World of Real Estate Journal 66 (4/2008) - Table of Contents

WORTH NOTING

1.Karolina Dąbek – The problem of the bubble on the Polish reale estate market

FINANCES

2. Anna Wojewnik-Filipkowska – Project Finance as method of financing investments in real estate activities – advantages and disadvantages of special purpose vehicle companies
3. Anna Balcerek, Andrzej Jaki – Value Based Management – Pro-value Motivation

LAW

4. Michał T. Wilczek – Right to a dwelling in State and international regulations
5. Michał Głuszak – Perpetual Usufruct in the Context of Similar Institutions in the Selected European Countries
6. Maciej W. Wierzchowski – Assessment of rights of estate ownership in the process of Polish cities regeneration

MARKET

7. Krzysztof Bartuś, Michał Głuszak, Piotr Krochmal – Housing needs and housing preferences in Krakow 2008 – empirical analysis
8. Aleksandra Stopińska, Iwona Strzępek – How do students live? Analysis of residential conditions in Cracow

REAL ESTATE MANAGEMENT

9. Agnieszka Małkowska – Municipal management of public real property sources – objectives, rules and results
10. Jan Konowalczuk, Tomasz Ramian – The motivations of participants in a brownfield redevelopment process

CONFERENCES

11. Małgorzata Uhruska, Agnieszka Małkowska – XV Conference of the European Real Estate SocietyERES (Kraków, 18 – 21 June 2008) DOWNLAND
12. Piotr Tworek – Scientific conference "The risk in investing activities" (Ustronie, 23 – 25 September 2008) DOWNLAND

WORLD OF REAL ESTATE JOURNAL 2008

13. Table of Contents 2008 DOWNLAND

SUMMARIES

Karolina Dąbek - The problem of the bubble on the Polish reale estate market

The purpose of this article is to introduce the problem of the bubble on the Polish real estate market. The study presents the essence of this occurrence and explains its causes. Present situation of the Polish mortgage loan market is also discussed. The article also makes an attempt to estimate whether there is a risk of facing a situation like the crisis on the American subprime mortgage market.

Anna Wojewnik-Filipkowska - Project Finance as method of financing investments in real estate activities – advantages and disadvantages of special purpose vehicle companies

The special purpose vehicle (Project Finance) is the alternative method of financing relatively expensive and risky investment projects which can be distinguished organizationally and legally, and in which it is possible to guarantee the stability of future cash flows with high probability. Real estate projects fulfill these conditions. The article aim is to analysis advantages and disadvantages of special purpose vehicle companies in real estate activities.

Anna Balcerek, Andrzej Jaki - Value Based Management – Pro-value Motivation

The concept of Value Based Management rests on orienting all enterprise’s resources at striving for multiplication of its market value, thus, realization of the basic goal of its owners. The pragmatics which accompanies the implementation of this concept proves that one of the basic factors which conditions the success of the undertaken actions is creating a motivation system adjusted to it. For it is motivation that conditions the effectiveness of human resources use, within which the largest reserve potential of the increase in the enterprise’s effectiveness is perceived in our times. In this way, the Value Based Management system integrates in its structure sub-systems related to the realization of various management functions, subordinate to value creation: strategic planning and budgeting (planning function), measurement and value reporting (control function), as well as pro-value motivation (motivation function).

Michał T. Wilczek - Right to a dwelling in State and international regulations

Right to a dwelling, as a specific sort of economical good, comes under various regulations. They are placed in legislative regulations of particular countries, international regulations and statutes of international institutions. In article are presented: place of right to a dwelling in the Universal Declaration of Human Rights, decisions of the second United Nations Conference on Human Settlements and Council of Europe’s regulations, concerning this subject. There are also shown attitudes towards right for dwelling of three international institutions (EURO FOUND , FAENTSA , CECODHAS ). Also legislative regulations of right to a dwelling in Poland, eleven European countries and USA are presented.

Michał Głuszak - Perpetual Usufruct in the Context of Similar Institutions in the Selected European Countries

 Right of perpetual usufruct is public ground lease. It is granted for period from 40 to 99 years and enables leasehold use of publicly-owned land. The institution enables private party to erect and own buildings on granted land. The article discusses the origin of similar institutions in several European Countries (i.e long term leasehold in common law system, or usufruct in most of Europe). The rest of the article focuses on comparative study of regulations from several European countries - in terms of similarities and differences in length and specific issues connected to usufruct/leasehold institution.

Maciej W. Wierzchowski - Assessment of rights of estate ownership in the process of regeneration of Polish cities

The article presents the authors thesis, according to which the laws (legal procedures) in force actually in Poland enable to take into account of the rights of estate ownership in planning and realisation of the process of urban regeneration. A special attentionshoul be laid to the following legal records:
• law of the 17 May 1989 – Geodesy and cartography law;
• law of the 21 August 1997 – on housing and real estate management;
• law of the 29 July 2005 – on convertion of all existing perpetual usufructs into freehold titles;
• law of the 6 July 1982 – The Land and Mortgage Registers and Mortgage Act.

Krzysztof Bartuś, Michał Głuszak, Piotr Krochmal - Housing needs and housing preferences in Krakow 2008 – empirical analysis

The aim of the article is to describe current housing demand in Krakow –based on stated preferences data collected in autumn 2008. The empirical part of the article is based on questionnaire research conducted in Krakow during Housing Fares on 12-13 September 2008. More than 200 potential house buyers were interviewed in the process.

Aleksandra Stopinska, Iwona Strzepek - How do students live? Alysis of residential conditions in Cracow

The report discusses residential situation of students from the Cracow University of Economics. Analysis is based on the results of research which was provided in March and April in 2008.This research was based on the results of questionnaires prepared by Department of Housing of City Office of Cracow. However, the research was done by Science Organization GRUNT acting at the Department of Real Estate and Investment Economics. In this article the following topics were analyzed: a form of accommodation used by students or alumnus, housing expenses, a percentage of housing costs in a budget of household, satisfaction connected with one’s residential situation, etc. Furthermore, this article takes up a subject connected with a students’ future and housing needs after a graduation.

Agnieszka Małkowska - Municipal management of public real property sources – objectives, rules and results

Public real property sources are the main asset of municipal sector. They help to fulfill the local authority tasks such as: providing public utilities, encouraging new entities to invest, supporting any activities based on the property aimed to enhance the local development.

Jan Konowalczuk, Tomasz Ramian - The motivations of participants in a brownfield redevelopment process

Planning and realization of brownfield redevelopment processes requires the identification and evaluation of property features, with consideration given to existing market circumstances. A complex and a unique nature of post industrial real estates, as well as different motivations of the key participants in the process (investors, developers, owners, local governments) indicate the complexity of its economic valorization. A fair assessment of post industrial real estates is necessary for investment decision making and requires the execution of a thorough due diligence procedure, which will take into account legal, technical, environmental, economic and social factors.

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