desk research, analyses the findings of the available studies, and enhances the research process with creative thinking.

Keywords

  • agricultural real properties
  • path dependence
  • Poland
  • restrictions

JEL Classification

  • K11
  • K25
  • P26
  • Q15
Open Access

Real Estate for the Ageing Society – the Perspective of a New Market

Published Online: 11 Jan 2018
Page range: 13 - 24

Abstract

Abstract

Currently, one of the key challenges on a global scale is the issue of an ageing society. The UN predicts that the number of people aged 60 and over will double by 2050 and treble by 2100. In the coming years, the demand for real estate that addresses the specific needs of older people will increase both qualitatively and quantitatively. Therefore, two main questions arise: What are the architectural features of real estate required to accommodate for the needs of an ageing society? Which European Union countries seem to have the highest and lowest potential to create a segment of the real estate market focused on older people? This paper contains a research overview in the field of the built environment for older people and case studies of different policies established by public authorities from past decades. The potential for real estate for an ageing society in EU countries was determined on the basis of variables collected by the UNECE. The results also enable assumptions to be made on which factors may influence future development in this area. Due to global climate changes combined with the urbanization process and resulting deterioration of air quality, heat island effect or poor accessibility to open areas, the ageing society will have to face the problem of adapting to these new conditions. Therefore, the authors assume that this will have a significant impact on the relocation of this age group on the real estate market in the future. The conclusions of the research contribute to general discussion on new trends in the real estate market and the assessment of future investments in real estate.

Keywords

  • real estate for ageing society
  • ageing in place
  • real estate market
  • home modifications
  • home adaptations

JEL Classification

  • R31
  • I15
  • R20
Open Access

Repeat Assessed Values Model for Housing Price Index

Published Online: 11 Jan 2018
Page range: 25 - 39

Abstract

Abstract

This study proposes an innovative methodology, named Repeat Appraised Price Model (RAV), useful for determining the price index numbers for real estate markets and the corresponding index numbers of hedonic prices of main real estate characteristics in the case of a lack of data. The methodological approach proposed in this paper aims to appraise the time series of price index numbers. It integrates the principles of the method of repeat sales with the peculiarities of the Hedonic Price Method, overcoming the problem of an almost total absence of repeat sales for the same property in a given time range; on the other hand, the technique aims to overcome the limitation of the repeat sales technique concerning the inability to take into account the characteristics of individual properties.

Keywords

  • real estate market
  • price index numbers
  • appraisal system approach
  • hedonic prices

JEL Classification

  • R30
Open Access

Compensation for Real Properties Acquired for Roads in Different Procedures - Comparative Analysis

Published Online: 11 Jan 2018
Page range: 40 - 49

Abstract

Abstract

Real properties acquired for the so-called public purpose, such as road investments, generate a one-off financial indemnity in the form of compensation paid to the expropriated owner. Due to the different possible modes of expropriation (pursuant to the Real Estate Management Act or the Special Road Act), the amount of the compensation due may be determined in different ways, which entails a variety of results. The article compares the compensation levels determined in two possible procedures: basing on the predominant use of the adjacent areas or on data from the transactions of real properties intended for public roads.

The conducted analyses demonstrated that the differences between these two types of compensation for land intended for development, established under two different expropriation procedures, are insignificant.

Keywords

  • real estate valuation
  • compensation for expropriation
  • Special Road Act

JEL Classification

  • C01
  • C13
  • C58
  • K11
  • L85
  • R52
  • R58
Open Access

Real Estate Appraisal in Central-Eastern Europe: Comparative Analysis of Poland and Slovakia

Published Online: 11 Jan 2018
Page range: 50 - 62

Abstract

Abstract

The countries in Central-Eastern Europe have been subjected to dynamic economic changes. Researchers from Poland and Slovakia study the history of the creation of and rules by which the real estate appraiser’s profession functions. They also present the methodological basics for property appraisals. The original value of this article is a comparative analysis depicting the similarities and differences occurring in the research area, in two countries from the same region of Europe. The analysis may also influence the methodological discussions of specialists concerning the correctness and purpose of certain approaches, methods or techniques of property appraisal.

The main goal of this article is conducting research on the operational rules of the real estate appraiser profession and property appraisal methods. The detailed objectives include: a critical comparative analysis of the solutions used in the above-mentioned countries, searching for interesting, unusual methodological propositions, and presenting a current assessment of the applied property appraisal methodology.

The foremost methods used in this article are: the analysis of legislative instruments, the analysis of literature concerning property appraisal methodology in Poland and Slovakia, and a questionnaire (CAWI and PAPI technique). Complementary knowledge was derived from official government internet portals and trade associations dealing with property appraisals. A comparative analysis was the basis for conducting research on the similarities and differences in the studied countries.

Keywords

  • property valuation
  • real estate appraiser
  • real estate

JEL Classification

  • D46
  • R30
  • R33
Open Access

Similarity of Changes in Average Prices of Residential Properties in Europe in 2010-2016

Published Online: 11 Jan 2018
Page range: 63 - 74

Abstract

Abstract

The aim of the article was to assess the similarities of average price changes in the residential market in 34 European countries in 2010-2016. The first part of the study concerned tendencies of changes in average prices in residential markets in the studied countries, while the second part analyzed co-occurrence of changes in these countries in time. The study covered the period after the first wave of the financial crisis in Europe and took into account the second wave of crisis in several euro area countries. Price indices, trend functions, price ranges, linear correlation coefficients and shape similarity measure were utilized for conducting this study.

European countries, in general, differed with respect to changes in prices in the residential market. 12 countries were characterized by a trend of increasing price indices. 18 countries were classified as correcting countries, as during the studied period they were distinguished by a clear change in trend. Four countries with a downward trend during the study period were also identified. Furthermore, a differentiation between the countries was found due to the values of price ranges during the studied period. Studies of co-occurrence in time were conducted with the use of linear correlation coefficients mainly for groups of rising countries and falling countries. The study was conducted using measures of shape similarity, which allowed for an identification of converging, leading and following markets for some countries.

Keywords

  • housing prices
  • comparative analysis
  • shape similarity measure

JEL Classification

  • R30
  • R32
Open Access

Statistical Determination of Impact of Property Attributes for Weak Measurement Scales

Published Online: 11 Jan 2018
Page range: 75 - 84

Abstract

Abstract

Many of the property attributes are measured on weak scales (nominal and ordinal scale). For example, land allocation in the development plan is measured on a nominal scale and such categories as proximity, equipment, access to means of communication, location, and soil and water conditions, are measured on an ordinal scale. The use of statistical measures appropriate for interval or quotient scales is wrong in such cases. Therefore, the article presents statistical measures that allow specifying the impact of the attributes on real estate prices, which can be used for the weaker scales, mainly for the ordinal scale. In the empirical illustration the proposed measures will be calculated by using the actual database of transaction prices.

Keywords

  • impact of the real estate attributes
  • Spearman coefficient
  • Kendall's tau-b coefficient

JEL Classification

  • C10
  • R14
  • R30
Open Access

Comparative Analysis of Newly-Built Housing Quality in Poland and Lithuania

Published Online: 11 Jan 2018
Page range: 85 - 98

Abstract

Abstract

The Presented research aims to analyze the Lithuanian and Polish housing markets in terms of the quality of life in new residential buildings. The article presents the concept of customer satisfaction in construction and criteria that define the quality of dwellings; the benefits, consequences, merits and demerits of the assessment of customer satisfaction are also named. A survey of customer satisfaction helps to evaluate the quality of dwellings according to their technical and functional parameters, as well as the degree of cooperation between customers and developers/contractors. The customer satisfaction index (CSI) was calculated for both countries. The results are useful for developers, contractors, facility management companies and building users.

Keywords

  • customer satisfaction
  • developer
  • housing market

JEL Classification

  • A10
  • R29
  • R30
Open Access

Conditions and Directions of Investing on the World Real Estate Market

Published Online: 11 Jan 2018
Page range: 99 - 112

Abstract

Abstract

The main topic assumed in the article are investments in the real estate market, with particular consideration given to their scale and changes in the directions of investing in the context of a dynamically changing geopolitical and economic situation throughout the world. This is seeing as how the activity of investors reflects the need and preferences of various groups of buyers and users of built surfaces, while accounting for the risk accompanying investment decisions as well as the widely understood operating conditions.

Constant observation and monitoring of these phenomena, their dynamics as well as structural changes is a remarkably important and very needed study, both as far as science and practical application are concerned, as it allows for the processes taking place to be tracked, while their informational value is more valuable the more uncertain the market and more difficult it and the behaviors of its participants are to predict.

The work uses the newest available reports and analyses of the largest auditors dealing with worldwide and global real estate markets, such as: JLL, Colliers International, CBRE, Cushman&Wakefield, KPMG, World Economic Forum, or Savills and UBS Group Ag.

The aim of the work is the synthetic analysis of changes and directions of investing on the real estate market on a global scale, in the context of the newest political-economic situations throughout the world.

Keywords

  • real estate market
  • investments
  • world
  • business cycle

JEL Classification

  • F21
  • R30
9 Articles
Open Access

Components of Path Dependence of the Agricultural Property Market in Poland

Published Online: 11 Jan 2018
Page range: 5 - 12

Abstract

Abstract

Agricultural real property has economic and social significance. An inseparable aspect of it is a historically and culturally shaped structure of ownership. The possibility of converting production of food into more profitable activity fans conflicts between the business-minded holders of farmland and the legislature seeking to protect the agricultural use of land, which have economic, but also social and political dimensions. Laws evolve in time and space, ranging from strict restrictions on transactions in land and few possibilities of changing its use to complete freedom of land use and disposal, with many intermediate solutions. This study is an outcome of author’s interest in the broad context of changes occurring in this market. The article identifies the market’s characteristics and its institutions, events, processes and mechanisms that provide insight into the present level of its institutional development.

In the author’s opinion, tracing back the development of the Polish agricultural property market is useful for identifying opportunities that were missed and threats arising from ‘path dependence’. The author studies the course of development of institutions, events and historic processes using desk research, analyses the findings of the available studies, and enhances the research process with creative thinking.

Keywords

  • agricultural real properties
  • path dependence
  • Poland
  • restrictions

JEL Classification

  • K11
  • K25
  • P26
  • Q15
Open Access

Real Estate for the Ageing Society – the Perspective of a New Market

Published Online: 11 Jan 2018
Page range: 13 - 24

Abstract

Abstract

Currently, one of the key challenges on a global scale is the issue of an ageing society. The UN predicts that the number of people aged 60 and over will double by 2050 and treble by 2100. In the coming years, the demand for real estate that addresses the specific needs of older people will increase both qualitatively and quantitatively. Therefore, two main questions arise: What are the architectural features of real estate required to accommodate for the needs of an ageing society? Which European Union countries seem to have the highest and lowest potential to create a segment of the real estate market focused on older people? This paper contains a research overview in the field of the built environment for older people and case studies of different policies established by public authorities from past decades. The potential for real estate for an ageing society in EU countries was determined on the basis of variables collected by the UNECE. The results also enable assumptions to be made on which factors may influence future development in this area. Due to global climate changes combined with the urbanization process and resulting deterioration of air quality, heat island effect or poor accessibility to open areas, the ageing society will have to face the problem of adapting to these new conditions. Therefore, the authors assume that this will have a significant impact on the relocation of this age group on the real estate market in the future. The conclusions of the research contribute to general discussion on new trends in the real estate market and the assessment of future investments in real estate.

Keywords

  • real estate for ageing society
  • ageing in place
  • real estate market
  • home modifications
  • home adaptations

JEL Classification

  • R31
  • I15
  • R20
Open Access

Repeat Assessed Values Model for Housing Price Index

Published Online: 11 Jan 2018
Page range: 25 - 39

Abstract

Abstract

This study proposes an innovative methodology, named Repeat Appraised Price Model (RAV), useful for determining the price index numbers for real estate markets and the corresponding index numbers of hedonic prices of main real estate characteristics in the case of a lack of data. The methodological approach proposed in this paper aims to appraise the time series of price index numbers. It integrates the principles of the method of repeat sales with the peculiarities of the Hedonic Price Method, overcoming the problem of an almost total absence of repeat sales for the same property in a given time range; on the other hand, the technique aims to overcome the limitation of the repeat sales technique concerning the inability to take into account the characteristics of individual properties.

Keywords

  • real estate market
  • price index numbers
  • appraisal system approach
  • hedonic prices

JEL Classification

  • R30
Open Access

Compensation for Real Properties Acquired for Roads in Different Procedures - Comparative Analysis

Published Online: 11 Jan 2018
Page range: 40 - 49

Abstract

Abstract

Real properties acquired for the so-called public purpose, such as road investments, generate a one-off financial indemnity in the form of compensation paid to the expropriated owner. Due to the different possible modes of expropriation (pursuant to the Real Estate Management Act or the Special Road Act), the amount of the compensation due may be determined in different ways, which entails a variety of results. The article compares the compensation levels determined in two possible procedures: basing on the predominant use of the adjacent areas or on data from the transactions of real properties intended for public roads.

The conducted analyses demonstrated that the differences between these two types of compensation for land intended for development, established under two different expropriation procedures, are insignificant.

Keywords

  • real estate valuation
  • compensation for expropriation
  • Special Road Act

JEL Classification

  • C01
  • C13
  • C58
  • K11
  • L85
  • R52
  • R58
Open Access

Real Estate Appraisal in Central-Eastern Europe: Comparative Analysis of Poland and Slovakia

Published Online: 11 Jan 2018
Page range: 50 - 62

Abstract

Abstract

The countries in Central-Eastern Europe have been subjected to dynamic economic changes. Researchers from Poland and Slovakia study the history of the creation of and rules by which the real estate appraiser’s profession functions. They also present the methodological basics for property appraisals. The original value of this article is a comparative analysis depicting the similarities and differences occurring in the research area, in two countries from the same region of Europe. The analysis may also influence the methodological discussions of specialists concerning the correctness and purpose of certain approaches, methods or techniques of property appraisal.

The main goal of this article is conducting research on the operational rules of the real estate appraiser profession and property appraisal methods. The detailed objectives include: a critical comparative analysis of the solutions used in the above-mentioned countries, searching for interesting, unusual methodological propositions, and presenting a current assessment of the applied property appraisal methodology.

The foremost methods used in this article are: the analysis of legislative instruments, the analysis of literature concerning property appraisal methodology in Poland and Slovakia, and a questionnaire (CAWI and PAPI technique). Complementary knowledge was derived from official government internet portals and trade associations dealing with property appraisals. A comparative analysis was the basis for conducting research on the similarities and differences in the studied countries.

Keywords

  • property valuation
  • real estate appraiser
  • real estate

JEL Classification

  • D46
  • R30
  • R33
Open Access

Similarity of Changes in Average Prices of Residential Properties in Europe in 2010-2016

Published Online: 11 Jan 2018
Page range: 63 - 74

Abstract

Abstract

The aim of the article was to assess the similarities of average price changes in the residential market in 34 European countries in 2010-2016. The first part of the study concerned tendencies of changes in average prices in residential markets in the studied countries, while the second part analyzed co-occurrence of changes in these countries in time. The study covered the period after the first wave of the financial crisis in Europe and took into account the second wave of crisis in several euro area countries. Price indices, trend functions, price ranges, linear correlation coefficients and shape similarity measure were utilized for conducting this study.

European countries, in general, differed with respect to changes in prices in the residential market. 12 countries were characterized by a trend of increasing price indices. 18 countries were classified as correcting countries, as during the studied period they were distinguished by a clear change in trend. Four countries with a downward trend during the study period were also identified. Furthermore, a differentiation between the countries was found due to the values of price ranges during the studied period. Studies of co-occurrence in time were conducted with the use of linear correlation coefficients mainly for groups of rising countries and falling countries. The study was conducted using measures of shape similarity, which allowed for an identification of converging, leading and following markets for some countries.

Keywords

  • housing prices
  • comparative analysis
  • shape similarity measure

JEL Classification

  • R30
  • R32
Open Access

Statistical Determination of Impact of Property Attributes for Weak Measurement Scales

Published Online: 11 Jan 2018
Page range: 75 - 84

Abstract

Abstract

Many of the property attributes are measured on weak scales (nominal and ordinal scale). For example, land allocation in the development plan is measured on a nominal scale and such categories as proximity, equipment, access to means of communication, location, and soil and water conditions, are measured on an ordinal scale. The use of statistical measures appropriate for interval or quotient scales is wrong in such cases. Therefore, the article presents statistical measures that allow specifying the impact of the attributes on real estate prices, which can be used for the weaker scales, mainly for the ordinal scale. In the empirical illustration the proposed measures will be calculated by using the actual database of transaction prices.

Keywords

  • impact of the real estate attributes
  • Spearman coefficient
  • Kendall's tau-b coefficient

JEL Classification

  • C10
  • R14
  • R30
Open Access

Comparative Analysis of Newly-Built Housing Quality in Poland and Lithuania

Published Online: 11 Jan 2018
Page range: 85 - 98

Abstract

Abstract

The Presented research aims to analyze the Lithuanian and Polish housing markets in terms of the quality of life in new residential buildings. The article presents the concept of customer satisfaction in construction and criteria that define the quality of dwellings; the benefits, consequences, merits and demerits of the assessment of customer satisfaction are also named. A survey of customer satisfaction helps to evaluate the quality of dwellings according to their technical and functional parameters, as well as the degree of cooperation between customers and developers/contractors. The customer satisfaction index (CSI) was calculated for both countries. The results are useful for developers, contractors, facility management companies and building users.

Keywords

  • customer satisfaction
  • developer
  • housing market

JEL Classification

  • A10
  • R29
  • R30
Open Access

Conditions and Directions of Investing on the World Real Estate Market

Published Online: 11 Jan 2018
Page range: 99 - 112

Abstract

Abstract

The main topic assumed in the article are investments in the real estate market, with particular consideration given to their scale and changes in the directions of investing in the context of a dynamically changing geopolitical and economic situation throughout the world. This is seeing as how the activity of investors reflects the need and preferences of various groups of buyers and users of built surfaces, while accounting for the risk accompanying investment decisions as well as the widely understood operating conditions.

Constant observation and monitoring of these phenomena, their dynamics as well as structural changes is a remarkably important and very needed study, both as far as science and practical application are concerned, as it allows for the processes taking place to be tracked, while their informational value is more valuable the more uncertain the market and more difficult it and the behaviors of its participants are to predict.

The work uses the newest available reports and analyses of the largest auditors dealing with worldwide and global real estate markets, such as: JLL, Colliers International, CBRE, Cushman&Wakefield, KPMG, World Economic Forum, or Savills and UBS Group Ag.

The aim of the work is the synthetic analysis of changes and directions of investing on the real estate market on a global scale, in the context of the newest political-economic situations throughout the world.

Keywords

  • real estate market
  • investments
  • world
  • business cycle

JEL Classification

  • F21
  • R30