World of Real Estate Journal 98 (4/2016) - Table of Contents

FINANCE

1. Andrzej Jaki, Wojciech Ćwięk - The Risk of Bankruptcy and the Effectiveness of Value Creation of the Construction Sector Enterprises in Poland
2. Paweł Oleksy, Andrzej Zyguła - Financialization of Non-financial Corporates: Evidence from the Polish Real Estate Development Market

VALUATION

3. Ewa Kucharska-Stasiak - The Real Estate Value as the Basis of Valuation: Definitional and Interpretational Problems
4. Mirosława Czaplińska, Dariusz Trojanowski - Market or Government Imposed Value? Conditions of Determining Property’s Market Value in Poland
5. Sabina Źróbek, Marek Walacik - Real Estate Market Value in the Light of Valuation Practices
6. Małgorzata Renigier-Biłozor, Andrzej Biłozor - Endogenous and Exogenous Circumstances Influencing the Supply and Demand of Residential Markets
7. Iwona Foryś, Nguyen Minh Ngoc - The Vietnamese Real Estate Sector on the Eve of Changes – Real Estate Brokerage in Vietnam against the Polish Experiences
8. Małgorzata Renigier-Biłozor, Andrzej Biłozor, Davide Di Summa - Rating Decision Rules on the Real Estate Market – Poland and Italy Case Study

HOUSING

9. Jan Veuger - Control of Housing Associations and Indices
10. Marek Bryx - Protection of Flat Buyers as a Part of Housing Policy in Poland

PROBLEMS OF URBAN DEVELOPMENT

11. Piotr Bartkowiak, Maciej Koszel - Processes of Change in Polish Metropolitan Areas – Spatial Aspects

CONFERENCES

12. Dariusz Trojanowski, Małgorzata Rymarzak - 26th Baltic Valuation Conference (Gdańsk, 22nd-24th September, 2016) DOWNLOAD
13. Andrzej Jaki, Tomasz Rojek - 21st International Scientific Conference “Restructuring Processes in View of Contemporary Economic Transformations” Krynica-Zdrój, 19th-22nd October, 2016) DOWNLOAD

WORLD OF REAL ESTATE JOURNAL

14. Table of Contents 2016 DOWNLOAD

LIST OF REVIEWERS

15. List of Reviewers 2016 DOWNLOAD

SUMMARIES

Andrzej Jaki, Wojciech Ćwięk - The Risk of Bankruptcy and the Effectiveness of Value Creation of the Construction Sector Enterprises in Poland

The maximisation of market value is the basic financial goal of the enterprise. Separation of ownership and management and domination of ownership structures of enterprises by institutional investors have also revealed the need for the search for new concepts of management which in the existing internal and external conditions would favour the growth of the effectiveness of enterprise value creation owing to the proper integration of the goals of owners and managers. The result is the concept of value based management which has also contributed to the development of enterprise effectiveness measures, enriching them with market measures. Nearly 30-year experiences related to the value based management concept have also shown that its improper use may be the source of numerous threats which may also result in the occurrence of the risk of enterprise bankruptcy, and thus the risk for the enterprise that it will not be able to implement its immanent goal which is survival and the continuation of activities. It proves the purposefulness of conducting an analysis of enterprise value creation in connection with an analysis of the risk of its bankruptcy, based on the use of discriminant models. The paper is based on the analysis of the literature and the use of financial analysis tools in the form of effectiveness measures and discriminant models in relation to selected companies of the construction sector in Poland.

Keywords: risk of bankruptcy, effectiveness of value creation, value drivers

JEL Classification: G32, G33

Citation (APA): Jaki, A., Ćwięk, W. (2016). The Risk of Bankruptcy and the Effectiveness of Value Creation of the Construction Sector Enterprises in Poland. Świat Nieruchomości, (4(98)), 5-14.

DOI: 10.14659/worej.2016.98.01

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Paweł Oleksy, Andrzej Zyguła - Financialization of Non-financial Corporates: Evidence from the Polish Real Estate Development Market

The dynamic expansion of financial markets and institutions in last decades has affected all spheres of the real economy, leading to substantive changes in its functioning both at macro- and microeconomic level. The process, known as financialisation, is evolving and bringing both positive and negative outcomes. In the paper we examined the scale of this phenomenon based on selected measures and indicators of development companies operating on the Polish real estate market. The general tendency in changes in financial assets and liabilities, as well as in financial revenues and expenses reveals relatively clear symptoms of progressive financialisation within this industry over the entire period of analysis.

Keywords: financialisation, real estate development, development companies, real estate market

JEL Classification: G2, G3, L2, R3

Citation (APA): Oleksy, P., Zyguła, A. (2016). Financialisation of Non-financial Corporates: Evidence from the Polish Real Estate Development Market. Świat Nieruchomości, (4(98)), 15-22.

DOI: 10.14659/worej.2016.98.02

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Ewa Kucharska-Stasiak - The Real Estate Value as the Basis of Valuation: Definitional and Interpretational Problems

One of the most important categories in the process of real estate valuation is market value. Both its definition and interpretation are a subject of many discussions and disputes. The practice of valuation reveals that this category is not properly understood. Valuation without understanding the concept of value is worthless. Using the definition without understanding this category has negative consequences for the credibility of the valuation. This article aims to explain the economic origins of the current definition and interpretations of value and thus refer to certain elements of the methodology and practice of valuation. Two research methods are applied in the paper, i.e. literature and descriptive studies.

Keywords: market value of real estate, origins of defining and interpreting value, methodology and practice of valuation

JEL Classification: K25, N00, R52

Citation (APA): Kucharska-Stasiak, E. (2016). The Real Estate Value as the Basis of Valuation: Definitional and Interpretational Problems. Świat Nieruchomości, (4(98)), 23-28.

DOI: 10.14659/worej.2016.98.03

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Mirosława Czaplińska, Dariusz Trojanowski - Market or Government Imposed Value? Conditions of Determining Property’s Market Value in Poland

The universality of the “property’s market value” notion along with its wide range of applications (among others in banking, public administration, and courts) requires to be defined and understood in an unambiguous manner. This issue regards not only a small group of professionals but also all the participants of the market. The property’s market value is defined by Polish legal regulations and international standards. The definitions are not clear. In Poland, property valuers assessing market value must take into consideration numerous legal regulations. The regulations in question interfere with valuation methodology and result in different types of market value. However, the property’s market value on the day of the valuation should by only one. Thus, the market value concept is significantly distorted by the impact of Polish legal regulations on property valuation.

Keywords: market value, property valuation, property, valuation standards, overregulation

JEL Classification: R30

Citation (APA): Czaplińska, M., Trojanowski, D. (2016). Market or Government Imposed Value? Conditions of Determining Property’s Market Value in Poland. Świat Nieruchomości, (4(98)), 29-36.

DOI: 10.14659/worej.2016.98.04

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Sabina Źróbek, Marek Walacik - Real Estate Market Value in the Light of Valuation Practices

The knowledge of property value is required by many entities, representing both public authorities, as well as the private sector. Among many kinds of values, market value seems to be most desired. Its definition has been formed on the international level and accepted by the legal systems of many different countries worldwide. However, there are valuation purposes for which the assumptions of the market value cannot be fully realised in the valuation process. The authors of the paper undertook an analysis of the suitability of indicating market value as the basis for valuation, mainly in the light of the Polish legal regulations, identified the causes of mismatch and offered possible solutions.

Keywords: aim of valuation, market value, real estate

JEL Classification: R00, R38, R52, R58

Citation (APA): Źróbek, S., Walacik, M. (2016). Real Estate Market Value in the Light of Valuation Practices. Świat Nieruchomości, (4(98)), 37-40.

DOI: 10.14659/worej.2016.98.05

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Małgorzata Renigier-Biłozor, Andrzej Biłozor - Endogenous and Exogenous Circumstances Influencing the Supply and Demand of Residential Markets

Real estate market should be the subject of studies that not only takes into account the impact on the value of the so-called physical aspects of real estate in the micro-local conditions, but it should also be studied in terms of macroeconomic and global aspects, in relation to the information strictly linked to the market and the factors that define the quality of the space in which they are located. The aim of this research is to conduct an impact analysis of economic, social and location condition on supply as well as demand of residential market. In the research the results were established on the basis of endogenous and exogenous data in macro and micro perspectives within 3 years (2012 - 2014). The aim of the analysis is to present the most vulnerable factors that influence the condition of real estate markets in terms of dynamics, correlating with its current state and prospects of it's potential form.

Keywords: endogenous circumstances, exogenous circumstances, supply, demand, residential markets

JEL Classification: A11, A14, B16

Citation (APA): Renigier-Biłozor, M., Biłozor, A. (2016). Endogenous and Exogenous Circumstances Influencing the Supply and Demand of Residential Markets. Świat Nieruchomości, (4(98)), 41-50.

DOI: 10.14659/worej.2016.98.06

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Iwona Foryś, Nguyen Minh Ngoc - The Vietnamese Real Estate Sector on the Eve of Changes – Real Estate Brokerage in Vietnam against the Polish Experiences

Changes occurring within the real estate sector in Vietnam resemble of the Polish real estate market in the 1990s. Both the legal constraints, and also the political and economic situation of the country constitute  barriers to development for this sector and regarding the adoption of solutions verified in market economies. However, despite such significant obstacles, the real estate sector takes over Polish and foreign  experiences regarding the regulation of the real estate brokerage and creation of the profession of a real estate agent. Many of the solutions proposed in Vietnam had not worked in relation to Poland and then underwent further changes. The Vietnamese system seems to walk the beaten path and does not propose the omission of subsequent stages of development regarding the real estate market professions. They are executed on an evolutionary basis. The aim of this article is to review the conditions for the functioning of real estate trade in Vietnam in the context of changes and to compare and attempt to assess the opportunities for the adoption of Polish solutions in the area of the profession of a real estate agent. A comparative analysis leading to the achievement of the set goal required literature studies, an analysis of legal provisions, and interviews with Vietnamese real estate agents acting primarily within the area of Hanoi, the capital city of Vietnam.

Keywords: land use, real estate trade, real estate brokerage

JEL Classification: R30–32

Citation (APA): Foryś, I., Nguyen, M.N. (2016). The Vietnamese Real Estate Sector on the Eve of Changes - Real Estate Brokerage in Vietnam against the Polish Experiences. Świat Nieruchomości, (4(98)), 51-56.

DOI: 10.14659/worej.2016.98.07

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Małgorzata Renigier-Biłozor, Andrzej Biłozor, Davide Di Summa - Rating Decision Rules on the Real Estate Market – Poland and Italy Case Study

The specific character of the real estate market, the availability of market information and the sudden and unpredictable changes which often occur on that market, as well as the investments are affected by considerable risks and uncertainties. Moreover, the latest Global Financial Crisis (2007-2008), primarily initiated by the insolvency of mortgage borrowers, underlines the importance of the objective monitoring of the real estate market as an absolute requirement to maintain balance, increase security and minimise the risk of a crisis in urban spaces. One of the solutions is to analyse and monitor the markets continuously, in the form of the comprehensive classification. Due to this fact, the authors proposed creating a rating market classification in the form of decision rules. The results, developed on the basis of the biggest markets in Poland and Italy, indicated that there is a clear link between economic and social conditions to the residential markets in Poland, whereas in Italy the social sphere has a bigger impact on the residential market.

Keywords: rating analysis, residential markets, procedure supportive decision making, decision rules

JEL Classification: A11, A14, B16
 
Citation (APA): Renigier-Biłozor, M., Biłozor, A., di Summa, D. (2016). Rating Decision Rules on the Real Estate Market in Poland and in Italy – a Case Study. Świat Nieruchomości, (4(98)), 57-66.

DOI: 10.14659/worej.2016.98.08

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Jan Veuger - Control of Housing Associations and Indices

Housing associations make too little a contribution to Society, the government has to step in too frequently because of maladministration, and the associations’ executives are often unaware of the farreaching impact of their decisions. These are the conclusions of the new academic research conducted by Jan Veuger of Rotterdam School of Management, Erasmus University (RSM). In his dissertation, he asserts that in numerous cases there is no correlation between social and financial objectives. The Dutch House of Representatives debated the results of the report “Ver van huis” from the Parliamentary Committee of Inquiry on Housing Associations in early December 2014. After extensive exploration of the literature and PhD studies on the period from 2005-2009, the research design was inspired by the grounded theory, which has a certain bias as a result of the extensive literature study. In the line of thinking of the grounded theory, interviews with directors contacted were more or less uninhibited according to a narrative method. Afterwards, these interviews, independent of the researcher, thematic and labelled by a single Delphi method were submitted to an expert group which created a storyline.

Keywords: control, housing associations, social values, board, MSCI IPD index

JEL Classification: R31

Citation (APA): Veuger, J. (2016). Control of Housing Association and Indices. Świat Nieruchomości, (4(98)), 67-74.

DOI: 10.14659/worej.2016.98.09

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Marek Bryx - Protection of Flat Buyers as a Part of Housing Policy in Poland

The article shows the history of state support for households in the acquisition of housing in the socialism period; changes which were introduced by the transformation of the economy and a need to protect flat buyers against some housing developers’ incompetence.

Keywords: housing cooperatives, flat costs, buyers’ protection, housing market

JEL Classification: B14, G28, H31, H53

Citation (APA): Bryx, M. (2016). Protection of Flat Buyers as a Part of Housing Policy in Poland. Świat Nieruchomości, (4(98)), 75-80.

DOI: 10.14659/worej.2016.98.10

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Piotr Bartkowiak, Maciej Koszel - Processes of Change in Polish Metropolitan Areas – Spatial Aspects

The article discusses the processes of change in Polish metropolitan areas in the context of their spatial development. On the basis of literature overview a synthetic approach to the problems of the functioning of metropolitan areas is described. The most relevant assumptions of local and regional policies are presented. Both of them are related to the issues of spatial planning and management. The empirical part of the article shows findings of own research on the level of metropolitan areas’ development in the spatial context. The authors of the article propose a set of indicators which allow to measure the sustainable development level of local government units within metropolitan areas in Poland. A dynamic approach to the analysis of spatial processes in metropolitan areas is used.

Keywords: metropolitan areas, sustainable development, metropolisation, spatial development

JEL Classification:  I31, O29, Q56, R52, R58

Citation (APA): Bartkowiak, P., Koszel, M. (2016). Processes of Change in Polish Metropolitan Areas – Spatial Aspects. Świat Nieruchomości, (4(98)), 81-90.

DOI: 10.14659/worej.2016.98.11

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