scholarly journals Modelling of Cycles in the Residential Real Estate Market – Interactions between the Primary and the Secondary Market and Multiplier Effects

2013 ◽  
Author(s):  
Hanna Augustyniak ◽  
Jacek Laszek ◽  
Krzysztof Olszewski ◽  
Joanna Waszczuk
Keyword(s):  
Real Estate ◽  
Real Estate Market ◽  
Secondary Market ◽  
Residential Real Estate ◽  
Market Interactions ◽  
Multiplier Effects

scholarly journals Changes in Housing Availability Indicator in Selected Polish Cities in the Years 2006 to 2018

2019 ◽  
Vol 16 (1) ◽  
pp. 91-97
Author(s):  
Marta Martyniak
Keyword(s):  
Real Estate ◽  
Housing Market ◽  
Housing Prices ◽  
Real Estate Market ◽  
Secondary Market ◽  
Individual Investors ◽  
Residential Real Estate ◽  
Asymmetry Of Information ◽  
Transaction Prices ◽  
Central Statistical

Abstract Research purpose. Housing availability indicator shows the area of residential real estate possible to purchase for the average monthly wage in the enterprise sector. The research carried out in this paper is aimed at determining the current level of housing availability indicator and its detailed analysis, taking into account the dynamics of changes in 2006 to 2018. This analysis will be carried out for primary and secondary market for selected Polish cities. Design/Methodology/Approach. Calculations were based on the average transaction prices obtained from the transactional database of residential real estate of the National Bank of Poland and the value of the average monthly remuneration in the enterprise sector obtained partly from statistical data and official journals of the Central Statistical Office. Findings. The analysis shows that the indicator of housing availability in Poland, despite the visible upward trend, is at a very low level, placing Warsaw at the first place. In addition, the extension of the analysis to the division of the housing market into the primary and secondary market provided more information about shaping the housing availability indicator. Whereas in the primary market in individual cities its value was at a similar level, the secondary market was subject to greater fluctuations. Originality/Value/Practical implications. This paper is of practical nature. Due to the asymmetry of information on the Polish real estate market, especially regarding housing prices, knowledge about the value of the housing availability indicator in Poland may be exceptionally valuable, especially for people interested in the housing market, including individual investors and market practitioners, as an auxiliary source of information in purchasing decisions of households.

Analysis of the residential real estate market on the example of households and apartments of the secondary market of the city of Krasnodar

2020 ◽  
pp. 118-122
Author(s):  
Б.А. Хахук ◽  
Е.Ч. Куадже
Keyword(s):  
Real Estate ◽  
Real Estate Market ◽  
Secondary Market ◽  
Residential Real Estate ◽  
Price Changes ◽  
Location Factor ◽  
Factors Affecting ◽  
Main Factors ◽  
The City

Статья посвящена исследованию рынка жилой недвижимости в МО г. Краснодар, представлена динамика изменения цен за период 2009-2019 гг. Выявлены основные факторы, влияющие на формирование стоимости объектов жилой недвижимости в городе Краснодаре, при этом основное внимание уделено фактору местоположение. The article is devoted to the study of the residential real estate market in the city of Krasnodar, the dynamics of price changes for the period 2009-2019 is presented. The main factors affecting the formation of the value of residential real estate in the city of Krasnodar are identified, with the focus on the location factor.

scholarly journals Applying The Line Of Resistance In Studies On Prices On The Housing Market In Szczecin

2014 ◽  
Vol 22 (1) ◽  
pp. 69-76
Author(s):  
Józef Hozer ◽  
Anna Gdakowicz
Keyword(s):  
Real Estate ◽  
Housing Market ◽  
Real Estate Market ◽  
Secondary Market ◽  
Average Price ◽  
Residential Real Estate ◽  
Secondary Markets ◽  
Transaction Prices ◽  
The Cost ◽  
Line Of Resistance

Abstract The average price of residential real estate offered on the housing market in Szczecin has been declining since 2008. Prices on both the primary and secondary markets were regularly adjusted, disregarding the fact that the cost of 1 square meter of newly built flats was rising. Therefore, the question of how low can prices fall for the market to remain profitable arises? The situation on the residential real estate market has been analyzed in four areas: on the primary and secondary market, as well as by offer and transaction prices. The study was conducted in Szczecin on a quarterly basis in the period of 2007-2012.

scholarly journals Primary and Secondary Residential Real Estate Markets in Poland – Analogies in Offer and Transaction Price Development

2013 ◽  
Vol 21 (1) ◽  
pp. 39-48 ◽  
Author(s):  
Iwona Dittmann
Keyword(s):  
Real Estate ◽  
Real Estate Market ◽  
Secondary Market ◽  
Residential Real Estate ◽  
Capital Cities ◽  
Real Estate Markets ◽  
Transaction Prices ◽  
National Bank ◽  
Market Transaction ◽  
The Individual

Abstract The paper presents the results of a comparison of the development of mean offer and transaction prices per 1m2 in primary and secondary residential real estate markets in 16 provincial capital cities in Poland, during the time period from the 3rd quarter of 2006 to the 3rd quarter of 2012. The quarterly data came from the residential real estate price database of the National Bank of Poland (NBP). The research concerns the dependencies in the residential real estate market between the following four price categories: offer prices in the primary market, transaction prices in the primary market, offer prices in the secondary market and transaction prices in the secondary market. For each city, the dynamics of each price category per 1m2, the existence of a linear correlation between the individual mean price categories in chosen subintervals and their convergence and variability in time were studied and compared.

scholarly journals Teoretyczne i metodyczne aspekty wyznaczania indeksów cen na rynku mieszkaniowym

2018 ◽  
Author(s):  
Radosław Trojanek
Keyword(s):  
Real Estate ◽  
Housing Prices ◽  
Real Estate Market ◽  
Secondary Market ◽  
Property Right ◽  
Sources Of Information ◽  
Single Family ◽  
Starting Point ◽  
Price Indexes

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.

scholarly journals International Real Estate Review

2021 ◽  
Vol 24 (2) ◽  
pp. 139-183
Author(s):  
Kristoffer B. Birkeland ◽  
◽  
Allan D. D’Silva ◽  
Roland Füss ◽  
Are Oust ◽  
...  
Keyword(s):  
Real Estate ◽  
Real Estate Market ◽  
Percentage Error ◽  
Residential Real Estate ◽  
Valuation Model ◽  
Stacked Generalization ◽  
Novel Approach ◽  
Out Of Sample ◽  
Selection For ◽  
Automated Valuation

We develop an automated valuation model (AVM) for the residential real estate market by leveraging stacked generalization and a comparable market analysis. Specifically, we combine four novel ensemble learning methods with a repeat sales method and tailor the data selection for each value estimate. We calibrate and evaluate the model for the residential real estate market in Oslo by producing out-of-sample estimates for the value of 1,979 dwellings sold in the first quarter of 2018. Our novel approach of using stacked generalization achieves a median absolute percentage error of 5.4%, and more than 96% of the dwellings are estimated within 20% of their actual sales price. A comparison of the valuation accuracy of our AVM to that of the local estate agents in Oslo generally demonstrates its viability as a valuation tool. However, in stable market phases, the machine falls short of human capability.

scholarly journals Assessment of Average Market Investment Returns in Development of the Residential Real Estate in the Moscow Region

2019 ◽  
Vol 12 (3) ◽  
pp. 140-152
Author(s):  
S. G. Sternik ◽  
Ya. S. Mironchuk ◽  
E. M. Filatova
Keyword(s):  
Real Estate ◽  
Initial Data ◽  
Housing Market ◽  
Return On Investment ◽  
High Reliability ◽  
Real Estate Market ◽  
Moscow Region ◽  
Residential Real Estate ◽  
Market Return ◽  
Total Investment

In the previous work, G.M. Sternik and S.G. Sternik justified the options for the method of assessing the average current annual return on investment in residential real estate development, depending on the nature and content of the initial data on the costs contained in the sources of information (construction costs or total investment costs). Based on the analysis of the composition of the elements of development costs used in various data sources, we corrected the coefficients that allowed us to move from the assessment of the current annual return on investment in development in relation to the cost (full estimated cost) of construction to the assessment of the current annual return on investment in relation to the total investment costs. This calculation method was tested on the example of the housing market inMoscow. As a result, we concluded it is possible its use for investment management in the housing market. In this article, based on G.M. Sternik and S.G. Sternik’s methodology for assessing the return on investment into the development, and taking also into account the increase of information openness of the real estate market, we improved the calculation formulas, using new sources of the initial data, and recalculated the average market return on investment into the development of residential real estate in the Moscow region according to the data available for 2014–2017. We concluded that, since 2015, the average market return on investment takes negative values, i.e. the volume of investment in construction exceeds the revenue from sales in the primary market. However, in the second half of 2017, the indicator has increased to positive values, which was due to a greater extent of the decrease in the volume of residential construction in the region. The data obtained by us, together with the improved method of calculations, allow predicting with high reliability the potential of the development of the regional markets of primary housing for the purpose of investment and state planning of housing construction programs.

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