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Disequilibrium in the real estate market: Evidence from Poland

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  • Brzezicka, Justyna
  • Wisniewski, Radoslaw
  • Figurska, Marta

Abstract

The article analyzes the situation on the Polish residential real estate market as a developing market with emphasis on market demand and market supply which were evaluated in two separate approaches. States of disequilibrium were analyzed on a local real estate market in the Polish Region of Lower Silesia based on the data supplied by the Promocja Center for Economic and Organizational Implementation (Sekocenbud) and the Register of Real Estate Prices and Values. The study aims to verify the hypothesis postulating the occurrence of an information cascade on the real estate market and its influence on the number of transactions. The above hypothesis was verified with the use correlation methods and the Granger causality test. The results point to: 1) long-term disequilibrium on the Polish real estate market, 2) the presence of synergistic systemic processes with time lags manifested in property prices, 3) the influence of an information cascade on the number of concluded transactions.

Suggested Citation

  • Brzezicka, Justyna & Wisniewski, Radoslaw & Figurska, Marta, 2018. "Disequilibrium in the real estate market: Evidence from Poland," Land Use Policy, Elsevier, vol. 78(C), pages 515-531.
    • Handle: RePEc:eee:lauspo:v:78:y:2018:i:c:p:515-531
    DOI: 10.1016/j.landusepol.2018.06.013
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    Cited by:

    1. Cellmer Radosław & Bełej Mirosław & Cichulska Aneta, 2019. "Identification of Cause-and-Effect Relationships in the Real Estate Market Using the VAR Model and the Granger Test," Real Estate Management and Valuation, Sciendo, vol. 27(4), pages 85-95, December.
    2. Brzezicka, Justyna & Łaszek, Jacek & Olszewski, Krzysztof & Waszczuk, Joanna, 2019. "Analysis of the filtering process and the ripple effect on the primary and secondary housing market in Warsaw, Poland," Land Use Policy, Elsevier, vol. 88(C).
    3. Sabina Źróbek & Elżbieta Zysk & Mirosław Bełej & Natalija Lepkova, 2020. "Do Women Affect the Final Decision on the Housing Market? A Case Study," Sustainability, MDPI, vol. 12(11), pages 1-23, June.
    4. Brzezicka Justyna & Tomal Mateusz, 2023. "Estimation of the Utility Function of Money and Housing Based on the Cumulative Prospect Theory," Real Estate Management and Valuation, Sciendo, vol. 31(3), pages 83-92, September.
    5. Ireneusz Dabrowski & Lukasz Mach & Lukasz Mikolajczyk & Arkadiusz Kuswik, 2020. "Correlation of Economic Development of Countries with the Potential of their Housing Real Estate Markets: A Case Study in the European Union," European Research Studies Journal, European Research Studies Journal, vol. 0(Special 1), pages 660-678.
    6. Brzezicka Justyna, 2022. "The Application of the Simplified Speculative Frame Method for Monitoring the Development of the Housing Market," Real Estate Management and Valuation, Sciendo, vol. 30(1), pages 84-98, March.
    7. Wisniewski, Radoslaw & Brzezicka, Justyna, 2020. "Translocality on the real estate market: A new extended approach," Land Use Policy, Elsevier, vol. 97(C).
    8. Cyprian Chwiałkowski & Adam Zydroń & Dariusz Kayzer, 2022. "Assessing the Impact of Selected Attributes on Dwelling Prices Using Ordinary Least Squares Regression and Geographically Weighted Regression: A Case Study in Poznań, Poland," Land, MDPI, vol. 12(1), pages 1-20, December.

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