We analyse the determinants of prices of flats that are bought on the primary (new construction) and secondary markets (existing stock) in the 17 largest cities in Poland during the 2002–2015 period. We find that prices are driven by economic fundamentals, such as income growth and drop in the...

While analysing the housing market, we focus on the short-term modelling of the housing units market instead of analysing the long-term housing space market. In this context, even a minor change in factors affecting the real estate market leads, due to the multiplier effect, to strong shocks on...

The aim of our article is to analyze the dynamics of housing prices in the secondary housing market in Warsaw from Q1 2006 to Q3 2013, taking into account the spatial relationship between prices. In the first part of this research we compare the geographically weighted regression with a linear...

Real estate markets, including residential markets, are subject to cycles and are determined by local factors. This dependence is the result of local interactions of a variable demand and rigid short-term supply, which results from the relation between the real sector of the economy (real estate...

Real estate markets, including residential markets, are subject to cycles and are determined by local factors. This dependence is the result of local interactions of a variable demand and rigid short-term supply, which results from the relation between the real sector of the economy (real estate...

The article discusses the relatively large share of owner-occupied housing in the housing stock in selected European countries with relatively low per capita income and describes the underlying causes of this phenomenon. We identify the economic implications of the growing number of...

We analyse the determinants of prices of flats that are bought on the primary (new construction) and secondary markets (existing stock) in the 17 largest cities in Poland during the 2002-2015 period. We find that prices are driven by economic fundamentals, such as income growth and drop in the...

This paper presents a simple disequilibrium model in the primary housing market, calibrated to the Warsaw market. Our aim is to point out that the primary housing market, due to the long construction process is always in disequilibrium, which has important policy implications. We discuss the...

We analyse the determinants of house prices in the primary and secondary market of 17 largest cities in Poland during the 2002-2013 period. We find that prices are driven by economic fundamentals, such as income growth or rise in employment. Prices in the secondary market react to increases in...

The Narodowy Bank Polski organized during November 14-15, 2013 an international workshop to discuss current issues in the field of real estate analysis from the central bank's point of view. The development of residential real estate prices as well as commercial real estate prices and real...