World of Real Estate Journal 99 (1/2017) - Table of Content

VALUATION

1) Andrzej Reszke, Lucjan Czechowski - Controversy over the Market Value of Real Property as an Institution
2) Ewa Siemińska - Selected Approaches to Property Valuation for the Securing Bank Debt
3) Krzysztof Butryn, Elżbieta Jasińska - Determining the Value of Property Abandoned beyond the Present Borders of the Republic of Poland
4) Sławomir Kłosowski - he Organisation and Activities of the Municipal Committees of Valuation Experts in Germany

INWESTMENTS

5) Katarzyna Kania - The Typology of Land Developer’s Activity in Poland

PROBLEMS OF URBAN DEVELOPMENT

6) Waldemar Parkitny - Shaping the Integration of Park and Ride Car Parks with the Municipal Public Transport System
7) Lech Frączek - Paving the Market and Streets of Wolbrom in the Period 1822-1864 as Part of the Development of the Infrastructure of a Small Town of the Polish Kingdom

MARKET

8) Magdalena Belniak - The Supply of Office Space in Krakow and the Inflow of Business Services Firms

FINANCE

9) Łukasz Mach - The Application of Shift-share Analysis for the Assessment of the Financial Standing of Construction Enterprises

MANAGEMENT

10) Krystyna Araszkiewicz - Modern Digital Techniques Integrating BIM and Facility Management of a Building Structure
11) Anna Trembecka - The Scope and the Rules for Granting Discounts on the Selling Prices of Public Real Properties in Krakow Municipality

CHANGES IN REAL ESTATE LAW

12) Maciej J. Nowak - The facilitation of the removal of trees and bushes from real property DOWNLOAD

IN PUBLISHING MARKET

13) Piotr Bartkowiak - Henryk Gawron „Tendencje rozwoju poznańskiego rynku mieszkaniowego” - review DOWNLOAD

SUMMARIES

Andrzej Reszke, Lucjan Czechowski - Controversy over the Market Value of Real Property as an Institution

The standard theory of the market value of real property, agreed and accepted by the International Valuation Standards Committee (IVSC) is based on neoclassical assumptions of perfect competition. In fact, conditions such as the availability of players for free and complete market information are never satisfied. This situation is particularly visible in the real estate markets. This leads to considerable variation of transaction prices even on property of similar type, which leads to the formation of transaction costs related to uncertainty and the lack of trust among market participants. A look at the market value and the process of its valuation as an institution within the meaning of the so-called new institutional economics (NIE) can promote solving these problems. However, this requires undertaking targeted research to define and refine the principles of valuation.

Keywords: real estates, market value, new institutional economics (NIE)

JEL Classification: R30, D46, B52

Category of the paper: review article

Citation (APA): Reszke, A., Czechowski, L. (2017). Kontrowersje wokół wartości rynkowej nieruchomości jako instytucji. Świat Nieruchomości, (1(99)), 5-8.

DOI: 10.14659/worej.2017.99.01

Ewa Siemińska - Selected Approaches to Property Valuation for the Securing Bank Debt

This paper analyses the issue of property valuation for the purposes of loan security. The points of view of the banking sector and its supervisor, which are responsible for the level of credit risk, is taken into consideration. As banking practice shows, the risk may be largely dependent on the quality of real estate appraisals taken as security for a loan.
The paper presents some aspects of the property appraisals for the purposes of loan security, which is used in different types of systems to monitor the credit risk level and which may, together with other factors, affect the stability of the banking system, and ultimately the stability of the entire financial system

Keywords: property, property value, bank debt, risk

JEL Classification: R30, G10, G21, G32

Category of the paper: review article

Citation (APA): Siemińska, E. (2017). Wybrane uwarunkowania wyceny nieruchomości dla potrzeb zabezpieczenia wierzytelności bankowych. Świat Nieruchomości, (1(99)), 9-14.

DOI: 10.14659/worej.2017.99.02

Krzysztof Butryn, Elżbieta Jasińska - Determining the Value of Property Abandoned beyond the Present Borders of the Republic of Poland

The paper discusses the issue of determining the value of property abandoned beyond the present borders of the Polish state. Determining the value of the so-called Bug River property is an interesting element of Polish legislation and practice in the field of real estate management. The article presents the theoretical, legal and practical aspects of the issue. It shows the genesis of the problem and the characteristics of regulations affecting the valuation principles. The last part of the publication presents a selected undeveloped land property left behind in Stolin, now in Belarus, and a simplified procedure for estimating its market value.

Keywords: Bug River property, real estate valuation, appraisal report

JEL Classification: R39

Category of the paper: review article

Citation (APA): Butryn, K., Jasińska, E. (2017). Określanie wartości nieruchomości pozostawionych poza obecnymi granicami Rzeczypospolitej Polskiej. Świat Nieruchomości, (1(99)), 15-20.

DOI: 10.14659/worej.2017.99.03

Sławomir Kłosowski - The Organisation and Activities of the Municipal Committees of Valuation Experts in Germany

The article presents issues related to real estate valuation in the Federal Republic of Germany. The areas of analysis were municipal committees of valuation experts operating in Germany under the building code (BauGB) and regulations of individual federal states. The article presents different structures of committees of valuation experts in Germany. Based on the example of the committee of valuation experts in the districts
of Spree-Neiße and Oberspreewal-Lausitz, their tasks and organisation of the structure of the commissions in the State of Brandenburg is also analysed.

Keywords: committee of valuation experts, property valuation, structure, organisation of work

JEL Classification: R30, R50, R52

Category of the paper: review article

Citation (APA): Kłosowski, S. (2017). Organizacja i działalność komisji ekspertów ds. wyceny nieruchomości w Niemczech. Świat Nieruchomości, (1(99)), 21-25.

DOI: 10.14659/worej.2017.99.04

Katarzyna Kania - The Typology of Land Developer’s Activity in Poland

Developed real estate markets distinguish developers working both in the residential and commercial segment (office, retail, warehouse, etc.) as well as land developers. Land developers are focused on activities which increase the value of land by preparing it for investment (the purchase of land, transforming it into building land, merging or division of land into smaller parcels, utilities, and the final sale to other developers). In Poland the current market factors have not forced such a far-reaching specialization of development activity but it exists.
The aim of this study is to attempt to correlate the various players undertaking investment activities on land, taking into account the differ intentions of investors, real estate determinants and, above all, expected effects which translate into an increase in land value. The proposed typology of land developers is open and, therefore, not exhaustive, it was carried out in order to systematise the players active on the real estate market treating land as an investment. Therefore, the hypothesis put forward is that actors carrying out investment activities designed to lead to the preparation of development land are varied due to the manner and scope of activities, and that land developers are an important supplier of land to further development.

Keywords: land developer, land, developer, investment project

JEL Classification: R38

Category of the paper: review article

Citation (APA): Kania, K. (2017). Typologia działalności land deweloperskiej w Polsce. Świat Nieruchomości, (1(99)), 27-34.

DOI: 10.14659/worej.2017.99.05

Waldemar Parkitny - Shaping the Integration of Park and Ride Car Parks with the Municipal Public Transport System

The aim of the paper is to present possible activities, also within the scope of town planning, which can be undertaken to augment the integration of Park and Ride car parks with municipal public transport system. A well functioning system can influence a change of drivers’ transportation habits and induce some of them to resign from using passenger vehicles for the benefit of public transport means. The article presents factors with regard to: infrastructure, suprastructure, organisation, the formation of transport offer, ticket price-lists, a possibility of alternative access to city centres with the use of the system of bicycle hiring establishments, the functioning of passenger information system, examples of financial incentives for drivers limiting the use of passenger vehicles for the benefit of public transport, etc.

Keywords: car park, Park and Ride, integration in transportation, drivers’ behaviour, travellers’ behaviour, collective (public) transport

JEL Classification: L91

Category of the paper: review article

Citation (APA): Parkitny, W. (2017). Kształtowanie integracji parkingów Park and Ride z miejskim systemem komunikacji zbiorowej. Świat Nieruchomości, (1(99)), 35-40.

DOI: 10.14659/worej.2017.99.06

Lech Frączek - Paving the Market and Streets of Wolbrom in the Period 1822-1864 as Part of the Development of the Infrastructure of a Small Town of the Polish Kingdom

The problem of paving the market square and the main streets of the city was one of the key issues connected with the functioning and development of the town of Wolbrom in the nineteenth century. It was Mayor Dominic Bażanka who in 1822 took some measures to pave the main market square. After the completion of the work, in 1825 laying the stone surface on the main streets of the town was initiated. One of the reasons for paving the town was that an important trade route crossed Wolbrom and better roads and infrastructure helped in its development. The work was contracted to private persons, paving experts or entrepreneurs employing specialists. As a rule, they honored their contracts, however some cases of malpractice were recorded.

Keywords: town, Wolbrom, paving, market square, streets

JEL Classification: B15

Category of the paper: research article

Citation (APA): Frączek, L. (2017). Brukowanie rynku i ulic Wolbromia w okresie 1822-1864 jako element rozwoju infrastruktury małego miasta Królestwa Polskiego. Świat Nieruchomości, (1(99)), 41-46.

DOI: 10.14659/worej.2017.99.07

Magdalena Belniak - The Supply of Office Space in Krakow and the Inflow of Business Services Firms

Rapid economic growth noted in Kraków has resulted in an increase in new office space to let. Over the past four years, the available office space has risen to over 730,000 square metres for rent. The phenomenon significantly influences the inflow of business services firms to the city. This paper presents the growth characteristics and describes how business services have contributed to the supply of office space in Kraków.

Keywords: business services, office property, office space market, certification of facilities

JEL Classification: R3

Category of the paper: research article

Citation (APA): Belniak, M. (2017). Podaż powierzchni biurowych w Krakowie a lokowanie firm z sektora usług biznesowych. Świat Nieruchomości, (1(99)), 47-52.

DOI: 10.14659/worej.2017.99.08

Łukasz Mach - The Application of Shift-share Analysis for the Assessment of the Financial Standing of Construction Enterprises

The aim of the conducted research is an attempt to define regional potentials of construction enterprises’ development, taking into consideration their financial structure. As a computational engineering tool, applied in order to define development potentials, shift-share analysis was used. The application of shift-share analysis aimed at the examination of changes which occur in the geographical sphere in a particular period of time. The application of shift-share analysis enabled research and assessment of regional development level against reference development with particular consideration the financial aspects of enterprises. The conducted research will enable to indicate changes in the financial structure of construction enterprises, taking into account components of the financial result i.e. revenues, costs and stocks.

Keywords: regional potential, shift-share analysis, construction market

JEL Classification: C10, R11, L74

Category of the paper: review article

Citation (APA):  Mach, Ł. (2017). Zastosowanie metody „analizy przesunięć udziałów” do oceny sytuacji finansowej przedsiębiorstw branży budowlanej. Świat Nieruchomości, (1(99)), 53-60.

DOI: 10.14659/worej.2017.99.09

Krystyna Araszkiewicz - Modern Digital Techniques Integrating BIM and Facility Management of a Building Structure

Real estate is becoming an increasingly frequent object of active management activities, and one of the developing trends is property management in accordance with the Facility Management (FM) guidelines. The aim of this article is to present the guidelines, potential benefits and the barriers for integrating the FM concept with the method of construction management based on digital building information modelling (BIM). Modern
property management needs coordinating a complicated flow of information and managing a large set of data, also those created at the stage of designing and construction of a structure. A model developed in accordance with the BIM principles, properly adapted, may be a very valuable support for the use of a building and for the practice of property management in accordance with the FM concept.

Keywords: facility management, BIM, data management

JEL Classification: L85, L74, L86, D83

Category of the paper: review article

Citation (APA): Araszkiewicz, K. (2017). Nowoczesne techniki cyfrowe integrujące projektowanie, budowę i zarządzanie eksploatacją obiektu budowlanego. Świat Nieruchomości, (1(99)), 61-66.

DOI: 10.14659/worej.2017.99.10

Anna Trembecka - The Scope and the Rules for Granting Discounts on the Selling Prices of Public Real Properties in Krakow Municipality

The Real Estate Management Act provides for an obligatory discount as far as historic properties are concerned, and an optional discount regarding properties sold for a specific purpose and to specific entities. The study aims to analyse the rules and conditions of granting discounts on the prices of public real properties based on the example of Krakow Municipality. The existing legal provisions and procedures for granting discounts by Krakow Municipality are analysed, with particular focus on the scope of the discounts, their amount, the type of real properties concerned, discounted prices. The problems associated with determining the scope of the statutory discount relating to historic properties, as well as those regarding the repayment of the optional discount are highlighted.

Keywords:  discount, public real properties, sale

JEL Classification: R52

Category of the paper: case study

Citation (APA):  Trembecka, A. (2017). Zasady i zakres udzielania bonifikat przy zbywaniu nieruchomości publicznych w Gminie Kraków. Świat Nieruchomości, (1(99)), 67-72.

DOI: 10.14659/worej.2017.99.11

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