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Global Financial Crisis and its Consequences for Polish Housing Market

Author

Listed:
  • Konrad Zelazowski

Abstract

"Polish housing market has been developing significantly since 2005. However, recent real estate market crisis and financial collapse in USA and European countries did not remain without an impact on Polish economy. The immediate reaction of Polish banking sector was a tightening of mortgage lending. Financial Supervision Authority recommended to reduce the available LTV to 70% and only for borrowers with high creditability. Reduced availability of mortgage loan resulted in declining demand for residential properties. The latest statistics show that the prices of properties in main Polish cities has decreased by 5-7%. The aim of the paper is to investigate possible consequences of recent financial crisis for Polish real estate market development. Is it a temporary slowdown or a long term collapse?""

Suggested Citation

  • Konrad Zelazowski, 2009. "Global Financial Crisis and its Consequences for Polish Housing Market," ERES eres2009_264, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2009_264
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    JEL classification:

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

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