Disequilibrium in the real estate market: Evidence from Poland

Justyna Brzezicka, Radosław Wiśniewski and Marta Figurska

Land Use Policy, 2018, vol. 78, issue C, 515-531

Abstract: The article analyzes the situation on the Polish residential real estate market as a developing market with emphasis on market demand and market supply which were evaluated in two separate approaches. States of disequilibrium were analyzed on a local real estate market in the Polish Region of Lower Silesia based on the data supplied by the Promocja Center for Economic and Organizational Implementation (Sekocenbud) and the Register of Real Estate Prices and Values. The study aims to verify the hypothesis postulating the occurrence of an information cascade on the real estate market and its influence on the number of transactions. The above hypothesis was verified with the use correlation methods and the Granger causality test. The results point to: 1) long-term disequilibrium on the Polish real estate market, 2) the presence of synergistic systemic processes with time lags manifested in property prices, 3) the influence of an information cascade on the number of concluded transactions.

Keywords: Real estate market; Disequilibrium; Information cascade; Poland; Speculative price bubble (search for similar items in EconPapers)
Date: 2018
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (8)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0264837717311146
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:lauspo:v:78:y:2018:i:c:p:515-531

DOI: 10.1016/j.landusepol.2018.06.013

Access Statistics for this article

Land Use Policy is currently edited by Jaap Zevenbergen

More articles in Land Use Policy from Elsevier
Bibliographic data for series maintained by Joice Jiang ().