Cykle na rynku nieruchomości mieszkaniowych i komercyjnych, ryzyko dla inwestora oraz potrzeba adekwatnej i ostrożnej wyceny
[Cycles on the housing and commercial real estate market, risks and the need for appropriate and prudent valuation]
AbstractThis article explains why the housing and commercial real estate market are in a permanent disequilibrium. The real estate market converges towards the equilibrium, but it changes due to credit constraints, expectations and the long investment process. The cycles on this market are much more volatile than those of the whole economy. Moreover, the market is very local. Often, one can observe the accumulation of different factors, which lead to herding and speculations and finally result in a crisis. Because the market is strongly financed by banks, problems on the market affect the whole financial system. Thus, an appropriate and prudent valuation of the property is needed, which helps to smooth the demand and also reduces the risk for the investor and the bank.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 41070.
Date of creation: 23 Aug 2012
Date of revision:
Housing market cycles; commercial real estate cycles; disequilibrium; banking sector; regulation;
Find related papers by JEL classification:
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
- 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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