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...

This article discusses and explains the dynamics of the primary housing market, focus-ing on housing supply, demand, price and construction costs dynamics. We focus our attention on the primary housing market, because it can create an excessive supply, which can cause distress to the economy....

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...

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...

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...

This article reviews the impact of commercial real estate (CRE hereafter) on macro-financial stability and gives some ideas, how central banks could deal with the risk. First, we present the main features of the CRE market, explain its cycle and outline risks related to this market. Its relation...

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...

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...

The article presents an analysis of the developer sector, which takes into account the ob-served functioning of the market. The analysis is based on the assumption that the housing developer, due to the asymmetry of information, is able to take advantage of a local monopoly and differentiate...

The polish hotel market grows in a dynamic way, however investment in this market is subject to some risk. A responsible investor should thus perform a proper valuation of the investment object and also analyse the market potential. This article aims to motivate researchers and market...