1) Krzysztof Nowak - Determinants of Yield Rate on the Office Market in Warsaw DOWNLOAD
2) Ewa Siemińska - The Residential Property Market During a Pandemic Period in Poland DOWNLOAD
3) Anna Górska - Modern Technologies on the Primary Housing Market in Poznan in the Opinion of Potential Flat Buyers DOWNLOAD
4) Anna Mazurczak - Assessment of the Use and Possibilities of Implementing Modern Technologies by Development Companies on the Local Housing Market DOWNLOAD
5) TABLE OF CONTENTS 2021 DOWNLOAD
6) LIST OF REVIEWERS 2021 DOWNLOAD
SUMMARIES
Krzysztof Nowak - Determinants of Yield Rate on the Office Market in Warsaw
Purpose – In the article, we attempt to check whether polish monetary aggregate and PLN exchange rate determine yield rate in the main office market in CEE. We look for GFC and beginning of Covid-19 impact on the Warsaw office yield rate. Moreover, we investigate if structural breaks can be found in the time series of the yield rate on the Warsaw office market.
Design/methodology/approach – The error-correction model approach is used to determine factors affecting yield rate on the Warsaw office market. Based on the analysis of the literature we set three groups of possible factors i.e. endogenous (market), macroeconomic and regional (international). Moreover, we formulated dummy variables to check impact of the global financial crisis and beginning of the covid-19 pandemic on the yield rate. Also, structural breaks in the yield rate time series representing changes in market conditions were used to define subsequent dummy variables.
Findings – The results of the study indicate that yield rate on the office market in Warsaw, in the long and the short term, was determined by monetary liquidity (M2 aggregate) and by exchange rate (EUR/PLN). No clear dependence of yield rate on dummy variables of GFC and Covid-19 was detected. Furthermore, the obtained results indicate that certain changes of market conditions, which influenced the yield rate, can actually be identified after the first quarters of 2010 and 2015. The dependence of the office yield rate in Warsaw on the Vacancy rate was found only in long term. The risk premium variable in short-term also was statistically insignificant.
Research limitations – Limitations of the study are related to the time span of available time series. Time range of the data did not allow for the comprehensive verification of the impact of GFC and Covid-19 on the local office market yield.
Research implications – The obtained results may be substantial information for commercial real estate practitioners, as they indicate drivers of the local office market yield.
Keywords: office market, yield rate, capitalization rate, property yields, error correction model
JEL codes: R30, R33
Article type: research article
Ewa Siemińska - The Residential Property Market During a Pandemic Period in Poland
Purpose –The purpose of this article is to present changes in supply and demand as well as price developments in the primary residential property market of the largest agglomerations in Poland in recent years as well as the major determinants of the observed trends, both of a market and social nature.
Design/methodology/approach – The study mainly uses the method of analysis and evaluation of secondary data on the primary residential property market, coming from reports and studies, such as the National Bank of Poland, the Central Statistical Office, the Polish Bank Association, the AMRON Centre, the Polish Financial Supervision Authority. In particular, a diagnosis was made of the existing state of the housing market, taking into account its spatial analysis for the main agglomerations of Poland. Also, the main groups of factors stimulating and limiting the development of the examined segment of the real estate market were identified.
Findings – The results of the research performed clearly indicate a very high demand pressure caused by investing in residential premises/houses both cash withdrawn by purchasers from unattractive interest-bearing bank deposits and funds coming from historically today's ‘cheapest’ bank loans. Moreover, especially in the period of the pandemic and the associated temporary ban on movement, a strong interest in premises and houses with their own gardens and recreational plots has emerged.
Research implications – The analyses conducted imply the need for a broader study of the impact of the Covid-19 pandemic on changes taking place in the housing market and on the financing of transactions concluded in it in the long term. Furthermore, it is worth monitoring the changes taking place with regard to the risk of a price bubble and the consequences of implementing new solutions aimed at supporting activity in the housing market.
Keywords: housing market, Covid-19 pandemic, housing loans, housing prices
JEL codes: R30, R31, R32
Article type: research article
Anna Górska - Modern Technologies on the Primary Housing Market in Poznan in the Opinion of Potential Flat Buyers
Purpose – Proptech is a new trend related to the development of innovative technological products and business models on the real estate market. The result of these changes is a digital transformation in the sector, also affecting the residential real estate market. Modern technologies used both in the construction industry and in the customer service process result both from the technological revolution, but also from changes in the needs and requirements of buyers. Developers introduce new solutions that will distinguish them from others (investments) and allow them to gain new customers. The aim of the article is to try to indicate whether customers pay attention to modern technologies used on the residential real estate market, which of the possible solutions they are most interested in, and whether they are willing to pay a higher price for them.
Design/methodology/approach – The following discussion is based on a questionnaire survey conducted among students of the last year of first and second cycle studies and young people up to 35 years of age as potential flat buyers (sample n = 220).
Findings – On the basis of the conducted research, it can be concluded that the respondents have a positive attitude to modern technologies, they are interested in an offer containing innovations and are willing to pay a higher price for them. Women are more cautious in the context of introducing modern technologies, but the declarations of both women and men are at a relatively similar level.
Research limitations - an online survey in connection with the prevailing Covid-19 pandemic and related restrictions.
Research implications - research of interest to developers interested in introducing modern technologies to the residential real estate market.
Keywords: residential real estate market, developer, PropTech
JEL codes: O14, O18, O33, R31
Article type: research article
CITATION (APA): Górska, A. (2021). Modern Technologies on the Primary Housing Market in Poznan in the Opinion of Potential Flat Buyers. World of Real Estate Journal, 118(4), 46-60.
https://doi.org/10.14659/WOREJ.2021.118.03..
Anna Mazurczak - Assessment of the Use and Possibilities of Implementing Modern Technologies by Development Companies on the Local Housing Market
Purpose - The purpose of this study is to assess the level of use and possibilities of implementing modern technologies by developers on the primary local housing market.
Design/methodology/approach– The research was conducted to achieve the purpose. The tool was a form filled in on the basis of an analysis of the content of websites of local developers' investments (non-random sample selection, sample size n=32). Based on the research, it can be concluded that the general level of use of modern technologies by developers is very low and differs from the expectations of potential customers.
Findings – Based on the research, it can be concluded that the general level of use of modern technologies by developers is very low and differs depending on the scope of the entity's activities. Moreover, the scope of applied technologies influences the price of flats and the level of sales.
Research limitations - The presented results relate to the local real estate market in Poznań. The adopted spatial scope results from the specificity of this research area. And although there are no substantive grounds for major generalisations, taking into account the size of the market in Poznań, it can be assumed that in other large Polish cities the degree of use of modern technologies is similar.
Research implications - The results of the research can be used in the activities of developers and entities preparing technologies and tools that can be used on the real estate market in such areas as, for example, sales and development process.
Keywords: PropTech, developer, residential market, modern technologies
JEL codes: O14, O18, O33, R31
Article type: research article
CITATION (APA): Mazurczak, A. (2021). Assessment of the Use and Possibilities of Implementing Modern Technologies by Development Companies on the Local Housing Market. World of Real Estate Journal, 118(4), 61-78.
https://doi.org/10.14659/WOREJ.2021.118.04.
