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The Transition of the Polish Real Estate Market Within a Central and Eastern European Context

Ewa Kucharska-Stasiak and George Matysiak
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Ewa Kucharska-Stasiak: Department of Investment and Real Estate, University of Lodz

Real Estate & Planning Working Papers from Henley Business School, Reading University

Abstract: The real estate market in Poland is a relatively immature market, but one that has been experiencing substantial transformation. The development of the market has been encouraged by a number of factors, including changes arising as a result of new legislation and the migration of capital between capital markets. The progress of the real estate sector towards a western style competitive market has taken place within the gradual transformation of the Polish economy into a free market economy. As investment grade property is in relatively short supply in Poland, investors consider opportunities within the wider CEE block. An analysis of the risk-return characteristics of the three largest CEE real estate markets namely, Poland, Hungary and Czech Republic, shows that the returns in these markets have been negatively correlated with the UK. As these economies and markets evolve, and being part of the wider EU trading block, their economic performance will slowly converge and become more synchronized with their western counterparts. However, the catch-up of the CEE markets to western European performance cycles will be protracted and consequently there are likely to be significant ongoing portfolio risk reduction opportunities.

Keywords: polish real estate; CEE; emerging markets; portfolio risk; diversification (search for similar items in EconPapers)
Pages: 26 pages
Date: 2004
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