Property rights regime and the Timing of Land development. Poland as a Central and Eastern European Country (CEEC)

The system of property right, the way it is organised, protected and executed affects the land development process and the timing of land development. Real options literature that explains impact of additional uncertainties connected with organisation of property right system on timing of land development concerns mostly western countries. Poland and other CEEC (Central and Eastern European Countries) have some unique issues concerning ownership right system that come from post-war, communists, and transition times (previous owners, specific property titles derived from a communist era, reprivatisation, communalisation, etc.). Ownership right is perceived as a very strong right by society, what results from long time of collective ownership, and have some implications on executing property rights. Thus, this paper explains on an example of Poland, CEEC specific property right issues and analyses how it can affect the timing of land development basing on western solutions from real option theory. The importance of topic: The topic is important because land markets are strongly influenced by institutions which may vary even in countries with the same economic and political systems like unified EU countries. Therefore, it is essential to understand past historical influence and societal background that have an effect on those institutions. Design/methodology/approach: secondary literature review, desk based study, qualitative institutional analysis