World of Real Estate Journal 101 (3/2017) - Table of Content

INWESTMENTS

1) Małgorzata Jaworek, Włodzimierz Karaszewski, Ewa Siemińska - Prices on the Real Estate Market Among the Determinants of the Location of Foreign Direct Investment in Poland
2) Iwona Foryś, Szymon Machała - Legal and Institutional Investment Environment in Historic Properties in Poland
3) Małgorzata Rymarzak, Dariusz Trojanowski - Investment Funding Models in Public HEIs’ Student Housing Based on the Example of Poland
4) Krzysztof Kowalke - An Analysis of the Phenomenon of “Price Regression toward the Mean” on the Polish Mutual Funds Market in 2001-2016

PROBLEMS OF URBAN DEVELOPMENT

5) Ewa Stachura - Contemporary Infill Development in Heritage Zones. The Case of Raciborz
6) Jarosław Kempa - Conditions of the Local Residential Real Estate Market Development in Sopot after the Year 1990

MARKET

7) Joanna Cymerman, Wojciech Cymerman - The Application of Cluster Analysis to the Classification of Voivodships According to the Development of Agricultural Real Estate Markets
8) Agnieszka Małkowska, Ewa Palus - The Impact of Vistula River’s Waterfront on the Offer Prices of Residential Units in Neighborhood – Empirical Evidence from Cracow
9) Daniel Wiliński, Łukasz Kraiński, Kamila Wesołowska, Mateusz Duś, Sylwia Marczak - The Influence of Location on the Offer Price of Residential Property. The Case Study of Puławska Street in Warsaw

REVITALIZATION

10) Aleksandra Jadach-Sepioło, Krzysztof Kaszuba - The Requirement for the Development of Municipal Real Estate to Be Sold in Revitalisation Processes - Legal Conditionings

VALUATION

11) Ewelina Nawrocka - Determining the Price Trend in a Valuer's Practice – the Survey Results

CHANGES IN REAL ESTATE LAW

12) Maciej J. Nowak - Changes in administration proceedings DOWNLOAD

CONFERENCES

13) Agnieszka Małkowska - International Scientific Conference European Urban Research Association (EURA) (Warsaw, 21-24 June 2017) DOWNLOAD
14) Joanna Węgrzyn - 24th International Scientific Conference EUROPEAN REAL ESTATE SOCIETY (ERES) (The Netherlands, Delft, 28 June – 1 July 2017) DOWNLOAD
15) Agnieszka Telega - Scientific Conference "Real Estate and Investment. Local and Global Aspects" (Wieliczka, 20-22 September 2017) DOWNLOAD

SUMMARIES

Małgorzata Jaworek, Włodzimierz Karaszewski, Ewa Siemińska - Prices on the Real Estate Market Among the Determinants of the Location of Foreign Direct Investment in Poland

The article presents the results of three research projects on foreign direct investment. They were conducted in 2003-2004, 2011-2012 and 2014-2016, respectively. The first two research projects covered the Kujawsko-Pomorskie Province, while the third was part of o broader interregional project entitled “Foreign Direct Investment in the Selected Polish Region – a Comparative Analysis”. The project was carried out by a research team at four Polish Universities: Nicolaus Copernicus University in Toruń, the Poznań University of Life Sciences, the University of Lódź, and the University of Warmia and Mazury in Olsztyn. Except for the Kujawsko-Pomorskie Province, the research covered also the Łódź Province, the Warmia-Mazury Province and the Greater Poland Province. The research was carried out using the same research method and covered enterprises with foreign capital. The results of those studies allowed the authors to assess the importance of real estate prices among the FDI determinants.

Keywords: foreign direct investment, real estate, real estate market

JEL Classicification: F21, R32, R38

Category of the paper: research article

CITATION (APA): Jaworek, M., Karaszewski, W., Siemińska, E. (2017). Ceny na rynku nieruchomości wśród determinant wyboru lokalizacji bezpośrednich inwestycji zagranicznych w Polsce. Świat Nieruchomości, (3(101)), 5-12.

DOI: 10.14659/worej.2017.101.01

Iwona Foryś, Szymon Machała - Legal and Institutional Investment Environment in Historic Properties in Poland

The article analyses legal and institutional investment environment related to historic real estate located in Poland. The study concerns the effectiveness of investment in historic real estate and its impact on the preservation of history and culture. The analyses of selected cases were preceded by research on technical and historical documentation, project documentation and grants from national programmes, as well as grants from the European Union.

Keywords: historic property, historical value, property investment

JEL Classicification: R31

Category of the paper: comparative analysis

CITATION (APA): Foryś, I., Machała, S. (2017). Prawno-instytucjonalne otoczenie inwestycji w nieruchomości zabytkowe w Polsce. Świat Nieruchomości, (3(101)), 13-20.

DOI: 10.14659/worej.2017.101.02

Małgorzata Rymarzak, Dariusz Trojanowski - Investment Funding Models in Public HEIs’ Student Housing Based on the Example of Poland

Nowadays, at the time of aging European society, higher education must compete for limited financial resources with other social needs (such as the pension system or health care). Therefore, the opportunities to increase funding for public higher education are scarce. Because of that, actions of universities should steer towards increasing private fundings.

The aim of this article is to identify the best, from public universities' point of view, investment funding models for student houses. The discussion begins with the systematization of the student housing definition and its importance to higher education, then it proceeds to present student accommodation in Poland in comparison with other European countries and different investment funding models in student housing, as well as their evaluation.

Keywords: hall of residence, funding models, universities

JEL Classicification: G11, I22, R33, M21

Category of the paper: research article

CITATION (APA): Rymarzak, M., Trojanowski, D. (2017). Modele f inansowania inwestycji w d omy s tudenckie uczelni publicznych – na przykładzie Polski. Świat Nieruchomości, (3(101)), 21-28.

DOI: 10.14659/worej.2017.101.03

Krzysztof Kowalke - An Analysis of the Phenomenon of “Price Regression toward the Mean” on the Polish Mutual Funds Market in 2001-2016

There are approximately 57 open-end universal Polish equity investment funds on the Polish market. Choosing funds for an investment portfolio is not easy, particularly because their investment strategies often do not differ significantly from each other. For this reason, investors execute different investment strategies. One of them, frequently used in the case of individual equity market investments, is a strategy utilising the phenomenon of “stock price regression toward the mean”. This article will present an analysis of whether this strategy also works in the case of universal Polish equity investment funds market.

Keywords: investment funds, price regression toward the mean, investment strategies

JEL Classicification: G23

Category of the paper: research article

CITATION (APA): Kowalke, K. (2017). Analiza zjawiska „regresji cen do średniej” na polskim rynku akcyjnych funduszy inwestycyjnych w latach 2001-2016. Świat Nieruchomości, (3(101)), 29-36.

DOI: 10.14659/worej.2017.101.04

Ewa Stachura - Contemporary Infill Development in Heritage Zones. The Case of Raciborz

The paper will identify spatial and social problems for projects which seek to integrate remnant heritage layout with planned infill development. Using the elaborated method, it will examine how empty spaces within the old city can be developed in ways that satisfy citizen expectations relating to heritage restoration and the services theses spaces provide and which contribute to the quality of inner city living. To achieve this aim, three empty spaces will be selected and analysed using both remnant empirical data contained in the city’s layout and data available in the municipal archival record.

The results will allow significant insights not only into ways of retaining the heritage value of historic cities, but also how to develop empty spaces within such cities without losing the urban and social amenity these spaces provide.

Keywords: infill development, sustainable urban growth, city center

JEL Classicification: R39

Category of the paper: review article

CITATION (APA): Stachura, E. (2017). Współczesna zabudowa uzupełniająca zabytkowego centrum miasta. Przykład Raciborza. Świat Nieruchomości, (3(101)), 37-44.

DOI: 10.14659/worej.2017.101.05

Jarosław Kempa - Conditions of the Local Residential Real Estate Market Development in Sopot after the Year 1990

Sopot has a local housing market with one of the highest prices of flats in Poland for many years. The article presents the determinants of the attractiveness of flats in Sopot. The paper analyses the investment policy of the city, presents the functions, the demographic situation along with a long-term forecast, the characteristics of the housing stock and potential areas which still have to be built up. The city policy related to the issues connected with the formation of spatial order, revitalisation programmes and municipal construction are discussed. Moreover, the paper presents prices per 1 square metre of residential properties in Sopot compared to the prices in a selected group of cities, and a synthetic summary of the reasons for the formation of housing prices in the city. The analysis confirms strong involvement of the city in the creation of spa and tourist functions set in the development strategy, which influences the shaping of the attractiveness of residential real estate in Sopot.

Keywords: Sopot, real estate market, development strategy, city policy

JEL Classicification: R00

Category of the paper: review article

CITATION (APA): Kempa, J. (2017). Uwarunkowania rozwoju lokalnego rynku mieszkaniowego w Sopocie po 1990 roku. Świat Nieruchomości, (3(101)), 45-54.

DOI: 10.14659/worej.2017.101.06

Joanna Cymerman, Wojciech Cymerman - The Application of Cluster Analysis to the Classification of Voivodships According to the Development of Agricultural Real Estate Markets

The paper discusses the development of agricultural real estate markets in Polish voivodships. The main objective was to determine the degree of diversification of voivodships in terms of the level of development of their agricultural property markets. The area and value of agricultural land sold, as well as the average price per hectare of agricultural land sold by the Agricultural Property Agency and on the secondary market were examined in detail. The analysis covered the period between 2005 and 2015. The voivodships were classified by means of the Ward method. The data came from the Local Data Bank of the Central Statistical Office and the Institute of Agricultural Economics and Food Economy - State Research Institute.

Keywords: agricultural property market, cluster analysis, Ward method

JEL Classicification: R30

Category of the paper: research article

CITATION (APA): Cymerman, J., Cymerman, W. (2017). Zastosowanie analizy skupień do klasyfikacji województw według rozwoju rynków nieruchomości rolnych. Świat Nieruchomości, (3(101)), 55-62.

DOI: 10.14659/worej.2017.101.07

Agnieszka Małkowska, Ewa Palus - The Impact of Vistula River’s Waterfront on the Offer Prices of Residential Units in Neighborhood – Empirical Evidence from Cracow

This paper is focused on the impact of the river proximity on residential property prices in neighborhood. Collected data set covers 1,799 offer prices from 40 new development projects located in Cracow, up to 2,000 meters from the Vistula Rivers on its right and left banks. Price analysis was conducted using a multiple regression model. The results confirm the influence of the distance from the Vistula waterfront on the offer prices of residential units on the primary market.

Keywords: housing market, waterfront, price analysis, recreation, location

JEL Classicification: R23, R31, R32

Category of the paper: research article

CITATION (APA): Małkowska, A., Palus, E. (2017). Wpływ sąsiedztwa rzeki Wisły na poziom cen ofertowych nowych lokali mieszkalnych w Krakowie. Świat Nieruchomości, (3(101)), 63-68.

DOI: 10.14659/worej.2017.101.08

Daniel Wiliński, Łukasz Kraiński, Kamila Wesołowska, Mateusz Duś, Sylwia Marczak - The Influence of Location on the Offer Price of Residential Property. The Case Study of Puławska Street in Warsaw

The aim of this research is the construction and analysis of an econometric model of residential property prices on the example of one of the longest streets in the Polish capital. A hedonic price model was constructed using offer prices data. The features of flats included in the study are: year of construction, type of real estate market (primary or secondary), distance to the city center and distance to nearest metro station.
The model parameters reveal a substantial influence of the access to the metro station on flat prices. If there is a metro station within 800 m distance to the flat, its price increases by over 1,300 PLN for one square metre according to the estimated hedonic model.

Keywords: econometric models, real estate market, real estate prices, metro station accessibility

JEL Classicification: C13, R32

Category of the paper: case study

CITATION (APA): Wiliński, D., Kraiński, Ł., Wesołowska, K., Duś, M., Marczak, S. (2017). Wpływ lokalizacji na cenę ofertową nieruchomości na przykładzie ulicy Puławskiej w Warszawie. Świat Nieruchomości, (3(101)), 69-76.

DOI: 10.14659/worej.2017.101.09

Aleksandra Jadach-Sepioło, Krzysztof Kaszuba - The Requirement for the Development of Municipal Real Estate to Be Sold in Revitalisation Processes - Legal Conditionings

The paper discusses one of the more common misunderstandings in Polish revitalization concerning the limitation of the possibility for the municipality to induce property owners to defined investment. For revitalization activities to be launched on a wider scale, it is necessary to involve private funds and sell some of the land, especially post-industrial, to potential investors. The stereotype of the lack of opportunity to shape the conditions for redevelopment of the land sold is widespread, most often enriched by the lack of appropriate tools in the spatial planning system. The purpose of this article is to review the contractual provisions that make it possible to introduce the requirements for the specific development of the disposed communal real estate.

Keywords: urban regeneration, public procurement, development obligation

JEL Classicification: K25, M48, P14, R52

Category of the paper: review article

CITATION (APA): Jadach-Sepioło, A., Kaszuba, K.(2017). Wymóg zagospodarowania zbywanych nieruchomości gminnych w procesach rewitalizacji – uwarunkowania prawne. Świat Nieruchomości, (3(101)), 77-80.

DOI: 10.14659/worej.2017.101.10

Ewelina Nawrocka - Determining the Price Trend in a Valuer's Practice – the Survey Results

Studies published to date show that the fluctuation of transaction prices is characteristic of the real estate market. In the long run market analysis can show upward or downward trends. For the purpose of a comparative approach to property valuation, the Real Estate Management Act requires that time changes in the price of similar property should be taken into account. An analysis of the market for comparable property should therefore determine how prices change from one period to another and make appropriate adjustments from the transaction date price to the valuation date price.

The purpose of the article is to present the practices of the determination of price change factor followed by valuers in Poland, especially the degree to which they are known to valuers and applied. The survey was carried out in the form of a questionnaire mailed to 200 randomly selected valuers in Poland.

Keywords: trend, aktualizacja cen, metody wyceny nieruchomości, rzeczoznawca majątkowy

JEL Classicification: R32

Category of the paper: research article

CITATION (APA): Nawrocka, E. (2017). Określanie trendu cenowego w praktyce rzeczoznawcy majątkowego – wyniki badania ankietowego. Świat Nieruchomości, (3(101)), 81-88.

DOI: 10.14659/worej.2017.101.11