World of Real Estate Journal 88 (2/2014) - Table of Contents


1) Jarosław Kaczmarek - Creating corporate value for shareholders in listed companies of real estate sector
2) Katarzyna Łach - The financing strategies of Polish construction companies
3) Jowta Pustuł - Tax depreciation of used or improved buildings and structures


4) Barbara Stolińska - The factors of wind turbines location


5) Adam Nalepka - Institutionalization of residential property management in Poland


6) Katarzyna Janicka - Adaptation of historical palaces into hotels in the Jelenia Góra Valley


7) Bogusław Luchter - Seasonal front yard and back yard cafés in the spatial structure of Krakow (as exemplified by former 1st cadastre borough of Krakow City - Śródmieście)


8) Małgorzta Szalewska - Surcharges and compensations on account of consolidation and division of a real estate property


9) Maciej J. Nowak - Kodeks urbanistyczno–budowlany DOWNLOAD


10) Krzysztof Kowalke, Ewelina Nawrocka - 30th Conference of American Real Estate Society (San Diego, USA, 1st -5th April 2014) DOWNLOAD


11) Katarzyna Najbar - „Rynek usług zarządzania nieruchomościami” – Poltex publishing proposal DOWNLOAD


Jarosław Kaczmarek - Creating corporate value for shareholders in listed companies of real estate sector

Assessment in the creation of corporate value for owners is the basic topic of consideration in this article. It focus on the application of external and internal measures – market and economic added value. The objective of the article is to indicate the ways of increasing the field of perception of measures for creating values by introducing the concept of superior size, as well as relativization. The discussion in the theoretical and methodical realm makes use of the connection between measurements applied for creating company added value (both economic and market one) relative to company market value. The formulated concept was utilised in the empirical research conducted on a group of listed companies from the real estate sector (developers). The findings of medium–term assessment have allowed for a confirmation of the hypothesis concerning the significant correlation between changes in superior market added value and changes in company capitalisation.

Keywords: creation of value, added value, real estate sector

JEL Classification: G 32

Citation (APA): Kaczmarek, J. (2014). Kreowanie wartości dla akcjonariuszy współkach giełdowych sektora nieruchomości. Świat Nieruchomości, (2(88)), 5-12.

DOI: 10.14659/worej.2014.88.01

Katarzyna Łach - The financing strategies of Polish construction companies

Many construction companies in Poland have declared bankruptcy in recent years. Despite the fact that there were numerous discussions concerning this problem, there are not many scientific theses dealing with pinparting the reasons for the situation. An analysis of financing strategies of the companies, as well as the ensuing ways of financing the business activity, is necessary in order to exharstivell explain the cause of compounding economic situation of the construction companies. This article is an attempt to analyse financing strategies of the Polish construction companies. The research covered the years 1997 - 2012 and includes data from financial statements of the companies, published yearly in Financial results of Economic Entities by Central Statistical Office.

Keywords: financial situation, financing strategy, indebtedness, construction companies

JEL Classification: G 3

Citation (APA): Łach, K. (2014). Strategie finansowania przedsiębiorstw budowlanych w Polsce. Świat Nieruchomości, (2(88)), 13-20.

DOI: 10.14659/worej.2014.88.02

Jowita Pustuł - Tax depreciation of used or improved buildings and structures

When buildings or structures are treated as a fixed asset they are subject to tax depreciation. The standard depreciation rate for buildings used for dwelling purposes is 1.5% p.a. For other buildings the rate is 2.5% p.a. In case of buildings or structures improved or used for more than 60 months prior to their acquisition, a depreciation rate can be increased till 10% p.a. Any increase in the value of the already depreciated buildings (e.g. as a result of further modernization, or extension) is subject to the same depreciation rate. This article discusses some main rules applicable in a tax depreciation of improved or used buildings and structures.

Keywords: building, structure, depreciation, tax, fixed asset

JEL Classification: K34

Citation (APA): Pustuł, J. (2014). Amortyzacja podatkowa używanych lub ulepszonych budynków i budowli. Świat Nieruchomości, (2(88)), 21-26.

DOI: 10.14659/worej.2014.88.03

Barbara Stolińska - The factors of wind turbines location

The wind energy begins to play an increasingly important role in the Polish energy sector. The total capacity of Polish wind power reached almost 2.500 MW at the end of 2012. Moreover, the volume of electricity generated by wind turbines amounted to 4 524 473.670 MWh as of 30 May 2012 (according to the number of the certificates of origin, confirmed by the President of the Energy Regulatory Authority in 2012). In view of the growing importance of wind energy it seems worthwhile to research into operational activities connected with this sector. Therefore, the aim of this article is to describe the main topics related with choosing a location for the construction of wind turbines. The article contains an overview of the factors impacting the choice of the location for the above-mentioned investment.

Keywords: wind energy, construction of wind turbines, choosing location

JEL Classification: Q49

Citation (APA): Stolińska, B. (2014). Czynniki lokalizacji elektrowni wiatrowych. Świat Nieruchomości, (2(88)), 27-32.

DOI: 10.14659/worej.2014.88.04

Adam Nalepka - Institutionalization of residential property management in Poland

Residential property management is a peculiar task. The specificity of residential property management is primarily due to legal regulations, related to heterogeneous quality of housing, and varied housing tenure. Moreover, continuous usage of housing space by occupants requires a constant and uninterrupted supply of specific services. The aim of the study was to analyse major problems connected to residential property management, and to describe entities responsible for housing stock management in Poland.

Keywords: real estate management, residential property, institutionalization

JEL Classification: L85

Citation (APA): Nalepka, A. (2014). Instytucjonalizacja zarządzania nieruchomościami mieszkaniowymi w Polsce . Świat Nieruchomości, (2(88)), 33-38.

DOI: 10.14659/worej.2014.88.05

Katarzyna Janicka - Adaptation of historical palaces into hotels in the Jelenia Góra Valley

The Valley of Palaces and Gardens in the Jelenia Góra Valley is an area of exceptional concentration of historical aristocratic residences in Poland. One third of twenty-seven existing palace complexes have been converted into hotels. Owing to their attractive location, amazing architecture, adjacent outbuildings and extensive parks, palaces can operate as hotels, offering leisure and cultural activities. The aim of the article was to present rationale and special features of historical palaces’ adaptation into hotels in the Jelenia Góra Valley.

Keywords: Palaces, aristocratic residences, Hotels, adaptation, the Valley of Palaces and Gardens, Lower Silesia

JEL Classification: R39

Citation (APA): Janicka, K. (2014). Adaptacja zabytkowych pałaców Kotliny Jeleniogórskiej na cele hotelowe. Świat Nieruchomości, (2(88)), 39-44.

DOI: 10.14659/worej.2014.88.06

Bogusław Luchter - Seasonal front yard and back yard cafés in the spatial structure of Krakow (as exemplified by former 1st cadastre borough of Krakow City - Śródmieście)

The objective of this paper is defining changes of land use as consequence of the beginning of market economy rules implementation. These transformations involved, above all, a restoration of the land rent mechanism. An increase of the land prices, particularly in central city borough, contributed to its intensified use. To illustrate the above the catering and restaurant premises connected with the growth of touring as one of several functions underscored in the land use plan of Krakow’s economic functions have been taken as an example (besides, culture, science and specialist medical treatment). The research have been conducted in Śródmieście – former 1st cadastre borough of the city. It has confirmed the expansion of area occupied by catering and restaurant activity, especially during high season of tourist visits (spring-summer-autumn). At such times owners of catering and restaurant premises extensively used available space – arranging front/back yard cafés, particularly within the built-up area (mainly in back yards) as well as within streets area (pavements) and squares (primarily in The Main Market Square). The research was carried out during summer (July-September) 2013. It showed an almost threefold seasonal increase of areas used as catering and restaurant premises.

Keywords: economic geography, geography of settlement, geography of town settlement, and development, use of city zone land

JEL Classification: R39

Citation (APA): Luchter, B. (2014). Sezonowe ogródki gastronomiczne w strukturze przestrzennej Krakowa (na przykładzie b. I dzielnicy katastralnej – Śródmieście). Świat Nieruchomości, (2(88)), 45-54.

DOI: 10.14659/worej.2014.88.07

Małgorzata Szalewska - Surcharges and compensations on account of consolidation and division of a real estate property

Administrative and legal interference in the sphere of the real property rights constitutes one of the most frequently occurring indemnity circumstances. Surcharge and compensation function as mechanisms established on the grounds of the real estate management act which compensate for a material damage caused by a takeover or division of a real estate. Despite the convergence of the compensating function, the two issues differ considerably in substantive bases, as well as in the mode of their establishment. The essence of the surcharge is a supplementary payment to the value of a real estate, when granting a real estate of equivalent area is impossible. However, the compensation functions as a tool of discharging a owner’s claims related to a material damage resulting from a takeover by a public administration body of a real estate necessary for construction site or a road broadening.

Keywords: consolidation and division of the property, additional payment compensation

JEL Classification: K11

Citation (APA): Szalewska, M. (2014). Dopłaty i odszkodowania ztytułu scalenia i podziału nieruchomości. Świat Nieruchomości, (2(88)), 45-54.

DOI: 10.14659/worej.2014.88.08

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