Calendar Effects on the Real Estate Market

Brzezicka Justyna () and Radosław Wiśniewski
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Brzezicka Justyna: Faculty of Geodesy and Land Management University of Warmia and Mazury in Olsztyn

Real Estate Management and Valuation, 2013, vol. 21, issue 2, 13-21

Abstract: Social and economic phenomena that rely on "soft" factors to explain the market reality supply highly valuable observations. Behavioral elements should not be omitted in analyses of the real estate market because the latest developments in behavioral sciences significantly contribute to our understanding of this market.The popularity of behavioral research in social and economic sciences provokes an examination of the significance of behavioral analyses on the real estate market. As an object of social and economic inquiry, the property market can benefit from recent achievements in behavioral sciences which expand the explanatory potential of studies based on the neoclassical model.This paper analyzes calendar anomalies, generally referred to as calendar effects, on the real estate market. This phenomenon has been observed on the capital market and has been investigated and described by behavioral finance. The research hypothesis tested in this study is that calendar effects are present on the real estate market.This paper aims to:1) review calendar effects as model phenomena on the real estate market,2) determine whether calendar effects occur on the real estate market and, if so, identify those anomalies,3) determine whether and to what extent the real estate market is governed by seasonal diversity,4) explain the significance of calendar effects to the real estate market. Research goals were pursued based on analyses of real estate transactions conducted in Olsztyn between 2004 and 2011.

Keywords: calendar effects; behavioral finance; real estate market (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:remava:v:21:y:2013:i:2:p:13-21:n:2

DOI: 10.2478/remav-2013-0012

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