1) Sławomir Palicki - For Whom and What are the Benefits of Revitalization? Critical Assessment of the Consequences of Urban Renewal on the Housing Market DOWNLOAD
2) Aleksandra Jadach-Sepioło - Revitalisation as a Tool for Limiting Flight from Blight DOWNLOAD
3) Małgorzata Jaworek, Magdalena Kuczmarska, Włodzimierz Karaszewski - COVID-19: A Threat or an Opportunity? Financial Results of the Largest Real Estate Development Companies in Poland DOWNLOAD
4) Rafał Wolski, Magdalena Załęczna - The Attractiveness of Investments in Residential Real Estate Compared to other Investment Directions in the Financial Market DOWNLOAD
5) Justyna Brzezicka - The Real-time Problem in Real Estate Market Research DOWNLOAD
SUMMARIES
Sławomir Palicki - For Whom and What are the Benefits of Revitalization? Critical Assessment of the Consequences of Urban Renewal on the Housing Market
Purpose – Assessment of the direction and strength of the impact of revitalization processes on price changes on the secondary housing market in downtown of Poznań. In the wider perspective – discussion of the nature of redistribution of the revitalization effects on the housing real estate market.
Design/methodology/approach – Transaction data on housing from the secondary market in Poznań downtown were used. They were obtained from public registers of real estate prices (from the period of 2006-2016). With the use of quantile regression (QR), the direction and strength of the impact of revitalization processes on changes in real estate prices were determined.
Findings – Revitalization usually causes various effects of increases in apartment prices in revitalized areas, with the strongest increase in prices in the case of the most attractive properties. On the other hand, in special situations, such as the least attractive housing stock, there may be a negative impact of city renewal on the real estate market.
Research limitations – Limited access to transactional data, time and labor consumption of the database building process, errors in the source transactional databases in public registers (e.g. data redundancy).
Research implications – The impact of revitalization on the housing market points to two hitherto unknown dangers:
1) Unequal distribution of market consequences of revitalization changes in relation to the value of housing, which significantly changes their levels of economic availability.
2) Shifting surplus values resulting from revitalization away from weaker housing stocks towards better housing stocks.
Keywords: revitalization; urban renewal; housing market; housing prices; real estate
JEL codes: R21, R31, R38, R58, O2, O18
Article type: research article
CITATION (APA): Palicki, S. (2021). For Whom and What are the Benefits of Revitalization? Critical Assessment of the Consequences of Urban Renewal on the Housing Market. World of Real Estate Journal, 116(2), 4-16.
Aleksandra Jadach-Sepioło - Revitalisation as a Tool for Limiting Flight from Blight
Purpose – The main objective of the paper is an analysis of the stimulation of suburbanization trends through the degradation of central areas in cities. The term ‘flight from blight’ is inextricably associated with urban sprawl. These issues are still rarely analysed in Polish literature.
Design/methodology/approach – Data collected by the Central Statistical Office in communes for the years 2018-2019 were used in the work on the article. The research was focused on verifying the hypotheses concerning impact of the intensity of negative social phenomena on the outflow of people from the degraded area (flight from blight) in comparison to other negative phenomena. The second and third analysed hypotheses is relationship between outflow of people from degraded and revitalization areas (flight from blight) and type of the commune.
Findings – It was confirmed that the correlation between negative social phenomena and the outflow of people from the degraded area is the strongest. The decline in the number of inhabitants of the degraded and revitalization area is statistically significant correlated with type of the commune in case of urban and rural ones.
Research limitations – The data available in public statistics and revitalization programs do not allow tracing the direction of migration within individual commune.
Research implications – Verification of the direction of the residents relocation will help to recognize the relationship between suburbanization tendencies in Poland and flight from blight, i.e. an escape from degraded areas.
Keywords: revitalisation; blight; suburbanisation; flight from blight; city centre
JEL codes: R52, R58, R50
Article type: research article
CITATION (APA): Jadach-Sepioło, A. (2021). Revitalisation as a Tool for Limiting Flight from Blight. World of Real Estate Journal, 116(2), 17-29.
Małgorzata Jaworek, Magdalena Kuczmarska, Włodzimierz Karaszewski - COVID-19: A Threat or an Opportunity? Financial Results of the Largest Real Estate Development Companies in Poland
Purpose – This study assesses the threats induced by the COVID-19 pandemic in the activities of the largest real estate development companies in Poland, as well as the favourable conditions resulting from favourable changes on the demand side.
Design/methodology/approach – The evaluation was based on data characterising the economic performance of real estate development companies (sales revenue, net profit, capital valuation). The survey was conducted using various sources, including cyclical surveys conducted by the National Bank of Poland (the central bank of the Republic of Poland) and Główny Urząd Statystyczny (also known as Statistics Poland), the ranking of the 100 largest real estate developers published by PricewaterhouseCoopers, Builder, Bisnode Polska, the financial statements of the surveyed companies, and EMIS and EquityRT databases.
Findings — Results of the research indicated that the COVID-19 pandemic, which shook the world economy, did not cause serious economic distress in the performance of the largest real estate developers operating in Poland.
Research limitations – Several of the 20 largest real estate developers used in the study did not provide data characterising their economic performance in 2020. Even fewer of them made this information available for 1Q 2021.
Research implications – The obtained results may serve as a basis for assessing the real estate market in Poland, especially the economic condition of the real estate development companies during the COVID-19 pandemic.
Keywords: COVID-19; real estate development companies; financial results
JEL codes: G32, R31, R38
Article type: research article
CITATION (APA): Jaworek, M., Kuczmarska, M., & Karaszewski, W. (2021). COVID-19: A Threat or an Opportunity? Financial Results of the Largest Real Estate Development Companies in Poland. World of Real Estate Journal, 116(2), 30-45.
Rafał Wolski, Magdalena Załęczna - The Attractiveness of Investments in Residential Real Estate Compared to other Investment Directions in the Financial Market
Purpose – verification of the attractiveness of residential investments concerning other investments in the financial market. A research hypothesis was formulated: such investments are characterized by higher average rates of return and a more favorable risk-to-return ratio than other investments in the financial market.
Design/methodology/approach – critical analysis of the literature, descriptive and statistical analysis of the equality of means ANOVA with the study of the relationship of the rates of return and risk measured by standard deviation.
Findings – the research hypothesis was verified negatively.
Research limitations – first of all, the research was conducted on historical data. The risk varies over time, and the obtained results cannot be used as a basis for assessing the future.
Research implications – the Polish financial market is getting closer to mature markets with its development. New analytical tools are emerging that enable more extensive analyzes.
Keywords: residential market; investment, ANOVA; Poland, recommodification
JEL codes: R31, G1, G5
Article type: research article
CITATION (APA): Wolski, R., & Załęczna, M. (2021). The Attractiveness of Investments in Residential Real Estate Compared to other Investment Directions in the Financial Market. World of Real Estate Journal, 116(2), 46-60.
Justyna Brzezicka - The Real-time Problem in Real Estate Market Research
Purpose – The research goals were to analyze the problems in real estate market research; prepare a map of the problems associated with information supply on the real estate market and describe in detail the problem of real time in real estate market research.
Design/methodology/approach – In the theoretical part, the method of detailed literature review was used. In the research part, the case study method was used. On the example of the city of Olsztyn was examined delays in entering and accessing data in the Register of Real Estate Prices and Values in Olsztyn.
Findings – On the Olsztyn market, the length of the information lag between the date on which an application was submitted and the date on which the requested information was provided was approximately 30 days. The average difference between the date on which the requested information was received and the date of the most recent transaction in the register was 40 days. The average lag between transaction date and registration date was 85 days.
Research limitations – The main research limitation is the analysis of only one local market, the market of the city of Olsztyn. For this reason, the results should not be generalized, and the problem requires deeper research.
Research implications – The problems relating to insufficient market data, delayed access to data, information asymmetry and real-time data need to be resolved to improve the research process and facilitate the operations of market service providers, such as property appraisers, consultants and brokers.
Keywords: information, research problems, information supply
JEL codes: D80; D82; R00; R20; R21;
Article type: research article
CITATION (APA): Brzezicka, J. (2021). The Real-time Problem in Real Estate Market Research. World of Real Estate Journal, 116(2), 60-74.
