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REGIONAL DIFFERENTIATION OF RESIDENTIAL PROPERTY MARKETS IN POLAND

REGIONAL DIFFERENTIATION OF RESIDENTIAL PROPERTY MARKETS IN POLAND. prof. Ewa Kucharska-Stasiak PhD Magdalena Zaleczna PhD St. Konrad Zelazowski Department of Real Estate and Investment University of Lodz. The aim of article.

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REGIONAL DIFFERENTIATION OF RESIDENTIAL PROPERTY MARKETS IN POLAND

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  1. REGIONAL DIFFERENTIATION OF RESIDENTIAL PROPERTY MARKETS IN POLAND prof. Ewa Kucharska-Stasiak PhD Magdalena Zaleczna PhD St. Konrad Zelazowski Department of Real Estate and Investment University of Lodz

  2. The aim of article • Identification of regional differences in functioning of housing markets in Poland • Identification of main factors responsible for regional differences in property prices

  3. Current situation of Polish housing One of the lowest number of dwellings per 1000 inhabitants in EU

  4. Overcrowded housing stock Average useful floor area per person

  5. Declining financial support of the State Directbudgetexpenditures on housingsector

  6. Low affordability of housing Sq. m. available for averagemonthlywage

  7. Regional differences in housing markets • Regional differences in housing stock • Regional differences in transaction activity • Regional differences in housing prices

  8. Regional differences in housing stock

  9. Regional differences in transaction activity Residential property transactions per 1000 inhabitants

  10. Regional differences in transaction activity Residential properties sold by localgovernments and by the State

  11. Residential properties sold by privateinwestors

  12. Residential property prices

  13. Regression of property prices - GDP per capita - Construction costs - Average monthly wages - Unemployment rate - Housing stock (dwellings per 1000 inhabitanta) - Supply of new dwellings per 1000 inhabitants - Residential property transactiions related to existing stock - Population age structure (number of young people 25-44 per 1000 inhabitants)

  14. Estimated regression

  15. Empirical vs theoretical prices

  16. Summary • Analysis of regionalhousingmarketsconfirmedexistingdifferencesintheirfunctioning • Selectedfundamentalvariablesweresuccessfulinexplainingregionalvariationin residential property prices.

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