Ownership and Perpetual Usufruct in the Valuation of Undeveloped Real Property on the Example of Parallel Markets

The paper presents an analysis of the trade in undeveloped real property in two cases: the ownership title and perpetual usufruct. The aim was to find the relation between the values of these rights in parallel markets, which allows to evaluate a better type of right to the property with a worse one. Such a solution is justified when the data is lacking in the local market. The solution is also frequently encountered in the practice of a property appraiser (Dobek, Suchoń, Wajszczuk, Wielicki, 2009). In the empirical study, the information used concerned the transactions concluded between the years of 2013‒2015 in two surveying precincts in Bydgoszcz district. In both cases, two different rights to property were traded, however, their percentage share in the total number of transactions was significantly different. It enabled to determine a correction factor for both types of rights to property. The analyses were preceded by the examination of concluded agreements, in particular, the characteristics of the traded real properties.