Teoretyczne i metodyczne aspekty wyznaczania indeksów cen na rynku mieszkaniowym

Abstract

In the book, an attempt was made to catalogue knowledge concerning the importance of research into the dynamics of housing prices for social and economic development. The analysis of the experience of countries with well-developed real estate markets in the aspect of building price indexes was carried out. Based on original databases of asking and transaction prices, price indexes were built, which were then subjected to numerous resistance tests. The aims of these research tasks were as follows: 1) to examine the quality of offers for sale as a source of information about changes in the real estate market, 2) to find out whether the repeat sales method can be used for building price indexes and to critically assess this method in terms of the stability of the obtained results, 3) to analyze hedonic methods and indicate the preferred one in terms of the ratio of the quality of results to how time-consuming and cost-intensive it is to build such indexes, 4) to establish the importance of methods and sources of information for building price indexes in different time horizons, 5) to identify how important it is for the fluctuation of price indexes if the cooperative property right to a flat is not taken into account. In order to perform the research tasks and accomplish the goals scopes of the work were defined. The subject followed the aim of the study and refers to prices in the secondary housing market, encompassing both the property right and cooperative property right to a flat or house. The broad scope concerns the discussion in the general part, being narrowed down to the secondary market of flats located in multi-family and single-family buildings. The time scope covers the years 2000-2015, which is connected to the range of empirical studies carried out. They focused both on actual transactions and on offers of flats for sale. On this basis, we built databases which served as the starting point for further analyses. The study involved transactions and offers in the area of Poznan.

Warning: Some transaction prices can be detrimental to your house price index

“…Finding transaction prices of apartments with cooperative ownership rights is even more difficult as records for these transactions are stored in around 3,600 separate Polish cooperatives. For more information on the data situation in the Polish real estate market, see Trojanek (2018); Trojanek (2021).…”

Measuring the sensitivity of bond, equity, gold and real estate investment returns to changes in the level of inflation

“…Hedonic indices take into account price changes in rela�on to qualita�ve changes, which makes it possible to measure "pure" price change, independent of qualita�ve differences. (Widłak 2010, Foryś 2016, Trojanek 2018. In addi�on to the hedonic index of prices of residen�al proper�es, the WIG Real Estate (WIGN) index was chosen for the study.…”

Warning: Some Transaction Prices can be Detrimental to your House Price Index

“…Obtaining information on these transactions is very time-and cost-intensive, as they are stored in around 3600 separate cooperatives in Poland. For more information on the data situation in the Polish real estate market, see (Trojanek, 2019(Trojanek, , 2021.…”