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Determinants of residential real estate prices: Poland case study

Author

Listed:
  • Michał Ruszuk

    (Faculty of Economic Sciences, University of Warsaw)

  • Krzysztof Spirzewski

    (Faculty of Economic Sciences, University of Warsaw)

Abstract

Real estate market is important part of economy. Its influence is compounded by sectors related to real properties, such as construction, capital and rental markets. Real estate market specifics such as high capital intensity, rigidity of supply and time lags, make macroeconomic imbalance easy to emerge. Sudden changes of market conditions lead to severe consequences for the whole economy. Hence, house markets are important not only for house investors, real estate developers and financial institutions, but also for governments and central banks. In this paper we propose to constitutes a comprehensive overview of house prices determinants. It can be perceived as residential real estate market guide, especially for polish market. In Poland house prices have been consistently increasing since 1990, when transition to a market economy had place. Statistical Pole gets wealthier from year to year, what in conjunction with a strong desire to be on his own, constitutes the powerful driving force of demand for residential real estates The methods we used in this study are descriptive method and statistical models in addition scatter plots and Pearson's correlation coefficients between variables are presented. Empirical study are based on polish market data, published by Central Statistical Office and Centrum AMRON-SARFiN. We aggregated them for voivodeships and quarters, and concern 2010-2019 period.

Suggested Citation

  • Michał Ruszuk & Krzysztof Spirzewski, 2021. "Determinants of residential real estate prices: Poland case study," Working Papers 2021-21, Faculty of Economic Sciences, University of Warsaw.
    • Handle: RePEc:war:wpaper:2021-21
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    File URL: https://www.wne.uw.edu.pl/index.php/download_file/6677/
    File Function: First version, 2021
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    More about this item

    Keywords

    real estate market; price determinants; mortgage;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • K25 - Law and Economics - - Regulation and Business Law - - - Real Estate Law
    • 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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