World of Real Estate Journal 96 (2/2016) - Table of Contents

MARKET

1. Ewa Kucharska-Stasiak – Residential Real Estate Market in the Process of the Emergence of Macroeconomic Imbalances
2. Adam Nalepka, Mateusz Tomal – The Identification of Factors Affecting Offer Prices of Residential Developments in the Area of the Cadastral Unit of Nowa Huta

INWESTMENTS

3. Ewa Siemińska – Investment Activity in the Global Real Estate Market
4. Magdalena Załęczna – Investing in Agricultural Real Estate – Poland against the Background of the Selected European Countries
5. Krystyna Dziworska, Anna Górczyńska – Dilemmas of Investments in the Road Infrastructure in Poland
6. Andrzej Więckowski – The Costs of the Construction of Motorways and Drilling Tunnels

REAL ESTATE MANAGEMEMENT

7. Bartłomiej Marona – Inefficient Practices in Municipal Property Management in Poland: The Case of Krakow Metropolitan Area
8. Bogusław Luchter – The Transformations of the Use of Land Property by the Institutions of Science and Higher Education in Krakow in the Years 1983-2012 (Illustrated with an Example of the Former Cadastral District – Śródmieście)

FINANCE

9. Małgorzata Krajewska – The Suitability of the Selected Ways of Determining the Degree of Technical Wear in the Valuation of Real Estate

LAW

10. Jacek Motyka – The Relation between the Indexation Clause and the Lessor’s Entitlement to Terminate the Amount of Rent in Commercial Lease Agreements

CHANGES IN REAL ESTATE LAW

11. Maciej J. Nowak – The Limitation of Agricultural Real Estate Trade DOWNLOAD

CONFERENCES

12. Magdalena Załęczna – 24th Scientific Conference of the Real Estate Scientific Society Combined with the Jubilee of the Department of Investment and Real Estate, the University of Łodz (Łódź, 23-25 May, 2016) DOWNLOAD

SUMMARIES

Ewa Kucharska-Stasiak – Residential Real Estate Market in the Process of the Emergence of Macroeconomic Imbalances

The origins of the 2007-2008 crisis are believed to lie in the strong disturbance of macroeconomic balances. Many economists see the causes of the crisis in the disorder in the financial market and the real estate market. The theoretical layer of the paper seeks to demonstrate that the real estate market is only indirectly involved in the development of the crisis. This market, however, should be monitored, since the strong changes on the demand side, fuelled by the access to cheap loans and speculative behaviour may cause demand shocks which lead to the development of price bubbles, manifested in the violent price increases, unjustified by fundamental values. When the bubbles burst, a wave of difficult loans appears, deepening recessions and slowing down the subsequent economic recovery. The empirical layer undertakes the assessment of the real estate market as an environment which contributes to the emergence of macroeconomic imbalances.

Keywords: real estate market, market imbalances, price bubbles

JEL Classification: R30, R32, E30

CITATION (APA): Kucharska-Stasiak, E. (2016). Rynek nieruchomości mieszkaniowych w procesie powstawania nierównowag makroekonomicznych. Świat Nieruchomości, (2(96)), 5-10.

DOI: 10.14659/worej.2016.96.01

Adam Nalepka, Mateusz Tomal – The Identification of Factors Affecting Offer Prices of Residential Developments in the Area of the Cadastral Unit of Nowa Huta

This article is intended to identify factors significantly affecting the bid prices of residential development in the area of the cadastral unit of Nowa Huta in Krakow. Nine variables which could potentially influence these prices are verified. The study uses data from the investments commissioned in the years 2014-2017. The analysis is based on the estimation of two econometric models and the interpretation of their estimated structural parameters. The results show that in the relevant market the greatest impact on prices is exerted by: yardage of the premises, the number of floors in the building, as well as travel time to the center by public transport.

Keywords: econometric models, real estate market, real estate prices

JEL Classification: C13, R32

CITATION (APA): Nalepka, A., Tomal, M. (2016). Identyfikacja czynników kształtujących ceny ofertowe deweloperskich lokali mieszkalnych na obszarze jednostki ewidencyjnej Nowa Huta. Świat Nieruchomości, (2(96)), 11-18.

DOI: 10.14659/worej.2016.96.02

Ewa Siemińska – Investment Activity in the Global Real Estate Market

Investments are the conditions for development of every entity or region. Hence, a great deal of analyses and research efforts carried out by the decision-makers entities are based on the interest in the investment activity of different groups of investors, the change of their preferences and directions of investment. In this paper the latest trends and changes of investment activity on the global, European and domestic real estate market are presented.

Keywords: investments, real estate market, world, Europe, Poland

JEL Classification:  F21, R30

CITATION (APA): Siemińska, E. (2016). Aktywność inwestycyjna na światowym rynku nieruchomości. Świat Nieruchomości, (2(96)), 19-26.

DOI: 10.14659/worej.2016.96.03

Magdalena Załęczna – Investing in Agricultural Real Estate – Poland against the Background of the Selected European Countries

Agricultural real estate has a special place in national economies, and is of crucial political importance. Many investors believe that real properties are areas with high potential of the growth of value, in part due to the demand for food, and in part due to the ability to change their function to the commercial one. The aim of the article is to present the institutional and legal conditions of investment in agricultural real estate in Poland in force until 1 May 2016, with an attempt to assess the attractiveness of such investment and an indication of the potential effects that will be caused by recent changes in legislation. The author analyses the legal conditions of investing in agricultural property in Poland against the principles adopted in selected EU countries, which allows her to identify differences and similarities in the treatment of agricultural property in Poland and the selected EU countries. In addition, she analyses the market size through the volume of transactions of agriculture real estate in Poland, conducts the analysis of changes in the prices of agricultural land in Poland, pointing out changes in the price of such land in the selected European countries. The research also includes the volume of purchase of agricultural real estate by foreigners in Poland. The author uses the study of literature, legal acts, the analysis of the existing data and own calculations.

Keywords: agricultural real estate, trade, law, price

JEL Classification: K11, Q15, R52

CITATION (APA): Załęczna, M. (2016). Inwestowanie w nieruchomości rolne – Polska na tle wybranych państw europejskich. Świat Nieruchomości, (2(96)), 27-36.

DOI: 10.14659/worej.2016.96.04

Krystyna Dziworska, Anna Górczyńska – Dilemmas of Investments in the Road Infrastructure in Poland

The considerations in this paper focus on the selected problems of investing in the Polish road infrastructure. The author focuses on the analysis of the decisions made in the sphere of some organisational, technical and economic solutions accompanying those investments. They referred, among other things, to the importance of the private sector in the road construction through the formula of Public and Private Partnership, the use of EU funds in financing road investments, the use of new types of road surfaces and road safety.

Keywords: investments, infrastructure, roads

JEL Classification: 018

CITATION (APA): Dziworska, K., Górczyńska, A. (2016). Dylematy inwestowania w infrastrukturę drogową w Polsce. Świat Nieruchomości, (2(96)), 37-42.

DOI: 10.14659/worej.2016.96.05

Andrzej Więckowski – The Costs of the Construction of Motorways and Drilling Tunnels

We analyse the variability of the costs of the construction of motorways in Europe. Attention is paid to the formation of the cost of motorway sections run in mountainous areas and in tunnels. A method for calculations is proposed and the costs of building roads with tunnels in Slovenia and in Poland are compared. The paper presents the developed authorial cost estimate for the excavation of the tunnel in the stretch of the expressway S7 Naprawa - Skomielna Biała and examines the value of individual works presented by the 6 bidders who participated in a restricted tender. Conclusions are focused on the assessment of the cost level of road construction in Poland in the context of the expenditures incurred in the European countries.

Keywords: tender, costing, highway, tunnel

JEL Classification: R42

CITATION (APA): Więckowski, A. (2016). Koszty budowy autostrad i drążenia tuneli. Świat Nieruchomości, (2(96)), 43-48.

DOI: 10.14659/worej.2016.96.06

Bartłomiej Marona – Inefficient Practices in Municipal Property Management in Poland: The Case of Krakow Metropolitan Area

This paper addresses the issue of municipal real estate management, focusing on the disadvantages of management in the Polish public sector. The paper is based on the literature review, an analysis of the Polish Supreme Audit Office reports and on the results of a survey conducted among municipalities belonging to Krakow Metropolitan Area. The article is organised as follows. Firstly, the author provides a general overview of the main weaknesses of the municipal real estate management. Then, the paper presents an empirical analysis based on the survey research. Finally, the paper closes with a discussion of some methodological issues and recommendations for further study.

Keywords: public management, property management, local government, Krakow Metropolitan Area

JEL Classification: H79, L85

CITATION (APA): Marona, B. (2016). Niesprawności w zarządzaniu nieruchomościami gmin w Polsce na przykładzie Krakowskiego Obszaru Metropolitalnego. Świat Nieruchomości, (2(96)), 49-54.

DOI: 10.14659/worej.2016.96.07

Bogusław Luchter – The Transformations of the Use of Land Property by the Institutions of Science and Higher Education in Krakow in the Years 1983-2012 (Illustrated with an Example of the Former Cadastral District – Śródmieście)

The article is the continuation of the Author's previous studies on the reinforcement of Krakow economic functions. The main object of the research is one of the oldest leading functions of the city, namely science. The aim of the article is the analysis of the transformations of the land use in the area occupied by this sector of economy both in 1983 and in 2012, carried out on the example of the oldest part of Krakow, the former cadastral district - Śródmieście. As a result of the conducted research, field research in particular, an increase in the area occupied by science and higher education in this part of the city was noted, from 3.27% in 1983 to 4.03% in 2012. The research also showed the growth of the area occupied by other sectors of economy, also considered in the past as leading in the development of Krakow, namely culture and tourism, and a decrease in the areas used by industry, the function particularly developed in the period of the centrally planned economy.

Keywords: economic geography, settlement geography, land management, spatial development, real estate management, use of land in urban space

JEL Classification: R39

CITATION (APA): Luchter, B. (2016). Przemiany użytkowania nieruchomości gruntowych przez instytucje nauki i szkolnictwa wyższego w Krakowie, w latach 1983-2012 (na przykładzie byłej I dzielnicy katastralnej – Śródmieście). Świat Nieruchomości, (2(96)), 55-62.

DOI: 10.14659/worej.2016.96.08

Małgorzata Krajewska – The Suitability of the Selected Ways of Determining the Degree of Technical Wear in the Valuation of Real Estate

The work presents the discussion on the applicability of theoretical methods for determining the degree of the technical wear of buildings1 in property valuation. The article presents the methods of determining the degree of the technical wear of buildings. For selected research facilities, the actual results of measuring the degree of technical wear based on the detailed inspection, field research, interview and the knowledge of the person preparing the opinion are compared to those particular time methods. The conclusions of this analysis are formulated.

Keywords: degree of technical wear, time methods, evaluation of technical condition, real estate valuation

JEL Classification:  C65, L85

CITATION (APA): Krajewska, M. (2016). Przydatność wybranych sposobów ustalania stopnia zużycia technicznego budynków w wycenie nieruchomości. Świat Nieruchomości, (2(96)), 63-68.

DOI: 10.14659/worej.2016.96.09

Jacek Motyka – The Relation between the Indexation Clause and the Lessor’s Entitlement to Terminate the Amount of Rent in Commercial Lease Agreements

The article raises the issue of two ways in which the rent may be changed during the course of the lease relation – the indexation clause and the termination of rent pursuant to Article 6851 of the Civil Code. Through the analysis of law the Author interprets the purpose of both aforementioned regulations and examines the relationship between them in order to answer if and when the inclusion of the indexation clause in a commercial lease agreement may automatically result in excluding the lessor's entitlement to terminate the current rent. The emphasis is put on the market conditions and their variety, as both regulations respond to different market demands.

Keywords: commercial lease, lease agreement, indexation, termination of rent

JEL Classification: K12, R33, R39  

CITATION (APA): Motyka, J. (2016). Klauzula waloryzacyjna w umowach najmu komercyjnego a uprawnienie wynajmującego do wypowiedzenia wysokości czynszu. Świat Nieruchomości, (2(96)), 69-74.

DOI: 10.14659/worej.2016.96.10

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