THE IMPACT OF THE GLOBAL FINANCIAL CRISIS ON SELECTED ASPECTS OF THE LOCAL RESIDENTIAL PROPERTY MARKET IN POLAND

Dariusz Pêchorzewski

ERES from European Real Estate Society (ERES)

Abstract: The paper presents the results of a study of transaction prices on the residential property market of one of the largest Polish cities: Szczecin. The period of study covers almost four years from the end of 2005 to March 2009. This allowed the observation of market trends before and during the global financial crisis. The study divided the property market according to the criterion of the right to property exercised (freehold and cooperative member's ownership right to property) Although these rights are close to each in nature, they are different legal categories. An additional criterion of segmentation of the local property market taken into account was the floor area of the property. This has allowed to draw a conclusion as to whether the criteria mentioned above differentiate the local real estate market. It was examined whether properties subject to cooperative member's ownership right to property enjoyed the same interest as properties subject to freehold. It was determined whether the economic turmoil and the restrictive policies of banks have caused the property prices to fall and whether demand for smaller (and thus cheaper) flats has increased.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2010-01-01
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Persistent link: https://EconPapers.repec.org/RePEc:arz:wpaper:eres2010_396

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