Commercial property price index for Poland

Robert Leszczynski () and Krzysztof Olszewski ()
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Robert Leszczynski: Narodowy Bank Polski

Bank i Kredyt, 2015, vol. 46, issue 6, 565-578

Abstract: We present the first hedonic analysis of commercial real estate prices in Poland. It is based on data collected by Narodowy Bank Polski and augmented with Comparables.pl data. We apply separate regressions for the office and retail market, and create a hedonic price index for offices in Warsaw and in the rest of the country and an index for the retail sector for the whole country. It is necessary to apply the hedonic approach, as the quality of the traded property varies significantly over time. We find that office property prices in Warsaw have posted a slight upward trend since 2009, while they are stagnating in the rest of the country. Retail property prices showed strong changes over the analyzed period, but since 2008 the hedonic price has been rather stable.

Keywords: commercial real estate; hedonic price index; time-dummy regression (search for similar items in EconPapers)
JEL-codes: E21 R21 R31 (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:nbp:nbpbik:v:46:y:2016:i:6:p:565-578

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