<abstract xmlns="http://www.w3.org/1999/xhtml">The aim of this article is to show the accessibility of real estate by transportation as a factor that significantly determines the decision to acquire it. Direct access to a public road, or access to an internal road that provides communication with the public road, are a factor affecting the value of real estate. In addition, this factor is taken into account in the process of changing the function of the area, especially in determining zoning and land use. The decision of purchasing real estate often depends on transportation accessibility, because it has an impact on developing the selected plot.Suburban real estate markets, as markets exposed to particularly strong investment pressure, develop depending on the influx of external investors and the local transportation network. Here, the smaller the distance from the city center, the greater the building concentration; nevertheless, it is still important to improve transportation links and create a well-developed local transportation network. The provision of access to main roads on the rapidly growing market is in the interest of local authorities implementing spatial policy. It is also a challenge for real estate investors taking on the initiative in the scope of transforming land use.The analysis of the impact that transportation accessibility has on the development of the real estate market was conducted on the example of two selected suburban communes bordering the city of Olsztyn - Dywity and Stawiguda. Transactions on the local real estate market entered into during a period of five years were subjected to analysis. The results of the research revealed concentrations of transactions of real estate located on the outskirts of the city or in areas well-communicated with Olsztyn. The conducted research also indicates that, due to the activity of investors, a network of internal roads creating a complex structure was formed.</abstract>

Accessibility of Real Estate by Transportation as a Determinant of the Development of Suburban Real Estate Markets – Case Study

<abstract xmlns="http://www.w3.org/1999/xhtml">Testing what factors create the market value of real estate is key information when preparing property valuations as well as other opinions and professional evaluations on the basis of which court verdicts or administrative decisions are made. One of the factors influencing the value of some real estate is the level of noise present in the surroundings, which can lead to the occurrence of noise nuisance negatively affecting social relations.Due to the fact that the analysis of the attractiveness of a location is the basis for properly determining the market value of real estate, the present article is dedicated to the methodology of assessing the noise nuisance of real estate surroundings. Four methods of assessment are proposed in the work: two of an objective nature, based on the measurements of noise and spatial analyses of data included in a strategic noise map, as well as two of a subjective nature, accounting for, among others, the individual perceptions of real estate users. The results of studies using the above methods can serve as a source of information on real estate as well as aid decision processes in the scope of real estate management. Theoretical deliberations were supported by a sample assessment of the noise nuisance of real estate surroundings carried out using two of the presented study methods.</abstract>

Faculty of Civil and Environmental Engineering and Architecture, UTP University of Science and Technology in Bydgoszcz

Methods of Assessing Noise Nuisance of Real Estate Surroundings

<abstract xmlns="http://www.w3.org/1999/xhtml">The aim of the article is to identify factors that determine the development and management models of floating housing development in the analyzed countries. The author indicates factors determining the possibility of settling on bodies of water in Poland, and restrictions connected with this type of development, as well as the need for specialized persons and companies ready to meet the challenges of the modern management of hydro-technical facilities, including floating housing development.In Western Europe, living on water is gaining in popularity. People have begun to dwell on water because of rising land prices, congestion in cities and work related to the use of rivers for the transport of goods.The popularity of housing on water in the Netherlands results from environmental conditions. About 60% of the Netherlands is below the sea level. For hundreds of years, the population of the Netherlands has been battling with the elements, while being exposed to continuously rising sea levels, which has been a consequence of the greenhouse effect. Environmental changes have caused a change in government policy, which began to support construction activity on water, adapted regulations and changed office holders.In North America, especially in the United States, the identification of residents with their neighborhoods of houses on water is so high that it has resulted in the formation of communities uniting owners of residential watercrafts, who have succeeded in homes on water becoming recognized as real estate and, consequently, now have the same rights as residents of houses on land.In Poland, housing estates on water are slowly gaining popularity but no factors determining the development of this type of settlement have been established. An analysis of the situation in Poland reveals many factors limiting the functional use of houses on water and a lack of specialists in the management of hydro-technical facilities. Therefore, on the basis of examples of countries in Western Europe and North America given in this article, the author tries to define the responsibilities of managers and an appropriate management model for housing estates on water in Poland, as well as indicate problems with the development of housing on water and their possible solutions.</abstract>

Modern Management Challenges of Floating Housing Development

<abstract xmlns="http://www.w3.org/1999/xhtml">The residential real estate market is thought to show a tendency for wide fluctuations in prices, as a result of which price bubbles appear. This element of risk has a direct bearing on investors interested in speculation and those seeking to meet their housing needs. Wide fluctuations in the values of real estate affect the investors’ financial situation in many ways, by determining the possibility of meeting one’s housing needs, reducing or sometimes raising creditworthiness, and by increasing investment risk measured by volatility. Omitting the obvious social dimension of the residential real estate market and concentrating on its financial aspects, the author of the article analyses to what degree wide swings in prices can be recognized as specific to this market. To this end, the volatility of prices in the stock market and in the secondary housing market in Poland is compared. An analysis is performed to establish which of them has higher average volatility measures or rates of return, i.e. which of them is more profitable or secure for investors. Statistical tests are used to find out whether average rates of return or measures of risk are equal or different between the two markets. The results of the research show that the secondary housing market and the stock market differ concerning cumulative average rates of return and standard deviations. In the first of them, they are respectively higher and lower.</abstract>

Investment Risk in the Context of Price Changes on the Real Estate and Stock Markets

<abstract xmlns="http://www.w3.org/1999/xhtml">We propose a new model for the decomposition of rental multipliers for the property building element which also supports valuation of income-producing real properties based on the principle of stability and an un-orthodox application of discounted cash flow analysis. Having regard to the building/land element analytical split of overall property, the proposed model explicitly accounts for the impact of the value of underlying land on the decomposition of rental multipliers, and doesn’t require long-term forecasting of income.</abstract>

A Model to Decompose Property Rental Multipiers with Regard to the Division Between Land and Building Elements

<abstract xmlns="http://www.w3.org/1999/xhtml">This paper presents a streamlined sub-system of decision-making in a real estate market with incomplete data. As we currently observe, various entities collect data and use databases, which entails a problem with their quality and completeness. This results from the specifics of the real estate market, particularly from the nature of the available information, access to it and integral uncertainty.In the first part of this paper, we will present substantive guidelines for the development of a procedure for supplementing missing information. Afterwards, in order to verify the feasibility and effectiveness of the procedure, an implementation simulation will be conducted on the selected example. We would like to emphasize that all decisions are made under the conditions of an information gap.</abstract>

Faculty of Geodesy, Geospatial and Civil Engineering, University of Warmia and Mazury in Olsztyn

Faculty of Econonomics, University of Warmia and Mazury in Olsztyn

Streamlining of the Process of Decision-Making in Real Estate Management with Incomplete Information

<abstract xmlns="http://www.w3.org/1999/xhtml">Strong links between the condition of the environment and the economy have recently resulted in a number of actions aiming to implement environmental considerations in economic calculations. This is accompanied by the development of the concept of ecosystem services, characterizing the benefits that the environment provides humankind with. The identification of these services is reflected in their economic values. Hence, the concept of the valuation of ecosystem services. Therefore, if the service provided by the environment takes on a financial value, we can consider it as income from the property containing the analyzed ecosystem. Of course, in order to speak in practice of the income approach in the valuation of such properties, there must be actual financial flow as income for the real estate owner. However, in the era of big economic changes and the implementation of a number of financial instruments (e.g., subsidies for a particular use of property, trade of CO2 emission rights), it seems reasonable to consider the possibility of property valuation by the valuation of ecosystem services.A part of this research focused on a service of forest ecosystems service that is carbon sequestration. The selection was made due to the implementation of the climate policy at the European level and its association with the trade of CO2 emission rights. The analyses were performed for two test sites characterized by different determinants (composition of species in the tree stand, age of the stand, degree of compactness of the tree stand, etc.). The low level of difficulty of the test methods used enables non-experts (persons with no qualifications in forestry) to carry out valuations themselves. The research is a contribution to the debate on the possibility of accounting for carbon sequestration in forest property valuation based on the income approach, but the issue still requires clarification of certain elements.</abstract>

Department of Spatial Economy, Wrocław University of Environmental and Life Sciences

Institute of Plant Genetics, Breeding and Biotechnology, University of Life Sciences in Lublin

Department of Financial Economy II, University of the Basque Country

Carbon Sequestration in Forest Valuation

<abstract xmlns="http://www.w3.org/1999/xhtml">Various speculative phenomena arise on the real estate market, and the speculative bubble (SB) is one of the best known events of the type. Speculative bubbles still have many unidentified components, and are characterized by high research potential due to the multiple factors responsible for bubble creation, as well as considerable practical implications on account of the multivariate results describing the real estate market (REM) and its surroundings.Speculative price bubbles are associated mainly with changes in price trends on the real estate market. A thorough analysis of a speculative bubble over time demonstrates trend changes also in other research categories which constitute bubble components and elements of the real estate market and its surroundings. The above criteria were used to identify a new research category termed speculative bubble components (SBC).The research hypothesis states that speculative bubbles should be analyzed based not only on prices, but also on bubble components. The objectives of this study were to: 1) classify speculative phenomena on the REM, 2) describe a speculative bubble based on market prices and SBC, and 3) present the results of a study evaluating speculative bubble components in relation to market prices, and discuss the trajectories of the analyzed research categories over time.This study attempts to determine whether a speculative bubble can be analyzed in view of its components, and which elements of the real estate market and its surroundings can be classified as SBC. Attempts were also made to identify a research method that supports the identification of SBC variables and classification of variables into groups, and explains market prices in view of the identified variables and groups. The research relies on a review of literature in the theoretical part and statistical analyses in the experimental part. The results will broaden our knowledge of the mechanisms behind speculative phenomena on the real estate market.</abstract>

Speculative Bubbles and their Components on the Real Estate Market–A Preliminary Analysis

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Real Estate Management and Valuation

eISSN: 2300-5289   Real Estate Management and Valuation (REMV) is a journal that publishes new theoretical and practical insights that improve our understanding in the field of real estate valuation, analysis and property management.  The aim of the Polish Real Estate Scientific Society (Towarzystwo Naukowe Nieruchomości) is developing and disseminating knowledge about land management and the methods, techniques and principles of real estate valuation and the popularization of scientific achievements in this field, as well as their practical applications in the activities of economic entities.  www.tnn.org.pl - here you can find information about history of the Polish Real Estate Scientific Society (Towarzystwo Naukowe Nieruchomości)and the main research areas as well asolder published papers (in Polish language).   The journal does not have article submission charges. The journal does have Article Processing Charges (APCs). More details: www.remv-journal.com.  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(2) Paper is initially revised by Editor-In-Chief and Managing Editor or Section Editor. (3) Articles undergo content-related revision according to the Rules of revising publications in REMV. (4) Articles are passed on to reviewers. (5) Review on the form. (6) Article after review and reviewers’ annotations are sent to the author. (7) Re-review (if necessary). (8) If final conclusion of the review states "rate manuscript once again after ...", Reviewer carries out a second review of the changed article. (9) Linguistic proofreading. (10) Publication.  The minimum number of reviews required and the minimum number of reviews needed to decide on each submission: 2.  Who reviews and comments on a manuscript: reviewers selected from the list of reviewers/sometimes provided by the authors.  Types of decisions possible: (++) initial acceptation, (+) acceptation after changes suggested by the reviewer, (-) rate manuscript once again after major changes and another review, (--) reject.  Does the journal provide any English-language editing or technical editing to manuscripts in need: yes both.  Do both authors and reviewers have to acknowledge any and all conflicts of interests: yes.  If there are conflicts of interests, how does the editorial respond: change reviewer.    Rejection Rate   2017 - 22%  2018 - 21%  2019 - 35%  2020 - 29%  2021 - 51%    Archiving  Sciendo archives the contents of this journal in Portico - digital long-term preservation service of scholarly books, journals and collections.  Plagiarism Policy  The editorial board is participating in a growing community of Similarity Check System's users in order to ensure that the content published is original and trustworthy. Similarity Check is a medium that allows for comprehensive manuscripts screening, aimed to eliminate plagiarism and provide a high standard and quality peer-review process.  PREVIOUS TITLES:Real Estate Management and Valuation (ISSN 2300-5289) is a successor of Studia i Materiały Towarzystwa Naukowego Nieruchomości (1733-2478).The back issues of the journal under former title can be found here: tnn.org.pl/pl/publikacje-tnn#Mono 