World of Real Estate Journal 100 (2/2017) - Table of Content

INWESTMENTS

1) Krzysztof Marcinek - Impact Investing on the Real Estate Market – Foreign Experience

FINANCE

2) Jan Konowalczuk - Cost Approach in Poland – the Assessment of the Real Estate Valuation Methodology

LAW

3) Wojciech Fill - Some Remarks about the Nature of the Preemption Right for the Municipality
4) Anna Trembecka - The Influence of Undetermined Legal Status of Real Properties on the Process of Determining Compensation for Properties Expropriated for Roads

PROBLEMS OF URBAN DEVELOPMENT

5) Bogusław Luchter - The Development of Residential Areas in Kraków in 2002-2015

HOUSING

6) Michał Głuszak, Agnieszka Małkowska - Housing Preferences of Young People in Cracow’s Residential Market
7) Katarzyna Suszyńska, Marcin Boruta - Comprehensive Housing Solutions for Seniors – a Response to Demographic Challenges of the Future

REAL ESTATE MANAGEMEMENT

8) Piotr Benduch, Krzysztof Butryn - Practical Aspects of Determining Usable Floor Area of Buildings and Premises for Various Purposes

CHANGES IN REAL ESTATE LAW

9) Maciej J. Nowak - Distortion of the Idea of Buildable Land Use Specification DOWNLOAD

CONFERENCES

10) Michał Głuszak - Scientific Conference  “2017 American Association of Geographers Annual Meeting” (Boston, USA, 4-8 April 2017) DOWNLOAD
11) Agata Suder - 9th Symposium of GRUNT Student Scientific Club "Real Estate and Investment" (Kościelisko, 21-23 April 2017) DOWNLOAD

SUMMARIES

Krzysztof Marcinek - Impact Investing on the Real Estate Market – Foreign Experience

The paper presents the emergence and recent development of a relatively new form of investing, that impact investing. The specificity of this form of investing is described, emphasising its distinctiveness in comparison with socially responsible investing. Particular attention is paid to the role and  opportunities of impact investment on the real estate market. Taking into account that impact investing does not have a commonly accepted Polish name yet, the term is used in the paper in the original form.

Keywords: impact investing, socially responsible investments, real estate

JEL Classicification: G11, L85, P25

Category of the paper: review article

Citation (APA): Marcinek, K. (2017). Impact investing na rynku nieruchomości – doświadczenia zagraniczne. Świat Nieruchomości, (2(100)), 5-10.

DOI: 10.14659/worej.2017.100.01

Jan Konowalczuk - Cost Approach in Poland – the Assessment of the Real Estate Valuation Methodology

Cost approach related to the category of replacement value does not have the ability to explain or interpret increasingly complex relationships on the market. Cost is not seen as a factor which affects market value using the substitution principle. Costs must regain their dynamic significance as a key factor providing information about the state of market equilibrium and pointing to its power to transform costs into market value. The paper proposes the abandonment of a separate category of replacement value in favour of using the cost approach in real estate valuation.

Keywords: real estate valuation methodology, cost approach, substitution principle

JEL Classicication: H54

Category of the paper: review article

Citation (APA): Konowalczuk, J. (2017). Podejście kosztowe w Polsce – ocena metodyki szacowania nieruchomości. Świat Nieruchomości, (2(100)), 11-18.

DOI: 10.14659/worej.2017.100.02

Wojciech Fill - Some Remarks about the Nature of the Preemption Right for the Municipality

Applying the preemption right by the municipality can cause many practical and theoretical doubts. These include, among others, the problem of the possibility of establishing a preemptive contractual right, the issue of omitting the form of a notarial deed when it is established, and the conditions for the application of preemption in the event of divestiture or division of burdened law. Many doubts are also related to some procedural issues. In this area some issues, such as a possibility of making changes in the content of the conditional agreement, require commentary. On the other hand, the function of the right of preemption as an instrument restricting the freedom of trade can be regarded as a broader theoretical problem. The purpose of this article is to summarise the characteristics of the issues and to identify solutions to problems related to them.

Keywords: preemption, municipality, contract

JEL Classification: K120

Category of the paper: review article

Citation (APA): Fill, W. (2017). Kilka uwag o naturze prawa pierwokupu gminy. Świat Nieruchomości, (2(100)), 19-22.

DOI: 10.14659/worej.2017.100.03

Anna Trembecka - The Influence of Undetermined Legal Status of Real Properties on the Process of Determining Compensation for Properties Expropriated for Roads

The regulations contained in the Act on Special Rules for the Preparation and Implementation of Investments in Public Roads have significantly accelerated the process of real estate expropriation for roads. These improvements, however, do not apply to compensations, which are determined in separate proceedings much later, facing surveying and legal problems. Under this Act, public entities gain ownership rights to real properties or their parts, also with regard to real properties with
undetermined legal status, i.e. when it is not clear who is deprived of this right. This study aims to analyse the influence of undetermined legal status of expropriated real properties on the process of determining compensation. The research thesis of this article is the statement that undetermined legal status makes it necessary to suspend compensation proceedings in order to determine the extent and entities of the expropriated rights. Basing on the performed studies regarding the compensation proceedings conducted in Krakow in the period of 2014-2016, an attempt was made to identify the problems existing in practice, especially those related to the undetermined legal status of real properties expropriated for roads. The author emphasises the need of introducing precise legal regulations concerning the procedure in such situations, which would allow to eliminate non-uniform practice as well as discordant judgments of administrative courts. The additional problem is the lack of regulations on the rules for determining compensation if a given real property is subject to numerous limited property rights.

Keywords: compensation, real property, undetermined legal status

JEL Classicication: R52

Category of the paper: review article

Citation (APA): Trembecka, A. (2017). Wpływ nieuregulowanych stanów prawnych nieruchomości na proces ustalania odszkodowań za nieruchomości wywłaszczone pod drogi. Świat Nieruchomości, (2(100)), 23-30.

DOI: 10.14659/worej.2017.100.04

Bogusław Luchter - The Development of Residential Areas in Kraków in 2002-2015

The purpose of the article is to assess changes of the area of residential sites distinguished within the technical land use, characteristic for cities, carried out on the example of Kraków. The analysis of changes of that sort of sites was investigated in the years 2002-2015. The main reason for adopting such a period was to consider in the present study land register lists developed by surveying institutions every year based on the latest Regulation of the Minister of Regional Development and Construction of 2001 concerning land registers published in the Official Journal in 2001. Such research could be conducted only for total residential sites, as this type of use is mentioned by the aforementioned legal document. The assessment of the location of housing developments was conducted both within the entire city, as well as on the basis of 4 cadastral units, once (i.e. in 1973-1991) administrative districts of Kraków. The research showed that the considerable growth of the share of residential development area occurred in the period between 2002 and 2015. While during the times of centrally planned economy it was Nowa Huta that was characterised by the highest rate of development of residential areas, at the moment the focus has moved to Podgórze, a part of the city located on the right bank of the Vistula river. The largest area of residential development was in the hands of natural persons. Its clear growth was visible in the years 2002-2015, with the decline of the areas of land belonging to the State Treasury or being municipal property (of municipalities and their associations).

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

JEL Classification: R39

Category of the paper: review article

Citation (APA): Luchter, B. (2017). Rozwój terenów zabudowy mieszkaniowej w Krakowie w latach 2002-2015. Świat Nieruchomości, (2(100)), 31-38.

DOI: 10.14659/worej.2017.100.05

Michał Głuszak, Agnieszka Małkowska - Housing Preferences of Young People in Cracow’s Residential Market

The article is focused on the problem of housing preferences of young people, who used to meet their housing needs on the residential rental market. The survey was conducted on a group of students from Cracow University of Economics in the academic year 2015/16. The scope of the research included the current housing situation of respondents, as well as criteria weighed by the students when selecting an apartment, such as rental costs, location, the standard of dwelling, the access to shopping facilities and services and the accessibility of green and recreational areas. The collected data were analysed using the AHP method. The obtained results allowed to indicate the main attributes of housing premises in the decision-making process considered by students and to build the ranking of the features due to their importance for students.

Keywords: rental market, housing preferences, Analytic Hierarchy Process

JEL Classicication: R210, D81

Category of the paper: research article

Citation (APA): Głuszak, M., Małkowska, A. (2017). Preferencje mieszkaniowe młodych najemców lokali mieszkalnych w Krakowie. Świat Nieruchomości, (2(100)), 39-44.

DOI: 10.14659/worej.2017.100.06

Katarzyna Suszyńska, Marcin Boruta - Comprehensive Housing Solutions for Seniors – a Response to Demographic Challenges of the Future

The aim of the paper is to outline the problem of the optimal housing environment for the elderly. The issue appears to be critically essential in the context of demographic aging in Europe and other demographic trends determining the current and future shape of senior housing. The paper discusses the characteristics of and focuses on the model example, i.e. a housing complex Weidevogelhof in the Netherlands whose innovative architectural, infrastructural and social solutions fit into the concept of "senior-friendly environment".

Keywords: senior housing, demographics, demographic aging, seniors, housing environment

JEL Classicication: R30

Category of the paper: case study

Citation (APA):Suszyńska, K., Boruta, M. (2017). Kompleksowe rozwiązania mieszkaniowe dla seniorów odpowiedzią na demograficzne wyzwania przyszłości. Świat Nieruchomości, (2(100)), 45-50.

DOI: 10.14659/worej.2017.100.07

Piotr Benduch, Krzysztof Butryn - Practical Aspects of Determining Usable Floor Area of Buildings and Premises for Various Purposes

Usable floor area is one of the most important spatial attributes of buildings and premises. It is the basis of their taxation, as well as the most frequently used conversion factor for calculating the value of built-up land and premises. Unfortunately, the current legal regulations on usable floor area records remain inconsistent and imprecise. This paper is an attempt to identify the main problems related to the determination of usable floor area of building structures and their parts for various
purposes. The definitions of usable floor area contained in the relevant legislation will be compared, with particular regard to the provisions on the cadastre and real property taxation. The authors emphasise the consequences of the existing differences and imperfections of these definitions and discuss the criteria for classifying specific space as usable floor area.

Keywords: building, premises, usable floor area, classification of space

JEL Classification: K110

Category of the paper: research-review article

Citation (APA): Benduch, P., Butryn, K. (2017). Praktyczne aspekty ustalania powierzchni użytkowej budynków i lokali do różnych celów. Świat Nieruchomości, (2(100)), 51-56.

DOI: 10.14659/worej.2017.100.08

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