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Land Acquisition in Development Projects: Investment Value and Risk

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  • Michal Gluszak

Abstract

Housing market in Poland is by far the most active field of real estate market in Poland in recent two years. The housing boom in polish major cities, similar in some aspects to situation in Ireland and Spain, brings several questions concerning market efficiency, and possible speculative bubble. In article we focus on land acquisition problem in development projects. We analyze relations between prices, market and investment values of land suitable for multifamily housing projects in major polish cities during 2004-2006 period. Later we discuss the problem of market efficiency of polish housing market and sources of potential investment risk. The empirical part of the paper is based on analysis of notary acts of market transaction of land suitable for development in Krakow. Other sources of data comprise the official statistics of housing development cost gathered by Central Statistical Office in Poland, and housing transaction data from primary market in Krakow. The main purpose of analysis is an assessment of efficiency and risk of typical housing projects.
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Suggested Citation

  • Michal Gluszak, 2008. "Land Acquisition in Development Projects: Investment Value and Risk," SRE-Disc sre-disc-2008_06, Institute for Multilevel Governance and Development, Department of Socioeconomics, Vienna University of Economics and Business.
    • Handle: RePEc:wiw:wiwsre:sre-disc-2008_06
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    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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