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Investment in the Polish Real Estate Market – Housing “Beta” Coefficient

In: Sustainable Finance in the Green Economy

Author

Listed:
  • Karolina Siemaszkiewicz

    (Poznań University of Economics and Business)

Abstract

The beta coefficient is one of the most known factors which is used in modern finance. Some investors have attempted to apply the Capital Asset Pricing Model (CAPM) for a private real estate investment so that investors can have a more accurate risk premium beta or benchmark for their decisions. The question was: Whether the beta coefficient based on the wide market index describes the risk related to investing directly in the residential real estate market sufficiently well under Polish conditions? As the benchmark was taken WIG, WIG–real estate, and the hedonic index of the residential real estate market calculated by the National Bank of Poland index (NBP index). The aim of this study is to compare beta coefficients for 17 Polish cities published by the National Bank of Poland. The comparison is made for WIG, WIG–real estate stock exchange indices, and NBP index so that investors can have a more accurate risk premium beta or benchmark for their decisions.

Suggested Citation

  • Karolina Siemaszkiewicz, 2022. "Investment in the Polish Real Estate Market – Housing “Beta” Coefficient," Springer Proceedings in Business and Economics, in: Agnieszka Bem & Karolina Daszynska-Zygadlo & Tatana Hajdíková & Erika Jáki & Bożena Ryszawska (ed.), Sustainable Finance in the Green Economy, pages 213-224, Springer.
  • Handle: RePEc:spr:prbchp:978-3-030-81663-6_16
    DOI: 10.1007/978-3-030-81663-6_16
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