Determinants of residential real estate prices: Poland case study

Michał Ruszuk and Krzysztof Spirzewski ()
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Michał Ruszuk: Faculty of Economic Sciences, University of Warsaw
Krzysztof Spirzewski: Faculty of Economic Sciences, University of Warsaw

No 2021-21, Working Papers from Faculty of Economic Sciences, University of Warsaw

Abstract: Real estate market is important part of economy. Its influence is compounded by sectors related to real properties, such as construction, capital and rental markets. Real estate market specifics such as high capital intensity, rigidity of supply and time lags, make macroeconomic imbalance easy to emerge. Sudden changes of market conditions lead to severe consequences for the whole economy. Hence, house markets are important not only for house investors, real estate developers and financial institutions, but also for governments and central banks. In this paper we propose to constitutes a comprehensive overview of house prices determinants. It can be perceived as residential real estate market guide, especially for polish market. In Poland house prices have been consistently increasing since 1990, when transition to a market economy had place. Statistical Pole gets wealthier from year to year, what in conjunction with a strong desire to be on his own, constitutes the powerful driving force of demand for residential real estates The methods we used in this study are descriptive method and statistical models in addition scatter plots and Pearson's correlation coefficients between variables are presented. Empirical study are based on polish market data, published by Central Statistical Office and Centrum AMRON-SARFiN. We aggregated them for voivodeships and quarters, and concern 2010-2019 period.

Keywords: real estate market; price determinants; mortgage (search for similar items in EconPapers)
JEL-codes: E31 G21 K25 R31 (search for similar items in EconPapers)
Pages: 57 pages
Date: 2021
New Economics Papers: this item is included in nep-ure
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https://www.wne.uw.edu.pl/index.php/download_file/6677/ First version, 2021 (application/pdf)

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Persistent link: https://EconPapers.repec.org/RePEc:war:wpaper:2021-21

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