World of Real Estate Journal 67 (1/2009) - Table of Contents

WORTH NOTHING

1. Marzena Bac - Real estate management in the context of catastrophic events

MARKET 

2. Halina Henzel, Katarzyna Śmietana, Elżbieta Zagórska, Tomasz Bolek - Classification of postindustrial areas in Silesia Province
3. Stanisław Belniak, Maciej Wierzchowski – Appraisal of economic rationale of the Treasury land sales to its lessees

REAL ESTATE MANAGMENT 

4. Bogusław Luchter – The trends in land use changes in Krakow between 1848 and 2008

HOUSING 

5. Adam Nalepka - Housing Resource Management in the Housing Co-operative (case study)
6. Marcin Uryga - “Family on its own” dusted off
7. Artur Zimny - Regional diversification of the housing situation of households
8. Maciej J. Nowak - Judicialy -estate manager in joint flatposssesion

FINANCES 

9. Aneta Zaremba - Real Property as an Investment Object
10. Rafał Pesta - Developers in renewable energy source – investment projects and finansing
11. Marcin Kopeć - Financing the housing sector’s development and real estates’ renovation as the elements of revitalisation of degraded areas

 

SUMMARIES

Marzena Bac - Real estate management in the context of catastrophic events

The article concerns the process of real estate management in the context of catastrophic risks which in the form of natural and anthropogenic disasters threaten real estates. In the article there are presented the concepts of chance occurrences and catastrophic risks together with their consequences. The analysis and the examples of such risks in real estates and catastrophic risks of real estates in the country have been discusses and presented in both generic and segment aspects. In the conclusion the problem of catastrophic damage in the national context (economic and social) is outlined and examples of the activities minimizing the extent of catastrophic risk in real estates are given.

Halina Henzel, Katarzyna Śmietana, Elżbieta Zagórska, Tomasz Bolek - Classification of postindustrial areas in Silesia Province

The limitedness of property resources along with the need for protection of green areas create the necessity to undertake actions aiming at redevelopment of previously industrial sites. The determinant of carrying out these processes is obtaining full information on the possible degree of their pollution, namely the risks that should be considered while making a decision concerning their economic use. In order to create an inventory of postindustrial areas and suggest possible directions of their development a Provincial Base of Postindustrial Areas was created in Silesia Province within the framework of Regional Spatial Information System. The article presents the premises of the creation of the Base as well as its meaning for the needs of initiating the processes of postindustrial areas management, including revitalization projects with the participation of public and private entities.

Stanisław Belniak, Maciej W. Wierzchowski - Appraisal of economic rationale of the Treasury land sales to its lessees

The paper presents appraisal of the economic rationale for sales of the Treasury lands to their lessees. Appraisal has been conducted using the method of simulation, applied here to elaborate prognoses of effects consequences of actions undertaken by public administration bodies. The appraisal refers to particular case of resources’ allocation and the economic conditions of making the decision whether to keep the land under perpetual land lease contract or to sale it to its hitherto lessee. The conditions of such decision are the result of comparison between two simulated calculations:
• future value of annual cash flows from the perpetual land lease contract
• future value of capital gained from the sale contract of the same land
Simulation of calculations, presented in the paper, confirm the general rule that perpetual land lease under current legal conditions i.e. lease rents amounting to maximum 3% of land price, is not effective for the Treasury in economic terms. This conclusion has been the result of comparisons and simulations stating that future value of annual cash flows lasting for 40 years amounts to half of the future value of capital allocated in bank account for 40 years. This conclusion should be taken into account while assessing the requests for land sales issued by their lessees. Though, it should be added that institution of perpetual land leases has additional logistic rationale, enabling utilization of the Treasury land for strategic local investments such as housing, technical infrastructure, sports and recreational infrastructure, charity purposes.

Bogusław Luchter - The trends in land use changes in Krakow between 1848 and 2008

The paper analyses the process of land use changes in Krakow, within its current administrative boundaries (ca. 327 square kilometers) during last 160 years. Hitherto observed trends of land use, allow for presentation of prognosis of land use changes in the city in near future. The prognosis has been made possible by the existence of far-reaching sources of information in this subject: statistic and cartographic, presenting data reaching back as far as to Austrian occupancy of Krakow (which covered the whole area of present city of Krakow). Also information from the regularly updated land register operated by geodesy institutions has been utilized. Explanation of data has been additionally facilitated by the fact that spatial boundaries of Krakow has not altered since 1986.

Adam Nalepka - Housing Resource Management in the Housing Co-operative (case study)

The housing resources management results mostly from the legal status of the properties. The historical background causes the fact, that this type of properties are perceived as the social housing resources. The properties ownership status influences the organizational and economical conditions of property management. The analysis of the housing resources management process in the housing co-operatives is the subject of the paper. The main goal of this paper is to present and evaluate the organizational and economical issues of housing resources management based on the particular case.

Marcin Uryga - “Family on its own” dusted off

The article presents governmental program “Family on its own” whose legal basis is the Act of 8 September 2006 on the financial support to families purchasing their own accommodation (Dz. U. Nr 183, poz. 1354). The program is designed to allow families without their own apartment/house to obtain a preferential loan for the purchase/construction. The government pays half of loan interests for 8 years (apartments <50 sqm. or houses <70 sqm.) or just a part of interests when apartment’s area ranges between 50 and 70 sqm. (or houses 70-140 sqm), which is the incentive. This article presents briefly the main principles and conditions under which you can benefit from the program. It also explains why the program did not work well in 2007-2008 – the first two years after its introduction. Moreover, the article shows subsequent alterations aimed at improving the effectiveness of its implementation. Also states vital reasons for which the program has become such considerable object of interest at the beginning of 2009, and finally forecasts its operation in 2009.

Artur Zimny - Regional diversification of the housing situation of households

The aim of the study was to analyze a regional diversification of the housing situation of households in polish voivodships. The empirical material for this study was based on information from “Social Diagnosis 2007” which reflects subjective feelings and respondents’ opinions on their housing situation. The applied methods of multidimensional comparative analysis show that the best situation is in voivodships: wielkopolskie and opolskie, however the worst in provinces: lubelskie and kujawsko-pomorskie. Besides, this situation mostly depends on usable floor space of dwellings and their equip with bathroom or shower.

Maciej J. Nowak - Judicialy -estate manager in joint flatposssesion

Article is about judicialy – estate manager in small and big joint flatpossesion. In small joint flatposession this manager delimits of law-property for members of flatpossesion. Manager is responsible only to court of justice. In big joint flatpossesion management is necessery part. In small and in big joint flatposession manager can demand to consideration for his work.

Aneta Zaremba - Real Property as an Investment Object

Market economy distinguishes different types of investments associated with various levels of risk, however, real property seems to be the most common form of investment. Real property can be regarded as a special case of investment, its significant advantages being providing security for capital and protection against inflation. Prior to an investment decision, each investor should verify his business goals based on a thoroughly conducted analysis of the market and a detailed assessment of investment efficiency. In the case of real property, one can say that an investment project is an elaborate venture, whose aim is to create buildings of certain properties in a time given and costs assumed. When taking into account the course of an investment project, it can be treated as a network of relations between the participants of the venture which lead to a sequence of events so that the investment goal can be achieved.

Rafał Pesta - Developers in renewable energy source – investment projects and financing

This paper presents analysis of developers activities in renewable energy source of energy sector . Part of case study of wind farm greenfield project refers to costs related with proper actions in first stage of project. Described most important factors impact on possibilities of obtaining rights for properties for energy projects. Listed financing possibilities, soft loans, funds and grants. Performed system of certificates supported RES sector in Poland supervised by Energy Regulatory Office. Draw comparison, current and ongoing under construction, regulation capable additional profits for investors decided to build renewable energy source in Poland.

Marcin Kopeć - Financing the housing sector’s development and real estates’ renovation as the elements of revitalisation of degraded areas

Municipalities prepare regeneration programs which are necessary for obtaining co-financing for some of the projects from external sources, especially from the EU funds. Regeneration in general and housing sector’s development and real estates’ renovation in particular may be financed from the following types of sources: international, national, regional and local, commercial, public-private partnership and private. In most cases more than one source have to be used to complete a project. Before making a decision on undertaking the renovation works, both in case of individually conducted projects and integrated revitalisation programs, possibilities of optimal financing should be considered. The article presents the possibilities of financing projects within the housing sector.

 

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