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 ORALPRESENTATIONSOFPLENARY
SESSIONS
Małgorzata Krajewska University of Technology and Life Sciences in Bydgoszcz, Poland Sabina Źróbek University of Warmia and Mazury in Olsztyn, Poland Maruška Šubic Kovač University of Ljubljana, Slovenia THEROLEOFSPATIALPLANNINGINTHEINVESTMENTPROCESSINPOLAND
ANDSLOVENIA
This paper is based on the hypothesis that: “Spatial planning should regulate spatial development, taking into account the public and private interests, and enabling the development of public and private investments in construction projects. Investors may be discouraged from construction on account of too small or too excessive a number of spatial implementation conditions (land use guidelines) in particular, where an adequate professional basis has not been provided” This hypothesis has been verified by analyzing spatial planning processes in Poland and Slovenia, two countries whose centrally‐planned economies (in Slovenia, this was called the socialist market economy) have been transformed into functioning market economies. The main aim of this study was to discuss the significance of spatial planning documents in the investment process and their contribution to the preservation of spatial order. Special emphasis was placed on planning documents that allow construction in areas not covered by a local zoning plan. In Poland, the relevant document is the outline planning permission for development of land or property. Investors are required to prepare extensive source documents that are used by the (local) authorities for issuing outline permissions for the development of land and of property. Due to a lengthy procedure for obtaining outline planning permission, development is delayed and, as a consequence, investors are discouraged from building. In Slovenia, the relevant spatial plans at the local level include the municipal spatial plan, which set out the spatial implementation conditions and the detailed spatial plan. The spatial implementation conditions are the criteria and conditions for intervention as determined by the spatial planning document, in accordance with which the acquisition of building permits under regulations on construction is prepared. These can have a significant impact on the performance of the investment project. In some cases, such conditions even discourage investors from building, because they are not on an adequate professional basis. The three examples discussed in this paper show that both too general and too precise spatial implementation conditions (land use guidelines) are unfavorable for investors and validate thehypothesis. XXII Konferencja Naukowa Towarzystwa Naukowego Nieruchomości Olsztyn 26‐28 maja 2014 Rafał Wolski Uniwersytet Łódzki APPLICATION OF BETA COEFFICIENT IN THE MARKET OF DIRECT
RESIDENTIALREALESTATEINVESTMENTS
The beta coefficient is one of the most popular indices used in the contemporary finance. Despite the fact that there are justified doubts connected with its application, it is currently difficult to imagine a situation in which the cost of capital would be calculated without the use of the CAPM model. Thus, an attempt at answering the question whether and to what degree beta may be used in the real estate market constitutes an interesting problem. This is because on the one hand the formal structure suggests that beta should not be used for assets which are not included in the benchmark, on the other hand such benchmark should, at least theoretically, contain all market assets. Therefore, a decision was made to have a closer look at this issue, with the analysis of the possibility of using the beta coefficient in the residential real estate market set as the objective. Using the database of prices in the direct real estate investment created by NBP, a comparison was conducted with regard to features of investments undertaken on the basis of an analysis of systematic risk calculated on the basis of selected indices available in the Polish market. XXII Konferencja Naukowa Towarzystwa Naukowego Nieruchomości Olsztyn 26‐28 maja 2014 Agnieszka Szczepańska Uniwersytet Warmińsko‐Mazurski w Olsztynie, Wydział Geodezji i Gospodarki Przestrzennej, Katedra Planowania i Inżynierii Przestrzennej Adam Senetra Uniwersytet Warmińsko‐Mazurski w Olsztynie, Wydział Geodezji i Gospodarki Przestrzennej, Katedra Planowania i Inżynierii Przestrzennej Monika Wasilewicz‐Pszczółkowska Uniwersytet Warmińsko‐Mazurski w Olsztynie, Wydział Geodezji i Gospodarki Przestrzennej, Katedra Planowania i Inżynierii Przestrzennej TRAFFIC NOISE AS A FACTOR INFLUENCING APARTMENT PRICES IN
LARGECITIES
Environmental factors are among the key determinants of real estate prices. They include landscape attractiveness, land relief, exposure to sunlight and proximity to natural features. In large urban centers, traffic noise emissions significantly affect decision making on the real estate market. Weakly developed road networks and the absence of ring roads that shift road traffic outside residential districts are a widespread problem in the cities of Central‐Eastern Europe. The prevention of traffic noise pollution, one of the key environmental problems in Europe, is an important goal of European Union policy. This paper analyzes the correlations between apartment prices and traffic noise levels in Olsztyn, the capital city of the Region of Warmia and Mazury in north‐eastern Poland. XXII Konferencja Naukowa Towarzystwa Naukowego Nieruchomości Olsztyn 26‐28 maja 2014 Iwona Dittmann Uniwersytet Ekonomiczny we Wrocławiu SETTING OFFER PRICES BY HOUSING DEVELOPERS ‐ SELECTED
THEORETICALISSUESINTHELIGHTOFTHELITERATURESTUDIES
The paper discusses selected theoretical issues concerning setting offer prices by housing developers. Determinants of sellers’ reservation price and buyers’ reservation price have been pointed out. Identifying the advantages and disadvantages of pricing strategies used by housing developers in terms of behavioral economics has been done. The strategy of the setting the offer prices approximately estimated market value of the property and the strategy of setting overpriced offer prices (with the assumption of price negotiations) has been compared. The second comparison concerned a strategy of transparent prices and non‐transparent prices. Considerations contained in the paper base on behavioral economics and marketing theory. The paper bases largely on foreign literature and observed examples pricing policy pursued by housing developers in Poland. XXII Konferencja Naukowa Towarzystwa Naukowego Nieruchomości Olsztyn 26‐28 maja 2014 Aleksandra Semaniak Politechnika Świętokrzyska w Kielcach, Wydział Inżynierii Środowiska, Geomatyki i Energetyki, Katedra Geomatytki‐ Geodezji i Kartografii THEANALYSISOFTHEREALESTATEMARKETINKIELCE
Aim of this work is to analyze the premises, residential real estate market in Kielce. The scope of the property included the primary and secondary markets. In order to conduct detailed analyzes, fixed base with selected properties, which have been assessed on the basis of the attributes considered important in a given market at a fixed scale. Evaluation of attributes assigned on the basis of collected data and subjective evaluations. Thanks to its information on prices in individual markets, an analysis of supply and demand, the results shown by charts showing the curves of supply and demand. Moreover, based on these bases, we calculated the various attributes of the correlation coefficients between price and attributes. Correlation coefficients were calculated according to formulas for complete Pearson correlation, Spearman correlation and Kendall. Of these correlations were selected the most accurate correlation, which is then used for further analysis. Standardized Pearson correlation coefficients were used to calculate the weights of attributes, which are the basis for the valuation of the property. Also calculated the linear regression models and multiple regression. These models may provide a basis for valuation of the property represented by similar attributes as properties in the database. In addition, correlation analysis of time the price was used to study the trend of changes in transaction prices over time. XXII Konferencja Naukowa Towarzystwa Naukowego Nieruchomości Olsztyn 26‐28 maja 2014 Małgorzata Buśko AGH Akademia Górniczo ‐ Hutnicza AGH University of Science and Technology THE TECHNOLOGICAL BASIS FOR DEVELOPMENT OF THE FOREST
ARRANGEMENT PLAN AS A SOURCE OF THE INFORMATION FOR THE
FORESTPROPERTYVALUATION.
Among forest properties, two major groups, differing from each other about the ownership status, can be distinguished. Public forests which are managed by the State Forests National Forests Holding cover over 79% of the forests’ area in Poland. A smaller part of the forests, comprising slightly more than 17 %, is in possession of individuals or communities or belongs to the municipal property and they are supervised by a staroste. For each Forest District being a part of the State Forests, for every decade, a forest arrangement plan is developed. In this comprehensive publication, supplemented with assesment tables, there are all the information concerning e.g. the habitat type of the forest, a type and kinds of the soils and the lumber. The forest arrangement is drawn up on the basis of a detailed natural and forest inventory of soils, habitats and tree stands. A unit of the forest area subdivision is a department within which the subdepartments called subdivisions are subdivided. These are the smallest natural subdivision units, uniform in terms of the habitat and tree stand. Subdivisions are qualified every time during development of the forest arrangement plan for next economic periods. The arreas of the forest departments account for about thirty hectares on average, while the arreas of the subdepartments tend to be varied and in addition time‐changing. As far as the forest property valuation is concerned, the inaccuracy in determining the subdivisions' boundaries will mean a lot. In the article one presented the content of the forest arrangement plan and the legal procedures applied during its development. One also performed an analysis of the surveying maps, soil and habitat maps and the maps of the tree stands allowing for determination of the subdivisions boundaries and their character. One presented the procedures of the description of the tree stands within the subdivisions included in the forest arrangement plan and the methods used during the inventory of the wood resources and the development of the assesment descriptions. The main research task of the article is to assess the impact of the inaccuracy in determination of the subdivisions' boundaries and other parametres characterizing them on the result of the estimation of the market value of the forest property's land and three stands. XXII Konferencja Naukowa Towarzystwa Naukowego Nieruchomości Olsztyn 26‐28 maja 2014 Sebastian Gnat Instytut Ekonometrii i Statystyki, Uniwersytet Szczeciński Marcin Bas STUDY OF IMPACT OF TRAFFIC NOISE IMMISION ON RESIDENTIAL
PROPERTIES'PRICES
This paper presents results of the survey, which main goal was to measure relationship between location attractiveness and residential properties’ prices. Municipal acoustic maps were utilized. Three distinctive areas of relatively small diversity of buildings constructional types were chosen. Analysis period was characterized by lack of significant prices changes. This was to achieve best possible elimination of other than location attractiveness market factors. Strength and direction of relationship between average prices and traffic noise level were determined along with its statistical relevance. XXII Konferencja Naukowa Towarzystwa Naukowego Nieruchomości Olsztyn 26‐28 maja 2014 Małgorzata Rymarzak Uniwersytet Gdański UNIVERSITYSPACEMANAGEMENT
The rapid changes taking place in the environment of academic institutions (market rules in tertiary education, greater availability of university education, globalisation and internationalisation, emergence of knowledge‐based societies) force them to adjust to the new environment and to adopt a new approach to management, as well as to competition and value creation. Under the pressure from their environment, universities have to be more efficient, functional and effective. They are increasingly often expected to be more effective in their work, open to the outside world and more entrepreneurial. Without it, no success in the market can be achieved. In many renowned European universities, the strategic role of estate as an asset creating the value of the entity has long been emphasised. This means that effective use of space and implementation of a rational space management policy enable the entity to enhance its value and affect its economic condition. The existing space management expertise of foreign universities makes it possible to implement this knowledge in the process of university management in Poland. The basic goal of this paper is to present the nature of the space management process as well as chief indicators that are used in selected European universities to assess the degree of estate utilisation. In other words, space management solutions used outside Poland will be sought, which can help to resolve the problems of many Polish tertiary education entities. XXII Konferencja Naukowa Towarzystwa Naukowego Nieruchomości Olsztyn 26‐28 maja 2014 Olgierd Kempa, PhD, Eng. Wrocław University of Environmental and Life Sciences Małgorzata Krajewska, PhD University of Technology and Life Sciences in Bydgoszcz, Nicolaus Copernicus University in Torun Sławomir Palicki, PhD Poznan University of Economics Izabela Rącka, MSc The President Stanisław Wojciechowski Higher Vocational State School in Kalisz Monika Wójta‐Kempa PhD Wroclaw Medical University STUDENTS'PREFERENCESIN RESIDENTIALREALESTATEMARKETIN
POLISHCITIES
Knowing the attributes of price‐setting operating on the local real estate markets is not only an essential element for proper appraisers work, it can also greatly assist the professional activities of real estate agents , but ‐ first of all ‐ it is important for the market – making processes developers (developers are aware of buyers' expectations and preferences , it lets accurately form the market offer and pricing strategy). Based on the methodology of the interview (CAWI), the questionnaire for seeking students' preferences in the housing market of large Polish cities has been designed. The research has been undertaken in six universities: Nicolaus Copernicus University in Torun, Poznan University of Economics, Wroclaw Medical University, Wrocław University of Environmental and Life Sciences, University of Technology and Life Sciences in Bydgoszcz, The President Stanisław Wojciechowski Higher Vocational State School in Kalisz. In every university the survey has been carried out in two groups of students: one of them were those, who had chosen specializations related to real estate market, the other one – students who didn't explore the subject of the real estate market. Research can make a significant contribution to the problems of the real estate market analysis. The results are the first part of a broader concept of research, which follows in the direction of internationalization the considerations. XXII Konferencja Naukowa Towarzystwa Naukowego Nieruchomości Olsztyn 26‐28 maja 2014 Jan Konowalczuk Department of Investments and Real Estate University of Economics in Katowice THE CORPORATE REAL ESTATE MARKET IN PUBLIC STATISTICS IN
POLAND
This paper presents theoretical considerations regarding the needs and criteria of creating ownership divisions of real estate markets for the purpose of public surveys and research. The scope of necessary changes to the collection of information in public registers and institutional conditions is indicated, as a necessary aspect towards enabling separate studies for corporate real estate to be conducted. Study results comparing basic parameters of the real estate market in the Silesian province 2004‐2012 as per the Central Statistical Office (CSO) annual reports, are also presented, as are the results of an analysis of data collected from a database of appraisers and valuers. The market parameters adopted for comparison have in both cases been developed based on the same source data obtained from public documents of the Registers of Real Estate Prices and Values (RREPV). The article presents the detailed results of own research of the real estate market in the province of Silesia for 2012, with regards to the amount of real estate, the transaction values, the property’s area and selected averages with regards to property type in line with those used in CSO studies. Included also is an assessment of the completeness of the market data presented by the CSO taking into account the selected types of real estate. This paper also indicates the results of a pilot survey study of office workers of the RREPV in district council offices. The comparison of the regional real estate market forms a basis for critical evaluation of the categories of real estate used in official statistics and selected forms of real estate turnover. Proposals regarding the needs and conditions that need to be met in order to enable research into corporate real estate market have also been formulated. XXII Konferencja Naukowa Towarzystwa Naukowego Nieruchomości Olsztyn 26‐28 maja 2014 Jan Kazak Wrocław University of Environmental and Life Sciences Tong Wang Eindhoven University of Technology Szymon Szewrański Wrocław University of Environmental and Life Sciences ANALYSIS OF LAND USE TRANSFORMATION POTENTIAL IN THE
SPATIALMANAGEMENT
The current system of spatial planning in Poland does not provide an effective and efficient tool to control planning decisions at the level higher than local. The result is unrealistic approach to adopting development policies. Nowadays there is a high competition among local governments to attract an investor which results in excessive determining of investment areas, resulting in an imbalance between supply and demand in the real estate market. Extremely important factor from that point of view of local authorities is also financial burden on government budgets related to the implementation of the provisions of previously adopted policies. Improper creation of spatial development policy can therefore generate costs without delivering the expected results due to the lack of demand for the offered resources. A right step towards the optimization of the shaping spatial policies process can be preparing analyzes and forecasts to support decision‐making process. Such analyzes are needed both in terms of the amount of areas designed for each land use as well as their spatial distribution. These considerations focused on the second aspect. Analysis of the land use transformation potential can be used in spatial management by the selection of the areas most likely to change the land use. The paper presents a simplified mechanisms of such analyzes which can be adopted by use of cellular automata. The final potential of the area is affected by variables such as neighborhood, accessibility and suitability. As a result of the integration of these variables it is possible to determine the land use transformation potential. These considerations relate to the research of MOLAND (Monitoring Land Use / Cover Dynamics) project and work on the development of Metronamica decision support system, conducted in Western Europe. XXII Konferencja Naukowa Towarzystwa Naukowego Nieruchomości Olsztyn 26‐28 maja 2014 Tomasz Adamczyk, PhD AGH University of Science and Technology, Department of Geomatics Agnieszka Bieda, PhD AGH University of Science and Technology, Department of Geomatics REAL ESTATE PURPOSE, AS TIME CHANGEABLE ATTRIBUTE, FOR
DETERMINATION OF COMPENSATION FOR NATIONALIZED AND
EXPROPRIATEDLANDS
Constitutional transformation in Poland, which took place on the turn of eighties and nineties of last century, was oriented, among others, on creating citizens society and creating free market. Changes in people’s mentality quickly brought about economy changes, which were based on private ownership. Yet one should remember, that for period preceding this time, personal assets was significantly limited. Assets of many persons were repossessed by State in nationalization or expropriation processes. Present regulations permit for getting assets back. It is possible in case, if repossessed real estate was misused with the purpose of expropriation or it became needless. Real estates are also got back via invalidation administrative decisions or provisions of law. For getting real estate back one can apply their owners and their legal successors. It is possible to get compensation for assets which can not be got back substantially. It should correspond with real value of lost rights. Level of compensation should be determined on the basis of real estate market value. This value is determined for the day of issuing decision of determination of compensation, with taking into account state and purpose of real estate on the day when the document approving repossession of real estate was made. Authors present changes in law provisions connected with spatial planning in Poland, from 1946 year, when the first connected with this topic decree was entered into force, to this day. They describe documents kept in state archives, which should be used by valuers. They also show, on the basis of examples, how important is correct determination of purpose of real estate with taking into account documents creating over the years. XXII Konferencja Naukowa Towarzystwa Naukowego Nieruchomości Olsztyn 26‐28 maja 2014 Anna Wojewnik‐Filipkowska Uniwersytet Gdański Rafał Kowalski Uniwersytet Gdański INVESTING IN INDUSTRIAL‐TECHNOLOGY PARKS WITHIN THE CITY
DEVELOPMENT‐COST‐BENEFITANALYSIS
The city is growing quantitatively and qualitatively. Quantitative development of the city can be identified with the spatial expansion and changes in the function of certain areas. The city's development therefore requires reconstruction of the spatial layout, but also needs certain capital expenditures, as exemplified by industrial‐technology parks (ITP). ITPs are combination of the infrastructure function and performance which enable exchange of information between scientific organisations and entrepreneurs. They are therefore pro‐development component of the urban development strategy. The aim of the study is to identify and quantify selected costs and benefits and estimate the effectiveness of the establishment of certain parks from the point of view of local government units. Industry parks and technology parks are diverse entities. Their general characteristics and types are presented in the first part of the study justification based on the review of domestic and foreign literature review. In the second part of the paper, industrial‐technology parks in Poland are introduced. In the third part of the study, the specificity of the effectiveness assessment of the industrial‐technology park is described. Finally, the fourth part incudes analysis of investing in selected industrial‐technology parks. The analysis consist of three phases: the identification of industrial and technological parks, verification of the industrial‐technology park with the legal and practical definition, and cost‐benefit analysis. According to the Polish Agency of Information and Foreign Investment (PAIiIZ), industrial‐technology parks focus primarily on filling the space with commercially efficient companies using modern technologies, attracting investment and creating jobs. These factors will be taken into account in the analysis. The analysis will be carried out according to the methodology of cost‐benefit analysis (CBA) of investment projects. Despite the diversity and dynamics of the structural features of the parks, the analysis confirms that the investment of public funds in industrial and technological parks is generally efficient in terms of socio‐economic development. XXII Konferencja Naukowa Towarzystwa Naukowego Nieruchomości Olsztyn 26‐28 maja 2014 Maria Hełdak Uniwersytet Przyrodniczy we Wrocławiu Agnieszka Stacherzak Uniwersytet Przyrodniczy we Wrocławiu Vivita Baumane Latvia University of Agriculture REALESTATEVALUETAXBASEDONTHELATVIANEXPERIENCE
The article deals with the subject of the planned real estate changes in Poland as viewed in relation to the solutions accepted in Latvia. The current basis for real estate tax is a set fee per 1m² of the estate's area established in a town council resolution, taking into account the maximum fees established by the Minister of Finances. Currently, the owners of real estates with identical area often pay the same tax regardless of the location, condition and function of the real estate formulated in the plan. The cadastral tax currently in preparation addresses these and other features which influence the real estate value. A set cadastral value approximate to the market value will serve as the basis for determining the cadastral tax. The principles of real estate tax retrieval in Poland are not clearly established which is why it might prove useful to use the experience of other states undergoing similar governmental changes. The article makes references to tax solutions recognised in Latvia in the domain of tax fees, valuation principles and problems accompanying real estate tax retrieval. XXII Konferencja Naukowa Towarzystwa Naukowego Nieruchomości Olsztyn 26‐28 maja 2014 Magdalena Szczepańska Uniwersytet Kazimierza Wielkiego w Bydgoszczy, Katedra Socjologii SOCIALASPECTSOFMANAGINGHOMEOWNERSASSOCIATIONS
The article calls attention to homeowners associations (HOAs), that are becoming the dominant organisational form of housing development. It focuses on managing HOA, especially on the social aspects and determinants of the process. The author claims that in order to understand how HOAs function, it is absolutely crucial to take social aspects under consideration. Members’ involvement, the relations between the tenants and cultural norms influence the effectiveness of collective action. Those issues are especially important for professional property managers. The aim of the article is to present social aspects of managing HOA in Poland. The article presents the results of the study on social aspects of HOA activity. It examines and compares three organisational models of HOA in Poland. One of them is self‐managing, with an active board of directors that operates without external help. This model requires a high level of volunteer commitment. The second model represents HOA managed together by the board of directors and a professional property manager. This type is heterogeneous – the task allocation and relations between those two actors vary according to the level of directors’ engagement. The last type represents HOA that couldn’t establish the board of directors therefore its role is played by the professional property manager. In all three types both organisational structures and management methods depend on the level of homeowners’ engagement. The study indicates the engagement factors. HOAs are characterised by their typical operations, decision‐making processes, information flow, the role played by the board of directors and a professional property manager, the level of volunteer commitment and neighbourhood ties. The study also indicates satisfaction factors in terms of the property manager’s service. XXII Konferencja Naukowa Towarzystwa Naukowego Nieruchomości Olsztyn 26‐28 maja 2014 Radosław Cellmer Uniwersytet Warmińsko‐Mazurski w Olsztynie, Wydział Geodezji i Gospodarki Przestrzennej, Katedra Gospodarki Nieruchomościami i Rozwoju Regionalnego THEPOSSIBILITIESANDLIMITATIONSOFGEOSTATISTICALMETHODS
INREALESTATEMARKETANALYSES
In the traditional approach, geostatistical modeling involves analyses of the spatial structure of regionalized data as well as estimations and simulations that rely on kriging methods. Geostatistical methods can complement traditional statistical models of property transaction prices, and when combined with those models, they offer a comprehensive tool for spatial analysis that is used in the process of developing land value maps. Transaction prices are characterized by mutual spatial correlations and can be considered as regionalized variables. They can also be regarded as random variables that have a local character and a specific probability distribution. This study explores the possibilities of applying geostatistical methods in spatial modeling of the prices of undeveloped land as well as the limitations associated with those methods and the imperfect nature of the real estate market. The results are discussed based on examples, and they cover both the modeling process and the generated land value maps. XXII Konferencja Naukowa Towarzystwa Naukowego Nieruchomości Olsztyn 26‐28 maja 2014 Tomasz Budzyński Wydział Geodezji i Kartografii Politechnika Warszawska APPLICATION OF STATISTICAL ANALYSIS IN THE PROCESS OF
DETERMININGAVERAGETRANSACTIONPRICESOFLAND
Average transaction prices of land are important information in the process of land management conducted by public and private entities. Cartographic elaboration, which is to include the above average prices, is a map of average transaction prices of land. This concept is relatively new, because it was first defined in the Regulation of the Council of Ministers from October 3rd 2011 on the types of cartographic thematic and special works. The construction of the map of average land transaction prices, which is the responsibility of The General Surveyor of Poland, should be preceded by the developing of an appropriate methodology for mapping and in particular the determination of the average price. In this paper at the beginning the definition of the map of average transaction prices of land was given and wordings contained therein were brought closer. Then, the issue of average value existing in the field of statistical analysis was discussed. Descriptive statistics used for the purpose of determining the mean and confidence intervals for the mean were brought closer. These intervals are estimated to adopt a set of typical transaction prices for which, selected descriptive statistics will be calculated. In the paper the average prices were adopted as: 1) the arithmetical means and medians for the set of all unit transaction prices of the given type of land for the assumed period, 2) the arithmetical means and medians for the set of typical unit transaction prices of the given type of land for the assumed period, with the use of confidence intervals for the mean. In the second part of the paper, after making the characteristics of real estate transactions in view of their function, the results of calculations of the average transaction prices of land in otwocki poviat, adjacent to Warsaw, were presented. As the average value, arithmetic mean and median were adopted. Based on the obtained results, the guidelines for the purpose of determining the average transaction price of land were proposed. XXII Konferencja Naukowa Towarzystwa Naukowego Nieruchomości Olsztyn 26‐28 maja 2014 Tanaś Justyna Poznań University of Economics, Department of Controlling, Financial Analysis and Valuation THEORIGINOFPROPERTYBUYERSINPOZNAŃANDITSSUBURBS
The market for land for single‐family housing is one of the most important segments of the real estate market. Over the last several years, we have witnessed the development of this market in the suburban areas of large agglomerations. This is connected with the intensified migration of people from the centers of big cities, and with the development of housing in suburban zones. The aim of this paper is to present the structure of the territorial origin of buyers purchasing plots designated for single‐family housing in Poznań and its suburbs (with division into buyers derived from Poznań, from the Poznań district, the Wielkopolskie province, the rest of the country, and from abroad). The analysis covers the years 1995‐2010. XXII Konferencja Naukowa Towarzystwa Naukowego Nieruchomości Olsztyn 26‐28 maja 2014 Marta Gross Uniwersytet Warmińsko‐Mazurski w Olsztynie, Wydział Geodezji i Gospodarki Przestrzennej, Katedra Zasobów Nieruchomości Ryszard Źróbek Uniwersytet Warmińsko‐Mazurski w Olsztynie, Wydział Geodezji i Gospodarki Przestrzennej, Katedra Zasobów Nieruchomości Daniela Špirková Institute of Management, Slovak University of Technology in Bratislava PUBLIC REAL ESTATE MANAGEMENT SYSTEM IN THE PROCEDURAL
APPROACH–ACASESTUDYOFPOLANDANDSLOVAKIA
Public real estate management is performed according to country‐specific procedures. However, there are some features which are common for all post‐socialist countries. It may be possible to implement and transfer into the Polish system the good management practice which has been developed by leading countries. On the other hand, Poles may have a chance to become acquainted with the rules governing the public real estate management in other countries and to identify some practices which may be avoided. There is no need to implement faithfully these procedures which in other countries have been recognized as generally inadequate or inefficient and have been replaced by new solutions. This pertains to some principal components of the real estate management system. The aim of the paper has been to present public real estate management systems in Poland and Slovakia in the context of good governance, and to suggest some indicators for assessment of procedures in these systems in terms of their efficiency. XXII Konferencja Naukowa Towarzystwa Naukowego Nieruchomości Olsztyn 26‐28 maja 2014 Anna Gdakowicz Uniwersytet Szczeciński THE APPLICATION OF THE JAPANESE CANDLESTICK CHARTING ON
THERESIDENTIALREALESTATEMARKET
The real estate market is regarded as a part of the capital market. Just as they invest in securities, investors allocate their funds in real estate hoping to make a profit. There are tools that support the process of investing on the stock exchange such as a technical analysis. There are also proven methods that help predict future prices of assets on the basis of their historic quotations. The article is an attempt to transfer the Japanese method of Candlestick Charting used the technical analysis of securities onto the real estate market. The method has been implemented on the residential real estate market due to a relatively large number of transactions being concluded there. XXII Konferencja Naukowa Towarzystwa Naukowego Nieruchomości Olsztyn 26‐28 maja 2014 Katarzyna Dadańska Uniwersytet Szczeciński Wydział Prawa i Administracji THEPRE‐EMPTIONRIGHT,BACK‐INRIGHT,REDEMPTIONRIGHTAND
THE RIGHT OF PRIORITY IN ACQUISITION OF REAL ESTATE – AS
INSTRUMENTSRESTRICTINGTRADINGINREALESTATE(ANOUTLINE
OFTHEISSUES)
Among factors that might significantly diversify common and economic trading, in particular trading in real estate, the pre‐emption right, back‐in right, redemption right and the right of priority in acquisition play an important role. They may be utilized for the purpose of affecting changes in ownership, in particular with regard to trading in real estate ownership. The legislator in pursuit of assumed changes in ownership may – through the instrument of the pre‐emption right, back –in right, redemption right and the right of priority in acquisition – particularly with their statutory character ‐ restrict freedom to trade in ownership with regard to the selection of the real estate purchaser. Simultaneously, in the contracting process, the parties face a certain manner of proceeding imposed, the purpose of which is to conclude the contract on ownership in real estate transferring with the partner preferred by the legislator. In certain cases, the legislator goes even further granting the eligible party a claim, under which, the eligible party may demand that the party obliged shall submit an appropriate declaration of will, and in case the party obliged refuses – the eligible party may seek the judgment of the court replacing that declaration. A proper navigation in the field of real estate trading, in particular with regard to transactions, in case of which the pre‐
emption right, back‐in right, and redemption right, or the right of priority in acquisition is reserved for defined entities, requires defining the legal character of a given instrument, the manner of the due right execution by the eligible party, results of the parties’ to the contracting process failure to observe obligations imposed by the act, and finally defining whether there are means for compulsory execution of the power guaranteed by the act, and if yes, what means they are. XXII Konferencja Naukowa Towarzystwa Naukowego Nieruchomości Olsztyn 26‐28 maja 2014 ORALPRESENTATIONSOF„EARLY
BIRDS”SESSIONS
Agata Antczak Agata Antczak, M.Sc., Katedra Inwestycji i Nieruchomości, Uniwersytet Łódzki, [email protected] RESIDENTIAL DEVELOPMENT ACTIVITY IN THE POLISH LEGAL
SETTING
Residential development in Poland has gone through many changes over the last decades. In the 1990s housing cooperatives played a major role among investors in the residential market, whereas developers were only taking their first steps. Today the situation has reversed. In addition to private persons building homes for their own use, developers contribute the most to the supply of new housing. There are many factors that have led to this situation. It is noteworthy that, for instance, many laws governing the real estate market, the construction market, the development of entrepreneurship, etc. have been either enacted or have been frequently amended over the last two decades, which may have significantly affected developers’ activities. The article is an attempt to answer the question about whether and how strongly changes in the legal setting have influenced the residential development activity in Poland. XXII Konferencja Naukowa Towarzystwa Naukowego Nieruchomości Olsztyn 26‐28 maja 2014 Monika Maleta Wydział Inżynierii Lądowej i Geodezji, Wojskowa Akademia Techniczna ANALYSIS OF SELECTED CHARACTERISTICS AFFECTING PRICES OF
LANDPROPERTY
The real estate market is an area of huge variability which translates into a noticeable change in land transaction prices. Transaction prices of land property are influenced by a number of factors that also affect the attractiveness of the traded market area. Selected characteristics can be studied because of the impact they have on modelling transaction prices and terms of their correlation with each other. The study attempts to analyze some characteristics influencing land property prices, then taking into account the occurring relationships ‐ grouping property and separation similar areas. The object of the study was the local property land market built up and undeveloped, including the sale and purchase transactions concluded in the municipality of Stoczek Łukowski. The elaboration is a theoretical and empirical. The considerations were carried out in the context of changes in transaction prices under the influence of spatial differentiation factors such as land plot area, shape, land use, a form of possession and the type of holder . The completed research and analysis of heterogeneous local market, led to separation of groups of properties with similar price‐
setting characteristics. In each of the highlighted areas of homogeneous spheres the relationship between the transaction price and analyzed factors occur in a different extent. K‐means cluster procedure was used to group similar land property. The methodology of focusing groups examined property, showing the existence of smaller or larger relationship between the transaction price and selected characteristics. XXII Konferencja Naukowa Towarzystwa Naukowego Nieruchomości Olsztyn 26‐28 maja 2014 POSTERSESSIONSPRESENTATIONS
Sebastian Kokot Uniwersytet Szczeciński THE ANALYSIS OF DIFFERENCES IN RESIDENTIAL PROPERTY PRICE
INDICES
Residential property price indices can serve as a useful tool in the practice of real property market analysts, investment advisers, property developers, certified property appraisers, estate agents and managers. It can also be applied in the property price valorisation in specific legal positions. The Polish Act on Real Estate Management puts an obligation on the President of the Central Statistical Office to announce the real property price indices, but the CSO fails to fulfil this obligation. The author’s rationale for this article is to contribute to the works on the rules of how to build the property price indices. Presented here are the results of a study consisting in the determination of price indices of such residential property types as a part of a building constituting separate property and strata titles in housing cooperatives. The flats were divided into categories by floor area and by their location in 16 voivodship capitals. The major purpose of this study is to prove that the prices of flats of different floor area change at a different rate. Consequently, it seems worth consideration whether a more detailed segmentation of the real estate market would not be worthwhile for the sake of more accurate real property price indicators. XXII Konferencja Naukowa Towarzystwa Naukowego Nieruchomości Olsztyn 26‐28 maja 2014 Anna Trembecka AGH Akademia Górniczo‐Hutnicza SELECTEDISSUESCONCERNINGTHERESTITUTIONOFEXPROPRIATED
PROPERTY
A major problem in the process of public property management are claims for restitution of expropriated real estate filed by the former owners. In the case of an intended use of the expropriated real estate, or part thereof, for any purpose other than that specified in the decision on its expropriation, the entity managing public property resource is obliged to notify the previous owner, or their heirs, of this intention, informing at the same time about a possibility of the restitution of the expropriated real estate. The paper discusses selected issues and problems occurring in the course of the proceedings for the restitution of the real estate. In addition, the scope of the claims of former owners was analyzed, with respect to the real estate located within the area of the City of Krakow. The importance of geodetic and legal documentation for the proper conduct of the proceedings was emphasized as well XXII Konferencja Naukowa Towarzystwa Naukowego Nieruchomości Olsztyn 26‐28 maja 2014 Ewelina Wójciak Akademia Górniczo‐Hutnicza im. Stanisława Staszica w Krakowie THEISSUEOFESTABLISHINGTHEEASEMENTOFTRANSMISSION
The amendment of the Civil Code valid since 3rd August, 2008 introduced the notion of the easement of transmission and so expanded the scope of easement as the limited property law. The aim of this amendment was to establish the institution that would make it easier for the transmission enterprises to use someone else’s property. The above mentioned assumption was undoubtedly met and nowadays the easement of transmission is the most common legal formula applied by the transmission companies and thus enabling them to use someone else’s real estate. The imprecise regulations together with the lack of unambiguous methodology as far as the calculation of the fee for establishing the easement of transmission is concerned, resulted in numerous arguable in this matter court trials. Still now the most equivocal issue when it comes to establishing the easement of transmission is the fee In the following paper the algorithm of proceedings to evaluate the easement of transmission has been presented. Moreover, problems connected with estimating the fee have been pointed out as well as the different ways of assessing it. XXII Konferencja Naukowa Towarzystwa Naukowego Nieruchomości Olsztyn 26‐28 maja 2014 Justyna Brzezicka Uniwersytet Warmińsko‐Mazurski w Olsztynie Radosław Wiśniewski Uniwersytet Warmińsko‐Mazurski w Olsztynie IDENTIFICATIONOFSELECTEDBEHAVIORALDETERMINANTSOFRISK
ANDUNCERTAINTYINREALESTATEMARKET
The attributes of risky or uncertain, wear a variety of market behavior, so that their observation is weighty importance for the real estate market. The wide use of behavioral factors, allows their implementation and testing with regard to the real estate market. Behavioral trend has developed its own instruments, allowing the quantification of risks and uncertainties. Hypothesis of the research work is the view of the occurrence of behavioral determinants of risk and uncertainty in the system of real estate market (RN). The purpose of the article are: 1. analysis of the risks and uncertainties in terms of behavioral system RN, 2. identification and taxonomy of behavioral determinants of risk and uncertainty shape RN, 3. develop a methodology for measuring the behavioral determinants of risk and uncertainty in the RN, 4. show the importance of behavioral determinants of risk and uncertainty on the example of Olsztyn RN. Objectives have been achieved through laboratory experiment conducted on a representative sample and by a statistical validation of the results. The work extends the current achievements of knowledge about the mechanisms of functioning of the Supervisory Board of the new issues of behavioral formulation of the problems of risk and uncertainty. XXII Konferencja Naukowa Towarzystwa Naukowego Nieruchomości Olsztyn 26‐28 maja 2014 Mirosław Bełej Uniwersytet Warmińsko Mazurski wOlsztynie Sławomir Kulesza Warmińsko Mazurski wOlsztynie SIMILARITIES IN TIME‐SERIES OF HOUSING PRICES ON LOCAL
MARKETSINPOLAND
This study examined similarities between local real estate markets in Poland from 2006 ‐ 2013 by analysing changes in housing prices. The analyses covered five cities – all the major centres in their regions: Warsaw (Mazovia ‐ the centre of Poland), Białystok (Podlasie ‐ the east of Poland), Kraków (Małopolska ‐ the south of Poland), Poznań (Wielkopolska ‐ the west of Poland) and Gdańsk (Pomerania ‐ the north of Poland). The time period was chosen such that it covered a time of rapid changes in real estate prices (a housing bubble) and their subsequent relaxation to the equilibrium state. Firstly, a multi‐dimensional analysis was employed which took into account the Chebyshev distance. This helped to conduct an analysis of correlation of price changes over time, which revealed their concurrence and, moreover, showed specific propagation delays to external stimuli, and hence could be a measure of the market’s inertia. The degree of integration of studied local markets changes only slightly over time; therefore, a thesis can be put forth in regard to the interrelation of local real estate markets, imagined as a system of communicating vessels. In the second stage, the damped harmonic oscillator model was employed to describe observed evolution of real estate prices. This study exhibited high inertia in real estate markets, manifested during rapid changes in the system’s state of a structural origin occurring far from equilibrium. In a long‐term evolution the pace of change is slow enough for the systems to remain close to the equilibrium. XXII Konferencja Naukowa Towarzystwa Naukowego Nieruchomości Olsztyn 26‐28 maja 2014 Anna Barańska AGH University of Science and Technology Sylwia Michalik AGH University of Science and Technology VARIANTSOFMODELLINGOFDWELLINGMARKETVALUE
The object of this paper is to determine the real estate market value on the basis of a multidimensional function model in different variants: a) directly from the model estimated on the basis of a big database, b) from the same model form, but estimated on the basis of a reduced database consisting of the dwellings most similar to the estimated one, and c) based on the modelled price corrected by the random correction, calculated from the model random deviations for the dwellings most similar to the assessed one. In the framework of statistical inference procedures, the result comparison was carried out by parametric significance tests. They were applied to draw conclusions on the analysed variants. XXII Konferencja Naukowa Towarzystwa Naukowego Nieruchomości Olsztyn 26‐28 maja 2014 Iwona Foryś Uniwersytet Szczeciński SELECTED DEMOGRAPHIC ASPECTS OF THE
PURCHASERSONTHELOCALHOUSINGMARKET
ACTIVITY
OF
Demographic factors next to economic, political and legal ones are important elements determining the development of the housing market. The analysis of the population age structure and of the dynamics of change shows that the population of baby boom in the age group that is actively entering the labor market and becoming independent is a stimulant for the housing market development. Individuals who are gaining economic independence generate new needs, and with appropriate financial resources also the future demand for independent accommodation. Considerations regarding housing market benefit noticeably from the support of the analysis of purchasers age structure, especially in the context of family life cycle. This issue became subject to the study that aims to determine the age of apartment buyers on the local market during economic downturn and state interventionism in the form of preferential loans. The analysis makes use of the information from notarial acts (including the personal identity number PESEL ‐ the year of birth of the purchaser) and statistical tools. The results of the study may support the decisions and the direction of state aid in meeting housing needs. XXII Konferencja Naukowa Towarzystwa Naukowego Nieruchomości Olsztyn 26‐28 maja 2014 Leszek Dawid Katedra Geodezji, Wydział Inżynierii Lądowej Środowiska i Geodezji, Politechnika Koszalińska PROBLEMS CONNECTED WITH USING DATA FROM THE REAL ESTATE
CADASTRE FOR TAX PURPOSES ON THE EXAMPLE OF THE RURAL
COMMUNESOFKOSZALINANDKOŁOBRZEGDISTRICT
According to current rules, data gathered in the cadastre that concern a type of arable lands in comparison with soil classification of rural and forest grounds, way of using the real estate, their application and others are the base of setting the agricultural, forest and real estate tax by an appropriate body. There is a problem with the cooperation between grounds and buildings files and tax system. Many plots marked as buildable lands in Local Land Management Plan and bought as building plots with a high value, but currently not built‐up or in the middle of building or plots having a status of uncommissioned, have in Land and Property Register symbols of e.g. arable grounds or meadows. As a result, organs obliged to base on data in Land and Property Register and declarations made by owners, impose on such plots farm tax although it is a building plot. The commune’s budget suffers a financial loss and owners of plots whose value is similar pay completely different taxes, higher even several dozen times. The aim of this article is an evaluation of principles concerning calculation of agricultural, forest and real estate taxes on the example of seaside communes of Koszalin district (Będzino, Mielno) and Kołobrzeg district (Ustronie Morskie). XXII Konferencja Naukowa Towarzystwa Naukowego Nieruchomości Olsztyn 26‐28 maja 2014 Ewa Kucharska‐Stasiak Uniwersytet Łódzki MAPPING THE METHODOLOGY OF PROPERTY VALUATION INTO
PRACTICE.ANATTEMPTTOIDENTIFYSOURCESOFDISCREPANCIES
The aim of this paper is to identify the causes of departure of valuation practice from its methodology. Two methods were applied in the paper: The method of analysis and the case study method. The latter analysed fourteen appraisal reports placed on websites and two opinions about the appraisal reports prepared for the court in order to detect and identify the sources of departure from the valuation methodology. In addition to theoretical topics there are certain practical aspects, the paper indicates new trends in law and national valuation rules, which should help to standardize the interpretation of the evaluation concept and reduce valuation uncertainty, understood as the uncertainty of a single valuation and uncertainty as the difference between different valuations.
XXII Konferencja Naukowa Towarzystwa Naukowego Nieruchomości Olsztyn 26‐28 maja 2014 Maria Trojanek Poznań University of Economics CARRYING OUT THE MUNICIPAL TASKS WITHIN HOUSING STOCK
MANAGEMENT–ACASESTUDYOFPOZNANCITY.
The municipal real estate stock including housing serves as an asset base in the process of carrying out statutory tasks by the municipality. Due to the numerous functions of municipal housing in the socio‐economic development and its influence on people’s living conditions, it is essential that the local governments manage the stock with particular rationality and effectiveness. Management activities differ according to the aim, type and functions of the stock. This paper discusses conditions and potential benefits for the municipality from replacing budgetary units with commercial companies that take over the statutory tasks of municipalities in the field of public social housing and providing the right conditions to enable meeting people’s housing needs. Furthermore, the author presents possible financial settlement forms resulting from leasing municipal housing to commercial companies. XXII Konferencja Naukowa Towarzystwa Naukowego Nieruchomości Olsztyn 26‐28 maja 2014 Jacek Zyga, D.Sc. Civil Engineering and Architecture Faculty Lublin University of Technology VIRTUAL EVALUATION OF USE ACCEPTABILITY OF STATISTICAL
MARKETANALYSISMETHODINREALESTATEAPPRAISAL
The following article deals with a problem of actual applicability of statistical methods (defined in polish law as “methods of statistical market analysis”) in the property appraisal. Several assessments of the use of statistical methods in the appraisal were reviewed and then an influence of their data types (being the basis of creating independent variables) on substantial quality of value model, was discussed in the paper. An experiment discovering a possibility of obtaining a formally good enough econometric model, constructed on wrongly selected variables, was referred as well. Threats and obstacles of the use of above appraisal technology were exposed afterwards. A special attention was drawn to the use of some substitute variables, that oust another variables, founded on the practical knowledge of local real estate market, from statistical market analyses. After analyzing the principles of “comparable sales” approach and data types used in statistical analyses, it was exposed that requirements of both of them are different, as far as coherence and similarity of market data are concerned. XXII Konferencja Naukowa Towarzystwa Naukowego Nieruchomości Olsztyn 26‐28 maja 2014 Michał Kruszka Vistula University Radosław Trojanek Poznan University of Economics THE SYNCHRONIZATION OF PRICE CYCLES IN THE LOCAL HOUSING
MARKETSINPOLANDIN1996‐2012
The main aim of the paper was to identify the synchronization of dwelling price cycles in the secondary housing market in the years 1996‐2012 in the six biggest cities in Poland. This aim determines the scope of the subject, which includes price changes in the secondary housing market, relating both to full and limited ownership rights to private accommodation. The research refers only to dwellings located in multi‐family buildings. XXII Konferencja Naukowa Towarzystwa Naukowego Nieruchomości Olsztyn 26‐28 maja 2014 Oksana Kuryj‐Wysocka M. Sc. Faculty of Geodesy and Land Management University of Warmia and Mazury in Olsztyn e‐mail: [email protected] Jan Kuryj, PhD Faculty of Geodesy and Land Management University of Warmia and Mazury in Olsztyn e‐mail: [email protected] Radosław Wiśniewski, assoc. prof., PhD Faculty of Geodesy and Land Management University of Warmia and Mazury in Olsztyn e‐mail: [email protected] THEDYNAMICSOFPROPERTIES’VALUABLEAREAS
The property is worth as much as the market participants are willing to pay for it, that is, as much as the potential of the property. Determining the potential of the real estate is an extremely difficult task, because everyone can see certain properties in different ways. The man’s attitude towards the real estate finds reflection in the value of the property. Accordingly, the value of a property appears only when there is a value relation such as: when the property becomes interesting for market participant. The article brings up issues determining the fields of valuable real estate, as a multidimensional category (spatial, economic etc.) , which reveals the value of the property. The field of value is characterized by peculiar dynamics, therefore the value of the property is also characterized by the dynamic field. In order to confirm the above thesis it is essential to extract the determinants that produce ‘valuable field’ and to examine how different factors influence the potential of the property. The purpose of this study is to examine whether the changes in the local real estate market have influence on the dynamics of the values of property. In order to achieve the objective of the work, a research on the local real estate market was carried out. As the result of the research the indicators characterizing the dynamics of value were determined. XXII Konferencja Naukowa Towarzystwa Naukowego Nieruchomości Olsztyn 26‐28 maja 2014 Anita Kwartnik‐Pruc AGH Akademia Górniczo‐Hutnicza im. Stanisława Staszica w Krakowie EVALUATING POSSIBILITIES OF CADASTRAL DATA CAPTURE BY
TERRESTRIALSCANNINGMETHOD
The method of laser scanning allows to capture spatial data of a given structure. The scope of applying this technology is very extensive. It is used to measure a wide variety of engineering structures, building structures, archaeological sites, and even environmental objects, in order to capture information on their geometry and, by repeating the measurements periodically, also on the changes that occur in them. In this article, the author's objective is to check whether this modern measurement method allows for it being currently used in the process of modernization of land records, and in the future it will enable to capture additional cadastral data. Both the Polish and the international literature stress a necessity to create a 3D cadastre more and more frequently. One of the reasons is a need to record additional information about real estate. The problems associated with determining boundaries and defining types of rights to space are being emphasized as well. They emerge as a result of constructing complex architectural structures. As the subject of the research studies, the Author selected a fragment of the Old Town of Kraków, which had previously been covered by classical surveys. Based on the National Geodetic Survey control points and in relation to the National Spatial Reference System, using GNSS, a survey with terrestrial laser scanner of the buildings in continuous development was performed in order to compare the accuracy of determining property boundaries by these two methods. A possibility of capturing additional information on developed real estates, which in future may became part of the 3D cadastre, was emphasized as well, and the quality of the resulting information was evaluated. XXII Konferencja Naukowa Towarzystwa Naukowego Nieruchomości Olsztyn 26‐28 maja 2014 Joanna Jaroszewicz Politechnika Warszawska, Wydział Geodezji i Kartografii Wioleta Krupowicz Politechnika Warszawska, Wydział Geodezji i Kartografii Natalia Sajnóg Politechnika Warszawska, Wydział Geodezji i Kartografii MONITORINGOFTRANSACTIONPRICESOFLANDINVOLVINGSPATIAL
STATISTICAL ANALYSES FOR THE PURPOSES OF SPATIAL
MANAGEMENT.
Over the last several years, in rural areas located in the zone of influence of large urban centres, dynamic development has been observed at the cost of the agricultural function. Spatial conflicts between various forms of management are increasingly frequent in such areas. In order to counteract such phenomena, and therefore facilitate spatial management at the level of local governments, planistic decisions should be based on credible and valid information resulting from the actual needs and the local situation of a given area. One of the types of information potentially facilitating spatial management procedures in communes constitutes data included in real estate price and value registers. The objective of the article is to present results of a study on spatial statistical analysis of transaction prices of undeveloped land properties located in the zone of influence of large urban centres. Monitoring of prices will permit the identification of areas of potential development for which local spatial development plans should be established, or the verification of the provisions of the already existing local legal acts. The study area covers selected communes of the Mińsk district under a strong effect of the local urban centre – Mińsk Mazowiecki, and the central urban area – Warsaw, as determined by the authors. The study involved the application of the analytical possibilities of Geographic Information Systems (GIS), data from the real estate price and value register, cadastral data obtained from the Geoportal and E‐mapa Geosystem websites, and data included in local spatial development plans and studies of the conditions and directions of development of communes. XXII Konferencja Naukowa Towarzystwa Naukowego Nieruchomości Olsztyn 26‐28 maja 2014 Małgorzata Krajewska University of Technology and Life Sciences Kinga Szopińska University of Technology and Life Sciences SPATIAL ANALYSIS OF TRANSACTION PRICES OF LAND WITH
CONSIDERATIONOFPLANNINGCONDITIONS
Real estate market analyzes are the basis for making many investment decisions, in particular real estate of development, including land undeveloped. Then very important is the destination of real estate, which in accordance of Polish law can be established on the basis of various planning studies. These studies are characterized by varying detail and have different legal consequences. Therefore, bought property with the same destination may be various planning conditions, in the literature – the states of planning conditions of space. In this article, the authors diagnosed of planning conditions, and carried out an analysis of transaction prices of land designated for residential and residential‐services with different planning conditions. The study includes the municipalities of the county of Bydgoszcz. XXII Konferencja Naukowa Towarzystwa Naukowego Nieruchomości Olsztyn 26‐28 maja 2014 Radosław Cellmer Katedra Gospodarki Nieruchomościami i Rozwoju Regionalnego, Wydział Geodezji i Gospodarki Przestrzennej, Uniwersytet Warmińsko‐
Mazurski w Olsztnie Katarzyna Szczepankowska Katedra Gospodarki Nieruchomościami i Rozwoju Regionalnego, Wydział Geodezji i Gospodarki Przestrzennej, Uniwersytet Warmińsko‐
Mazurski w Olsztnie SIMULATION MODELING
TRANSACTIONS
CONCEPT
OF
PROPERTY
MARKET
The real estate market is a specific and imperfect field of research, and its complex structure and the presence of information gaps necessitate the use of advanced analytical tools. One such tool is simulation modeling, which has a variety of practical applications and can be used to model real‐life systems characterized by a high degree of complexity and a high share of random components. In this paper, virtual data was used to simulate transactions on the local real estate market. Simulation tools were applied to generate additional information about transactions, their spatial distribution and transaction prices. The applicability of the iterative Monte Carlo approach with a standard regression model and a spatial regression model was evaluated. XXII Konferencja Naukowa Towarzystwa Naukowego Nieruchomości Olsztyn 26‐28 maja 2014