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Commercial property price index for Poland

Author

Listed:
  • Robert Leszczynski

    (Narodowy Bank Polski
    Warsaw School of Economics)

  • Krzysztof Olszewski

    (Narodowy Bank Polski
    Warsaw School of Economics)

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.

Suggested Citation

  • Robert Leszczynski & Krzysztof Olszewski, 2015. "Commercial property price index for Poland," Bank i Kredyt, Narodowy Bank Polski, vol. 46(6), pages 565-578.
    • Handle: RePEc:nbp:nbpbik:v:46:y:2016:i:6:p:565-578
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    File URL: https://bankikredyt.nbp.pl/content/2015/06/bik_06_2015_02_art.pdf
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    References listed on IDEAS

    as
    1. W. Erwin Diewert & Saeed Heravi & Mick Silver, 2009. "Response to Jan de Haan's comment on "Hedonic Imputation versus Time Dummy Hedonic Indexes," NBER Chapters, in: Price Index Concepts and Measurement, pages 201-202, National Bureau of Economic Research, Inc.
    2. Jeff Fisher & David Geltner & Henry Pollakowski, 2007. "A Quarterly Transactions-based Index of Institutional Real Estate Investment Performance and Movements in Supply and Demand," The Journal of Real Estate Finance and Economics, Springer, vol. 34(1), pages 5-33, January.
    3. W. Erwin Diewert & Saeed Heravi & Mick Silver, 2009. "Hedonic Imputation versus Time Dummy Hedonic Indexes," NBER Chapters, in: Price Index Concepts and Measurement, pages 161-196, National Bureau of Economic Research, Inc.
    4. Krzysztof Olszewski, 2013. "The Commercial Real Estate Market, Central Bank Monitoring and Macroprudential Policy," Review of Economic Analysis, Digital Initiatives at the University of Waterloo Library, vol. 5(2), pages 213-250, December.
    5. W. Erwin Diewert & John S. Greenlees & Charles R. Hulten, 2009. "Price Index Concepts and Measurement," NBER Books, National Bureau of Economic Research, Inc, number diew08-1, March.
    6. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
    7. Eurostat, 2013. "Handbook on Residential Property Prices Indices," World Bank Publications - Books, The World Bank Group, number 17280, December.
    8. Francesco Zollino, 2013. "Measuring the commercial property prices in Italy:a first evidence from a transaction based approach," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Proceedings of the Sixth IFC Conference on "Statistical issues and activities in a changing environment", Basel, 28-29 August 2012., volume 36, pages 270-282, Bank for International Settlements.
    9. Krzysztof Olszewski, 2012. "The impact of commercial real estate on the financial sector, its tracking by central banks and some recommendations for the macro-financial stability policy of central banks," NBP Working Papers 132, Narodowy Bank Polski.
    10. Sebastian Keiler, 2013. "Commercial property prices – what should be measured?," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Proceedings of the Sixth IFC Conference on "Statistical issues and activities in a changing environment", Basel, 28-29 August 2012., volume 36, pages 259-269, Bank for International Settlements.
    11. Benford, James & Burrows, Oliver, 2013. "Commercial property and financial stability," Bank of England Quarterly Bulletin, Bank of England, vol. 53(1), pages 48-58.
    12. Luci Ellis & Chris Naughtin, 2010. "Commercial Property and Financial Stability - An International Perspective," RBA Bulletin (Print copy discontinued), Reserve Bank of Australia, pages 25-30, June.
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    Cited by:

    1. Trojanowski, Dariusz & Olszewski, Krzysztof & Gałaszewska, Krystyna, 2017. "Analiza odporności inwestycji w nieruchomości biurowe na wzrost kosztów kredyt lub stopy pustostanów [Analysis of the robustness of office real estate investment when credit costs or vaccancy rates," MPRA Paper 81395, University Library of Munich, Germany.

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    More about this item

    Keywords

    commercial real estate; hedonic price index; time-dummy regression;
    All these keywords.

    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets

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