World of Real Estate Journal 68 (2/2009) - Table of Contents

MARKET 

1) Leszek Kałkowski Land properties in the Polish real estate market
2) Stanisław Belniak, Maciej W. Wierzchowski - The Model of sales procedure of the Treasury properties to its perpetual land lessees
3) Jarosław Plichta - Transaction costs in real estate market – basic issues

REAL ESTATE MANAGMENT 

4) Barbara Stolińska - Property management as a way of implementing innovations
5) Małgorzata Uhruska - The Characteristic of Property Appraisals on Polish Real Estate Market

FINANCES 

6) Anna Wojewnik-Filipkowska - Project Finance in real estate financing - the participants of the project company
7) Paweł Oleksy - Buy-back within the real estate market – outline of the problem
8) Jan Czempas - The importance of incomes from real estates taxes in local communes budgets

PROBLEMS OF URBAN DEVELOPMENT 

9) Marta Modelewska - The Role of Urban Improvement Districts in Urban Regeneration Process in Germany
10) Michał Wilczek - Determinants of the newly built dwellings standards in chosen European countries

ON THE PUBLISHING MARKET  DOWNLAND

11) Agnieszka Telega – Roman Niemczyk „Gospodarka i obrót nieruchomościami” -  review
12) „Strategie inwestowania na rynku nieruchomości” - PUBLISHING ANNOUNCEMENT
13) DIFIN publishing proposals
     - „Nieruchomości, sprzedaż, najem, dzierżawa. Skutki w PIT, CIT i VAT” Justyna Bauta-Szostak, Bartosz Bogdański
     - „Rachunkowość spółdzielni mieszkaniowych” Roman Niemczyk

SUMMARIES

Leszek Kałkowski - Land properties in the Polish real estate market

The paper presents stock of land properties in Poland structured according to ownership and use. Most important ratios of land properties to overall stock of properties are presented. Number and structures of transactions in the Polish land properties market are presented with particular attention paid to their acreage, transaction value, market prices in 2007. Share of foreigners in transitions in the land properties market is discussed, number of purchase permissions and the area of purchased land.

Stanisław Belniak, Maciej W. Wierzchowski - The Model of sales procedure of the Treasury properties to its perpetual land lessees

The model of sales of the Treasury properties (under perpetual land lease contract) to its lessees presented in the paper encompasses fundamental components of the sale procedure:
• determination of the problem
• legal conditions
• crucial aspects and phases of the due diligence procedure
• crucial tasks and operations of the due diligence procedure
The components of the sale’s procedure are presented in 5 schemes that facilitate procedure observation. The model, presented in the paper, proves necessary participation of professionals, use of proper sources of information, legal analysis, property value appraisal, and evaluation of economic consequences of the Treasury properties’ sales to it lessees. Such procedure allows for formulation of conclusions and decisions’ recommendations.

Jarosław Plichta - Transaction costs in real estate market – basic issues

The market of the property is in the developmental phase in Poland. Processes which are taking place on it require descriptions and analyses which will help for subjects on it acting as well as interested for all to understanding mechanisms and factors shaping them. Referring to conceptions giving theoretical bases is with the good way to understand different market processes to empirical examinations. New institutional economics and the theory fitting into her composition of transaction costs permit to supplement of neoclassical economics for new, onlooker looking at market processes. It also concerns seeing the market of the fixed property which can be analysed immediately for this theory. On the example of the relation purchaser - intermediary chosen aspects which it is possible to analyse were presented from a point of view of world of contracts being fundamental to the theory of transaction costs.

Barbara Stolińska - Property management as a way of implementing innovations

Facility Management (FM) has been becoming a crucial way of implementing innovative approach in enterprises. The focus of the article is on the innovative ability of FM to form theoretical perspective suggesting assessment new property management solutions.

Małgorzata Uhruska - The Characteristic of Property Appraisals on Polish Real Estate Market

The main goal of this paper is to provide a diagnose of the property valuation services on the Polish real estate market. The research conducted in 2008 among the property appraisals has brought a wide range of information concerning a appraisals’ professional activities, such as: legal status, operational activity, co-operation, and evaluation of appraisal services current situation on the market. The research results were presented in this paper. Author also pointed main directions of appraisal services development.

Anna Wojewnik-Filipkowska - Project Finance in real estate financing - the participants of the project company

The Project Finance enables to finance new investments, basing exclusively on cash flows generated by project without additional guarantees from Sponsors. It brings advantages for Sponsors, Investors/Creditors and another participants engaged in the project. Introduction of Project Finance participants and their role in the project is the aim of the article.

Paweł Oleksy - Buy-back within the real estate market – outline of the problem

This article presents the salient features, and many applications, of the buy-back method used within the real estate market. Buy-back can be employed to finance investment projects, in the capital market sense or as an instrument to generate funds. Investment projects applying the buy-back method may consist of either countertrade agreements or developmental projects. In the capital market context, buyback can be explained as the re-purchase of a company’s own common stock on the open market. This type of buyback can be applied by companies with direct influence on the real estate market i.e. building material manufacturers, construction companies, architectural firms, real estate agencies, etc. Finally buy-back may enable homeowners, struggling with mortgage debts, to receive money from companies specializing in paying off bank debts in order to avoid defaulting on the mortgage and having their property repossessed.

Jan Czempas - The importance of incomes from real estates taxes in local communes budgets

The aim of the paper is presentation of the importance of incomes from real estates taxes paid by natural and legal persons in local communes budgets. The scope of the analysis were years 2004-2008 and 19 big cities from Silesian voivodship that act simultanously “counties”. The results indicate that there is a very strong diverstity of cities with respect to the value of incomes from the tax and to the share of the tax in total incomes.

Marta Modelewska - The Role of Urban Improvement Districts in Urban Regeneration Process in Germany

Urban regeneration is a complex and holistic process which main aim is to counteract negative physical, social and economic changes in cities. To make this process possible and successful it is necessary to implement suitable solutions. A concept of urban improvement districts (UIDs) is one of the newest tool in urban regeneration process. German experiences in implementing UIDs have already shown, that it could be an effective way of realizing projects in the cities.

Michał Wilczek - Determinants of the newly built dwellings standards in chosen European countries

Obligatory and not obligatory conditions imposing dwellings are present in house building in all countries and also worked out by various specialist international organizations. The article shows regulations, which form chosen elements of dwellings standards in some European countries, as well as those of international character. The regulations, concerning size and composition of dwelling, type of building of dwelling-houses, surroundings and networks which accompany dwelling, as well as qualifying biological and physical conditions of dwelling and modeling technical condition of newly built living quarters are also described.

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