Świat Nieruchomości 2021 nr 3 (117) - SPIS TREŚCI

Purpose – The main intention of the analysis was an attempt at defining the income gap and identifying the return from condo units in Poland.

Design/methodology/approach – The article presents the subject of condo properties. Two main types of condo properties have been distinguished: condo apartments and condo hotel rooms. The fundamental differences are presented. The research uses case study approach.

Findings – The research suggest that rent calculation mechanism is the decisive factor for the occurrence of an income gap in investments in condo property. This is affected by three aspects: The requirement to buy furniture/equipment and no rent charged for the invested capital. The requirement to buy a parking place, which is not included by the operator in the determination of yearly rent on the invested capital. The investor exercising their right to become a resident owner of the condo unit on the applicable terms.

Research limitations: The analysis covers condo units in towns with significant tourism potential, and in Warsaw. The sample includes selected operator contracts examined for six  condo properties in Poland.

Research implications: The paper answers two vital questions that may be interesting to property investors, both institutional and individual: Which factors explain the annual retur from cond properties in Poland? What are the annual returns under specific contract terms in the circumstances of the Polish condo property segment?

Keywords:    condo apartment, condo hotel, ROI, income gap, investment efficiency, condo unit price

JEL codes:    M 21, R 33, Z 30, Z 33

Article type:    case study

CITATION (APA): Kowalczyk, M. (2021). Analysis of the Income Gap and Divergence of Purchase Prices of Investment Units in a Condo System on the Basis of Selected Properties - a Case Study. World of Real Estate Journal, 117(3), 4-20. https://doi.org/10.14659/WOREJ.2021.117.01.

DOI:    https://doi.org/10.14659/WOREJ.2021.117.01

Purpose – to demonstrate that (1) value, particularly the value of real estate properties was, is and will remain a controversial category in economics, (2) to create a single universal definition of value unrelated to the object of exchange and the conditions under which it is exchanged, and (3) seeking value that objectivises the market is futile.

Design/methodology/approach – the critical analysis of the pertinent literature and comparative analysis are used.

Findings – market value does not reflect the conditions of the real estate market; it is rather a highly imperfect attempt to objectivise the behaviour of its participants.

Research limitations – the market value of a real property is not directly measurable because it is based on prices that in the real estate market are an imperfect reflection of value.

Research implications – society expects a socially acceptable measure of value facilitating real estate transactions, the calculation of fees and taxes, and other public and private activities. Today’s market value does not perform this function well, hence the need to redefine it.

Keywords:    Market Value; Homo oeconomicus; Bounded rationality; Redefinition

JEL Codes:    B5; D7; D8; D46; G1; R3

Article type:    research article

CITATION (APA): Kucharska-Stasiak, E., & Jarecki, P. (2021). Market Value as an Attempt to Objectivize the Behavior of Real Estate Market Participants. World of Real Estate Journal, 117(3), 21-36. https://doi.org/10.14659/WOREJ.2021.117.02.

DOI:    https://doi.org/10.14659/WOREJ.2021.117.02

Purpose – The purpose of this article is to present the development of the profession of real estate manager in the Polish legal system and the path to the current model.

Design/methodology/approach – The research focuses on the analysis of Polish legal solutions from before 2013 and after that date. Legislative solutions of other countries were also mentioned for comparison.

Findings – Descriptive studies are based on the texts of legal acts and the analysis of the literature. The conducted research includes an assessment of the effects of the reform of legal regulation carried out in 2013, pursuant to which the profession of a manager was deregulated.

On this basis, preliminary normative conclusions were formulated as to the achieved results of the change in the law. The article is a review, its aim is to analyze the legal conditions of the activity consisting in real estate management in Poland.

Research limitations and implications – the analysis is limited to the regulations of Polish law, European solutions are indicated, for example, only as a background for considerations

Keywords:    real estate manager, regulated profession, status of real estate manager  

JEL codes:    K15, K25

Article type:    review article

CITATION (APA): Sikorska-Lewandowska, A. (2021). Real Estate Manager Models – Polish Legal Solution. World of Real Estate Journal, 117(3), 37-50. https://doi.org/10.14659/WOREJ.2021.117.03.

DOI:    https://doi.org/10.14659/WOREJ.2021.117.03

Purpose – The purpose of this article is to evaluate regularity of formulating evidence theses ordering expert opinion for the purpose of determining the compensation for value impairment of residential properties located in airport RUAs under Art. 129(2) in conjunction with Art. 135 ELA, in the context of the implemented state intervention as per appropriate RUA resolutions restricting the use of immovable properties.

Design/methodology/approach – This article contains considerations of theoretical nature, made in two areas: law and economy. Such considerations, as a whole, are summarized by the results of an empirical research carried out in the years: 2019-2020. The research was carried out for five national airports, namely: Gdańsk Airport (AP), Katowice AP, Cracow AP, Poznań AP, Warsaw AP. In the investigation, the case study method was used. For the purpose of empirical research, national airports provided documentation for 33 court proceedings, covering, among others, the total of 49 evidentiary rulings. The investigation involved as well analysis of the provisions of Resolutions establishing restricted use areas for the examined airports.

Findings – The implemented research offers practical conclusions addressed to airports, courts adjudicating in compensation matters and valuers. The results of the conducted research point to mistakes made by the adjudicating panels in compensation matters for the value impairment of immovable properties located in airport RUAs as far as formulation of evidence theses for expert witnesses is concerned, consisting in non-indication or non-specification of the restriction of use in respect of a given immovable property as a part of the intervention implemented by the state, and allowing expert witness opinions in the lack of public intervention.

Keywords:    restricted use area; RUA; evidence thesis; public intervention; restriction on use

JEL codes:    K320, K110, D04

Article type:    research article

CITATION (APA): Tomecki, M. (2021). Taking of Evidence in the Form of a Valuer's Expert Opinion in Court Proceedings for the Compensation for Restrictions on Use of Land in the Light of the Public Intervention Made under Restricted Use Area (RUA) Resolutions - National Research Resultst. World of Real Estate Journal, 117(3), 51-68. https://doi.org/10.14659/WOREJ.2021.117.04.

DOI:    https://doi.org/10.14659/WOREJ.2021.117.04