World of Real Estate Journal 106 (4/2018) - Table of Content

FINANCE

1) Nazar Dobosh, Khrystyna Danylkiv - Formation of Investment Potential of Insurance Companies within the Insurance Market of Ukraine
2) Sylwia Kruk - The Assessment of Economic Value Added in Construction Companies in the Years 2010-2017
3) Andrzej Jaki - Business Continuity Risk of Polish Construction Enterprises in 2010-2012

VALUATION

4) Agnieszka Małkowska, Małgorzta Uhruska - Doing Business in Property Valuation – Survey Results

MANAGEMENT

5) Joanna Wegrzyn, Katarzyna Najbar - Characteristics of Real Estate Management Services in Poland
6) Stanisław Belniak - Property Operation as a Determinant of the Length of the Developed Property Lifecycle

MARKET

7) Katarzyna Kania, Łukasz Kimieć - Effects of Deregulation of the Real Estate Agent Profession in the Opinion of the Industry Representatives
8) Grażyna Plichta - The Influence of Overtourism and Short-term Rental on the Real Estate Market on the Example of the City of Krakow
9) Michał Głuszak - Natural Disasters, Externalities, and Real Estate Prices

PROBLEMS OF URBAN DEVELOPMENT

10) Sydoruk Borys, Boryk Olga - Assessment of the Impact of the Ecological Component in the Agricultural Land Use System on the Balance of Land Use in Ukraine
11) Anna Wojewnik-Filipkowska - Municipal Investment Management - a Comparative Analysis of Related Decision-making Process in Gdańsk and Edinburgh
12) Agnieszka Włoch-Szymla - City Development Strategies in the Urban Planning Context vs. the Quality of Living – Case Study of Vienna
13) Sebastian Brańka - The Promotional Impact of the Top Polish Cities in the Eyes of City Promotion Managers

CONFERENCES

14) Andrzej Jaki, Tomasz Rojek - 23rd International Scientific Conference RESTRUCTURING MANAGEMENT. Development and Efficiency in the Face of Changes (Krynica-Zdrój, Poland, 17th-20th October, 2018) DOWNLOAD

WORLD OF REAL ESTATE JOURNAL 2018

15) Table of Contents 2018 DOWNLOAD

LIST OF REVIEWERS

16) List of Reviewers 2018 DOWNLOAD

SUMMARIES

Nazar Dobosh, Khrystyna Danylkiv - Formation of Investment Potential of Insurance Companies within the Insurance Market of Ukraine

The article is devoted to research into the investment potential of insurance companies and the order of its  formation with the purpose of investment activity and profit making. The main components of the investment  potential of an insurer are analysed; recommendations for the effective management of investment assets of a  company and their influence on its financial stability are given. This article also defines the main factors influencing the profitability of the activity of insurance companies, and provides a scheme for the circulation of funds associated with the formation of their investment potential.

Keywords: insurance, investment potential, insurer’s capital

JEL Classicification: H54

Category of the paper: review article

CITATION (APA): Dobosh, N., Danylkiv, K. (2018). Formation of Investment Potential of Insurance Companies within the Insurance Market of Ukraine. Świat Nieruchomości, 106(4), 5-12.

DOI: 10.14659/WOREJ.2018.106.001

Sylwia Kruk - The Assessment of Economic Value Added in Construction Companies in the Years 2010-2017

The work assumes that the main goal of finance management in an enterprise is the maximisation of its value, which leads to the maximisation of profits for its owners. The profits are reflected in dividends and in a long-term increase in the value of shares. Nowadays, it is assumed that the measure which objectively enables to assess the financial standing of an enterprise and the value creation aspect is economic value added. The aim of the research was to show the effects in the area of value creation in companies grouped in WIG-construction index in the years 2010-2017.

Keywords: financial management, shareholder value, Economic Value Added, NOPAT, ROIC

JEL Classification: G32

Category of the paper: research article

CITATION (APA): Kruk, S. (2018). The Assessment of Economic Value Added in Construction Companies in the Years 2010-2017. Świat Nieruchomości, 106(4), 13-20.

DOI: 10.14659/WOREJ.2018.106.002

Andrzej Jaki - Business Continuity Risk of Polish Construction Enterprises in 2010-2012

Risk accompanies the functioning of all market entities, influencing the progression of economic, social and political processes. The microeconomic approach to risk shows it as an inherent factor accompanying the functioning of every enterprise, exerting an impact on the capability and degree of the accomplishment of its goals. This article undertakes the problem of risk of the continuation of enterprise activities. The aim of the article is, on the one hand, to present the conditionings of the occurrence of business continuity risk and managing it, and on the other hand, to identify, exemplify and assess key risk drivers of the business continuity of Polish construction enterprises in the years 2010-2012, that is in the period of the preparations to UEFA Euro 2012 organized in Poland, and relative accumulation of building investments. The article is a scientific reflection presented from the perspective of a few years which have passed from the analysed period, which enabled to formulate conclusions considering also the time horizon of the occurrence of consequences of the influence of the analysed risk.

Keywords: business continuity risk, risk management, construction enterprises

JEL Classification: D81, G33, L21, L74

Category of the paper: review and research article

CITATION (APA): Jaki, A. (2018). Business Continuity Risk of Polish Construction Enterprises in 2010-2012. Świat Nieruchomości, 106(4), 21-26.

DOI: 10.14659/WOREJ.2018.106.003

Agnieszka Małkowska, Małgorzata Uhruska - Doing Business in Property Valuation – Survey Results

The purpose of the article is to characterise entities conducting professional activity in property valuation.  From surveys addressed to property appraisers, authors distinguish the forms and scope of business operations on the real estate valuation services market. Besides, they point to the signs of development which have occurred in recent years, according to respondents opinions, as well as indicate the development prospects for the future. The changes that have taken place in the institutional and legal environment and the market of real estate valuation services in recent years prompted the authors to confront current research results with information obtained in similar surveys carried out ten years ago. In addition to the assessment of the current state, the article also indicates the scope of changes in the property valuation profession and the evolution of this professional area.

Keywords: property valuation, appraiser, professional activity, valuation services market, survey

JEL Classification: D18, D52, D80, R28, K25, K29, L85

Category of the paper: review and research article

CITATION (APA): Małkowska, A., Uhruska, M. (2018). Doing Business in Property Valuation – Survey Results. Świat Nieruchomości, 106(4), 27-36.

DOI: 10.14659/WOREJ.2018.106.004

Joanna Węgrzyn, Katarzyna Najbar - Characteristics of Real Estate Management Services in Poland

The article presents the results of research conducted among entities actively involved in professional real estate management in Poland. The aim of the conducted research was to characterise the market of property management services in Poland after deregulation changes that have been in force since 2014. The authors present partial research results in it, focusing on the organisation of real estate management entities, the type of services they provide and the resources they manage.

Keywords: real estate services, property management, property management services, legal forms of enterprises

JEL Classification: L22, L85

Category of the paper: research article

CITATION (APA): Najbar, K., Węgrzyn, J. (2018). The Characteristics of the Institutionalisation of Real Estate Management Services in Poland. Świat Nieruchomości, 106(4), 37-44.

DOI:  10.14659/WOREJ.2018.106.005

Stanisław Belniak - Property Operation as aDeterminant of the Length of the Developed Property Lifecycle

This paper characterises the term of the lifecycle and the entire lifecycle of a building. It presents the essence of a building operation and its influence on the implementation of the basic functions of a building. It also defines the influence of the operation process on the durability of a building considering factors conditioning this durability. It discusses the models of determining the length of building service life based on technical and economic standards, as well as international standards, which gave basis for recognising operation as the main determinant of the length of a property lifecycle.

Keywords: life cycle, entire life cycle, service life, building operation

JEL Classification: H40, B41, R31, R38

Category of the paper: research article

CITATION (APA):  Belniak, S. (2018). Property Operation as a Determinant of the Length of the Developed Property Lifecycle. Świat Nieruchomości, 106(4), 45-50.

DOI: 10.14659/WOREJ.2018.106.006

Katarzyna Kania, Łukasz Kmieć - Effects of Deregulation of the Real Estate Agent Profession in the Opinion of the Industry Representatives

The presented article discusses the problem of the impact of deregulation of the Real Estate Agent profession on the real estate agency market. In order to do that, research was carried out among some industry representatives, who were supposed to assess the effects of the legislative changes. Since 2014, the access to the job of a real estate agent has been unlimited. When confronting this state of affairs with one of the characteristics of the real estate market which refers to the requirement of professional service considering the good which real estate is, there are a number of concerns related to the provision of the appropriate quality of services rendered by real estate agents. Therefore, the hypothesis formulated is as follows: the cancellation of required licences contributes to a decrease in the quality of real estate agency services due to the lack of obligation to verify knowledge and competences, and it forces organisations which are the representative of the real estate market professions to build a strong system of standards leading to the professionalisation and improvement of social recognition for the real estate agent profession.

Keywords: real estate agent, real estate, real estate agency, real estate market, licence

JEL Classification: D18, D52, D81, K25, R28, R33, L85

Category of the paper: research article

CITATION (APA):  Kania, K., Kmieć, Ł. (2018). Effects of Deregulation of the Real Estate Agent Profession in the Opinion of the Industry Representatives. Świat Nieruchomości, 106(4), 51-56.

DOI:  10.14659/WOREJ.2018.106.007

Grażyna Plichta - The Influence of Overtourism and Short-term Rental on the Real Estate Market on the Example of the City of Krakow

The aim of the article is to identify the scale of the overtourism problem in the context of one of its areas, namely the residential real estate market on the example of one of the most famous historical cities ? Krakow. The specific objective is to broaden the knowledge about one of new phenomena on this market, namely short-term rental, as one of the key problems, in addition to gentrification related to overtourism. As shown in the article, the problem of overtourism is in the early stage of development in Krakow and only its first symptoms can be observed. Therefore, due to the existence of partial data on the tourism market, it is difficult to perform a reliable statistical analysis. Conclusions from the deliberations carried out in the article and the information gap in this respect prompted the author to outline the assumptions of the research programme in this field, considering both quantitative and qualitative methods. In the article an explorative approach was used.

Keywords: destination management, management of excessive tourist traffic, short-term rental apartments, overtourism

JEL Classification: Z32, L85, R31

Category of the paper: research article

CITATION (APA):  Plichta, G. (2018). The Influence of Overtourism and Short-term Rental on the Real Estate Market on the Example of the City of Krakow. Świat Nieruchomości, 106(4), 57-64.

DOI: 10.14659/WOREJ.2018.106.008

Michał Głuszak - Natural Disasters, Externalities and Real Estate Prices

In the article the Author addresses the nexus between selected natural disasters and real estate prices. In particular, the paper focuses on two natural disasters – earthquakes and floods. The author reviews state-of-the-art empirical research on the impact of those two hazards on real estate prices, mostly focusing on recent studies. Within this selective review, major themes are identified, and major conclusions are drawn. In the concluding part of the paper, the theoretical framework is discussed and evaluated.

Keywords: natural disasters, earthquake, flood; real estate prices, hedonic models, literature review

JEL Classification: Q54, R3

Category of the paper: review article

CITATION (APA): Gluszak, M. (2018). Natural Disasters, Externalities and Real Estate Prices. Świat Nieruchomości, 106(4), 65-72.

DOI: 10.14659/WOREJ.2018.106.009

Borys Sydoruk, Olga Boryk - Assessment of the Impact of the Ecological Component in the Agricultural Land Use System on the Balance of Land Use in Ukraine

Indicators of the agricultural and ecological status of agricultural land and the level of the ecological  status of the territory in the regions of Ukraine are studied by the authors. According to the results of the conducted analysis, it is proposed to rank the regions of Ukraine in accordance with the score of these indicators. Areas where it is first of all necessary to take measures aimed at balancing the use of land and resource potential are identified. The conducted research of the ecological component in the system of agricultural land use is crucial in the theory and practice of agricultural activity, since it allows us to assess the state of the impact of environmental factors on the balance of land use. Such an assessment is important to substantiate a set of measures aimed at optimising the use of land resources at the level of both the state and individual agrarian formations.

Keywords: environmental assessment, ecological status, land use, land resources, indicators

JEL Classification: Q24, Q51, Q57, R14

Category of the paper: review article

CITATION (APA):  Sydoruk, B., Boryk, O. (2018). Assessment of the Impact of the Ecological Component in the Agricultural Land Use System on the Balance of Land Use in Ukraine. Świat Nieruchomości, 106(4), 73-80.

DOI:  10.14659/WOREJ.2018.106.010

Anna Wojewnik-Filipkowska - Municipal Investment Management – a Comparative Analysis of Related Decision-making Process in Gdańsk and Edinburgh

Municipalities are the owners of diverse, valuable and capital–intensive assets which require strategic and operational management. The management requires decision–making relating to the use, maintenance but also the development of the multifunctional assets. The aim of the research is to identify and compare the investment related decision–making in two local governments – Edinburgh in Scotland and Gdańsk in Poland. The aim is addressed by taking an in-depth look at the two selected cities around four specific “key themes” relating to strategy, organisation, portfolio and financing to find out about the practice of municipal investment decision–making processes. The work is novel in terms of providing insights into municipal investment management in the specific key themes. Similarities and differences in the key themes have been identified for the municipalities which confirm the diversity of municipalities and municipal investment management. In a narrow sense, the differences depend on the purpose, durability and functions of investment; in a broad sense – on public management organisational fluctuations, tradition, achievements and historical aspect. The confrontation of two different approaches of municipal investment management is useful for public managers looking for the best practice, effectiveness and efficiency improvement. However, additional analysis of other cases should be performed to confirm the findings on improving investment decision–making by local governments.

Keywords: municipality, asset management, infrastructure, capital projects, Scotland, Poland

JEL Classification: D46, D73, H54, H82, L85, R53

Category of the paper: research article

CITATION (APA): Wojewnik-Filipkowska, A. (2018). Municipal Investment Management – a Comparative Analysis of Decision-making in Gdańsk and Edinburgh. Świat Nieruchomości, 106(4), 81-90.
 
DOI:  10.14659/WOREJ.2018.106.011

Agnieszka Włoch-Szymla - City Development Strategies in the Urban Planning Context vs. the Quality of Living – Case Study of Vienna

The prime principle according to which a city operates is an urban area development plan. For many years now  Vienna has been perceived as a city of the top quality of living and safety. Such a high level of the quality of living is influenced by many measures. The objective of this paper is to present the widest possible view on the types of solutions adopted when planning the development of Vienna. It demonstrates the Viennese model of the spatial policy in the housing environment context upon the example of Nordbahnhofgelände. It also attempts to compare the quality of living in selected housing estates, which constitute examples of the implementation of strategic goals set forth in the City Development Plans STEP in individual periods. The analysed example of Vienna confirms that the consistently implemented City Development Strategy has a significant effect on the improvement of the quality of life of its citizens.

Keywords: city development strategy, urban development, spatial planning, housing environment, quality of living, Vienna

JEL Classification: R39

Category of the paper: case study

CITATION (APA):  Włoch-Szymla, A. (2018). City Development Strategies in the Urban Planning Context vs. the Quality of Living – Case Study of Vienna. Świat Nieruchomości, 106(4), 91-98.

DOI:  10.14659/WOREJ.2018.106.012

Sebastian Brańka - The Promotional Impact of the Top Polish Cities in the Eyes of City Promotion Managers

The article presents the results of research conducted among promotion managers supervising promotion in 51 of 59 biggest cities in Poland. The accompanying review of scientific literature shows that there are not many articles dedicated to the problem of measuring effectiveness in either place promotion, marketing or branding. The results of the research show that there are substantial differences in the effectiveness of promotion targeted at particular audiences of a city. Promotion directed at domestic audiences proved efficient in the case of more cities than promotion directed at foreign audiences. The analysis of differences in the structure of responses between subgroups of the cities shows that in the case of cities with a well-developed function (tourism, business) their promotion efforts seem more efficient.

Keywords: place promotion, measurement of place promotion, place marketing, place branding

JEL Classification: R58, M31

Category of the paper: research article

CITATION (APA):  Brańka, S. (2018). The Promotional Impact of the Biggest Polish Cities in the Eyes of City Promotion Managers. Świat Nieruchomości, 106(4), 99-104.

DOI:  10.14659/WOREJ.2018.106.013