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 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...

The article presents an theoretical analysis of the developer sector, which bases on the observed functioning of the market. We explain the behaviour of developers in the short and medium run and show why they add to the creation of a real estate bubble instead of mitigating it. The bubbles...

Poland underwent a quick transition of the economy, but its housing market and housing policy did not change quick enough. The economic growth that followed the EU accession lead to a rising housing demand, which was fuelled by quite cheap FX denominated mortgages. Those allowed many households...

Poland has experienced a relatively large inflow of foreign direct investment (FDI) in the last two decades. FDI has been flowing mainly into services and manufacturing similarly to the trend observed in global capital movement. Within the services, the financial intermediation played the...