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Identification of Regularities in Relation Between Prices on Primary and Secondary Housing Market in Selected Cities in Poland

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  • Kokot Sebastian

    (Faculty of Economics and Management, University of Szczecin)

Abstract

The purpose of this study is to identify regularities in the price relations between primary and secondary housing markets. The primary market and the secondary market are two related but quite differentiated sub-segments of the residential market. They particularly differ in the qualitative features of their traded objects and, consequently, also in the prices recorded in their trading. Nevertheless, they remain under the influence of the same main factors of a macroeconomic nature. This gives rise to the research hypothesis that prices of flats quoted in the sub-segments of the residential market remain in specific relationships with one another. In an attempt to verify this hypothesis, the paper presents the results of an analytical work on the search for regularities in the relationship between prices on primary and secondary housing markets in selected Polish cities. The regularities concern the dynamics and structure of price relation indices constructed for the research. They also include classification analyses. The findings of the research have revealed, inter alia, that in the majority of the cities under study, prices of flats in the primary markets are higher than prices in the secondary markets. However, situations in which the reverse happens periodically (sometimes occasionally) are not rare. The examined relations are not permanent and are subject to relatively large, irregular fluctuations over time. It is possible to distinguish groups of cities which are relatively similar in this respect, but these similarities are not strong.

Suggested Citation

  • Kokot Sebastian, 2022. "Identification of Regularities in Relation Between Prices on Primary and Secondary Housing Market in Selected Cities in Poland," Real Estate Management and Valuation, Sciendo, vol. 30(3), pages 45-60, September.
    • Handle: RePEc:vrs:remava:v:30:y:2022:i:3:p:45-60:n:1
    DOI: 10.2478/remav-2022-0020
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    References listed on IDEAS

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    1. Matysiak, George & Olszewski, Krzysztof, 2019. "A Panel Analysis of Polish Regional Cities Residential Price Convergence in the Primary Market," MPRA Paper 94660, University Library of Munich, Germany.
    2. Daichun Yi & Xiaoying Deng & Gang-Zhi Fan & Seow Eng Ong, 2018. "House Price and co-Residence with Older Parents: Evidence from China," The Journal of Real Estate Finance and Economics, Springer, vol. 57(3), pages 502-533, October.
    3. Awaworyi Churchill, Sefa & Inekwe, John & Ivanovski, Kris, 2018. "House price convergence: Evidence from Australian cities," Economics Letters, Elsevier, vol. 170(C), pages 88-90.
    4. Fang Zhang & Bruce Morley, 2014. "The convergence of regional house prices in China," Applied Economics Letters, Taylor & Francis Journals, vol. 21(3), pages 205-208, February.
    5. Montañés, A. & Olmos, L., 2013. "Convergence in US house prices," Economics Letters, Elsevier, vol. 121(2), pages 152-155.
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    More about this item

    Keywords

    real estate market; property prices; Poland;
    All these keywords.

    JEL classification:

    • R20 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - General
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets

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