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The COVID-19 Pandemic, Airbnb and Housing Market Dynamics in Warsaw

Author

Listed:
  • Radoslaw Trojanek
  • Micha Guszak
  • Michal Hebdzynski
  • Justyna Tanas

Abstract

In this study, we analyzed the impact of COVID-19 on house rents and prices in Warsaw, the capital of Poland. Hedonic indexes indicated a slight increase in prices (ca. 1.2%) and a substantial drop in long-term rents (ca. -7.7%) between March 2020 and December 2020. The largest decline in rents occurred in centrally located neighborhoods, influenced mainly by the inflow of new housing supply from the short-term rental market (the Airbnb Warsaw market shrunk by almost 30% in December 2020 y/y). Using hedonic methods, we highlighted the influence of the shrinking Airbnb market on the drop in long-term rents. The study indicates the elasticity of rents with respect to Airbnb supply, with a 1% change in Airbnb listings leading to a 0.031% change in rents.

Suggested Citation

  • Radoslaw Trojanek & Micha Guszak & Michal Hebdzynski & Justyna Tanas, 2021. "The COVID-19 Pandemic, Airbnb and Housing Market Dynamics in Warsaw," ERES eres2021_187, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2021_187
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    File URL: https://eres.architexturez.net/doc/oai-eres-id-eres2021-187
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    Cited by:

    1. Hill, Robert J. & Trojanek, Radoslaw, 2022. "An evaluation of competing methods for constructing house price indexes: The case of Warsaw," Land Use Policy, Elsevier, vol. 120(C).
    2. Trojanek, Radoslaw & Gluszak, Michal, 2022. "Short-run impact of the Ukrainian refugee crisis on the housing market in Poland," Finance Research Letters, Elsevier, vol. 50(C).

    More about this item

    Keywords

    Airbnb; COVID-19; housing market;
    All these keywords.

    JEL classification:

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

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