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Statistical Analysis Of Cracow Real Estate Market In 2004-2007

Author

Listed:
  • Sabina Denkowska
  • Marcin Salamaga
  • Andrzej Soko_owski
  • Sebastian Sit

Abstract

Statistical data base covered more than 8000 sale transactions of apartments in the city of Cracow. The presented analysis of this data consists of five parts: - trends in the price of 1 m2 for the whole city and separately in four districts. Different functions have been fit to the price time series, and then they were used for forecasting purpose; - regression analysis of the influence of area, location, and submarket type on the price; spatial analysis of the price on the primary and secondary markets; - search for the theoretical model of time-constant price distribution; - cluster analysis of apartments sold. // Different approaches allowed to analyze the Cracow real estate market from different perspectives. The observed growth of prices until 2007 could be described by an exponential function which cannot serve as forecasting tool since some turning point is clearly observed recently. There are significant differences in prices in districts of Cracow. Some other important factors have been also found. The apartments are not a homogenous set. Five groups have been found by cluster analysis. These groups can be characterized also by some outside attributes which were not applied for clustering.

Suggested Citation

  • Sabina Denkowska & Marcin Salamaga & Andrzej Soko_owski & Sebastian Sit, 2008. "Statistical Analysis Of Cracow Real Estate Market In 2004-2007," ERES eres2008_133, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2008_133
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    More about this item

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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