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]
This 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.
|Date of creation:||23 Aug 2012|
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- Davis, E. Philip & Zhu, Haibin, 2009.
"Commercial property prices and bank performance,"
The Quarterly Review of Economics and Finance,
Elsevier, vol. 49(4), pages 1341-1359, November.
- E Philip DaviS & Haibin Zhu, 2004. "Commercial property prices and bank performance," Public Policy Discussion Papers 04-19, Economics and Finance Section, School of Social Sciences, Brunel University.
- E. Philip Davis & Haibin Zhu, 2005. "Commercial property prices and bank performance," BIS Working Papers 175, Bank for International Settlements.
- E Philip Davis & Haibin Zhu, 2004. "Commercial property prices and bank performance," Economics and Finance Discussion Papers 04-19, Economics and Finance Section, School of Social Sciences, Brunel University.
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- Davis, E. Philip & Zhu, Haibin, 2011. "Bank lending and commercial property cycles: Some cross-country evidence," Journal of International Money and Finance, Elsevier, vol. 30(1), pages 1-21, February.
- E. Philip Davis & Haibin Zhu, 2004. "Bank lending and commercial property cycles: some cross-country evidence," BIS Working Papers 150, Bank for International Settlements.
- Denise DiPasquale & William C. Wheaton, 1992. "The Markets for Real Estate Assets and Space: A Conceptual Framework," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 20(2), pages 181-198.
- Krzysztof Olszewski, 2012. "The impact of commercial real estate on the financial sector, its tracking by central banks and some recommendations for the macro-financial stability policy of central banks," NBP Working Papers 132, Narodowy Bank Polski, Economic Research Department.
- Olszewski, Krzysztof, 2012. "The impact of commercial real estate on the financial sector, its tracking by central banks and some recommendations for the macro-financial stability policy of central banks," MPRA Paper 41059, University Library of Munich, Germany.
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