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performed clearly indicate a very high demand pressure caused by investing in residential premises/houses both cash withdrawn by purchasers from unattractive interest-bearing bank deposits and funds coming from historically today's ‘cheapest’ bank loans.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
CITATION (APA): Siemińska, E. (2021). The Residential Property Market During a Pandemic Period in Poland. World of Real Estate Journal, 118(4), 21-45. https://doi.org/10.14659/WOREJ.2021.118.02.
DOI: https://doi.org/10.14659/WOREJ.2021.118.02
