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Convergence and differentiation processes in local markets and structural changes (comparison of 16 markets in Poland)

Author

Listed:
  • Grażyna Baldowska

    (Narodowy Bank Polski)

  • Robert Leszczyński

    (Narodowy Bank Polski)

  • Barbara Myszkowska

    (Narodowy Bank Polski)

Abstract

The housing market (primary, secondary or rental) is very often analyzed as a whole, big market in a selected country. Our analysis focuses on the fundamental determinants of this market in 16 biggest cities in Poland, which are the capital cities of the 16 voivodeships. We also clustered the cities to show groups of cities which’s housing market behaves in a similar fashion. We confirm that the situation on housing market is driven by fundamental factors and the best way for a further econometric analysis is to divide the whole market into two groups of cities with a number of inhabitants below and over 400 thousand people.

Suggested Citation

  • Grażyna Baldowska & Robert Leszczyński & Barbara Myszkowska, 2014. "Convergence and differentiation processes in local markets and structural changes (comparison of 16 markets in Poland)," NBP Working Papers 174, Narodowy Bank Polski.
    • Handle: RePEc:nbp:nbpmis:174
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    File URL: https://static.nbp.pl/publikacje/materialy-i-studia/174_en.pdf
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    Citations

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    Cited by:

    1. Krzysztof DRACHAL, 2015. "Cointegration of Property Prices in Poland," Expert Journal of Economics, Sprint Investify, vol. 3(1), pages 1-4.
    2. Krzysztof Olszewski & Hanna Augustyniak & Jacek Laszek & Robert Leszczynski & Joanna Waszczuk, 2016. "On the dynamics of the primary housing market and the forecasting of house prices," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Combining micro and macro data for financial stability analysis, volume 41, Bank for International Settlements.
    3. George A. Matysiak & Krzysztof Olszewski, 2019. "A panel analysis of Polish regional cities: residential price convergence in the primary market," NBP Working Papers 316, Narodowy Bank Polski.
    4. Krzysztof Olszewski & Robert Leszczyński, 2013. "Panel analysis of home prices in the primary and secondary market in 17 largest cities in Poland," Chapters from NBP Conference Publications, in: Hanna Augustyniak & Jacek Łaszek & Krzysztof Olszewski (ed.), Papers presented during the Narodowy Bank Polski Workshop: Recent trends in the real estate market and its analysis, 2013, chapter 12, pages 39-71, Narodowy Bank Polski.
    5. Tomal Mateusz, 2019. "House Price Convergence on the Primary and Secondary Markets: Evidence from Polish Provincial Capitals," Real Estate Management and Valuation, Sciendo, vol. 27(4), pages 62-73, December.

    More about this item

    Keywords

    housing market; house prices; primary and secondary market; rental market; fundamentals;
    All these keywords.

    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • 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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