<abstract><title style='display:none'>Abstract</title>Within the scope of real estate appraisal, the Depreciated Replacement Cost method is mostly seen as a solution of last resort, when no other option is available. Nonetheless, it is ever more useful in addressing various estimation needs. In its basic formulation, the method suffers from several simplifications that lead to rather rough results. Here we try to go beyond these limits. To this end, we propose a variant based on the following three cornerstones. The first is the partition of the replacement cost into its fundamental components, at least according to three cost items: building structure, finishes, and installations. The second cornerstone is the formulation of different depreciation curves for each of the cost items mentioned above, by processing distinct data on useful life and residual life. Finally, the third cornerstone is represented by the definition of a complex depreciation function to take into account both the original useful life of the construction and its lengthening due to partial or full refurbishments.</abstract>

Depreciated Replacement Cost: Improving the Method Through a Variant Based on three Cornerstones

<abstract><title style='display:none'>Abstract</title> Housing markets as well as the overall economy develop unevenly. Business cycles are the result of the diverse dynamics of their development. The housing market, as one of the components of economic systems, is influenced by business cycles, at the same time affecting them as well. It should be noted, however, that the special nature of this market may determine a different course of housing market cycles in comparison with changes in business cycles. The aim of the paper is to identify similarities and differences in the shaping of the housing market cycle and the business cycle. The analysis will be conducted on the basis of experience from the Polish market and selected Western markets.</abstract>

HOUSING MARKET CYCLES IN THE CONTEXT OF BUSINESS CYCLES

<abstract><title style='display:none'>Abstract</title> The global idea of building state Land Administration Systems was to determine the infrastructures for the implementation of land policies and land management strategies in support of sustainable development. This new paradigm in science has directed many studies towards the development of concepts for the integration of various spatial information systems in the framework of interoperable infrastructures. Each infrastructure includes institutional arrangements, a legal framework, processes, standards, land information, management and dissemination systems, and technologies required to support allocation, land markets, valuation, control of use, and development of interests in land.Many countries are in the process of developing Land Administration Systems (LAS). Databases of Land Information Systems (LIS), including cadastres, land registries, tax registries and land-use plans, are integrated to improve Land Information System functions and provide effective support for other systems and economic processes.This article analyzes the LAS construction process in Poland with particular emphasis on the functionality of the infrastructure supporting the widely understood sustainable development of land, the economy and society. The presented solution may be an important model (template) for other national infrastructures.</abstract>

Land Administration System for Sustainable Development – Case Study of Poland

<abstract><title style='display:none'>Abstract</title> In the economic theory, competition is considered to be a fundamental principle of the free market. Due to the competition, customers get lower prices, better service quality, more and more choices. The competition in the real estate market is a very important factor in its development. Buying or selling real estate is often one of the most important financial transactions, which require the purchaser. With the reference to the above, the participants of the real estate market need to analyse a number of transactions and do a detailed understanding of the market before making a decision and finding a deal that meets all the expectations which will not be diverging significantly from remaining offers functioning in the given area of the market. The phenomenon of competition is very advantageous for buyers of a real estate, because it shows a wide range of various possibilities which one should consider before making a final choice.Times of crisis trigger a tendency of the growing competition in the property market, what results in a decrease in real estate prices. This article brings up the issue of price and non-price competition on the real estate market and the influence which it exerts on the decision of the purchaser. The aim of this paper is to present the phenomenon of the competition at three levels (levels), by examining what relationship occurs between the entities functioning on the market, what occurs between entities and objects, and how the entities, i.e. individual real estate, compete with each other. This study will be conducted with methods of statistical analysis of the market, however Herfindahl-Hirschman Index will be used to measure competition on the local real estate market.</abstract>

The Problem of Competition on Real Estate Market on the Example of the Local Housing Market in Olsztyn

<abstract><title style='display:none'>Abstract</title>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><title style='display:none'>Abstract</title> Real estate management activities evolved with the development of the real estate industry, the needs of property investors and general changes in the market environment. Today, these activities require a comprehensive approach on the one hand, but on the other, are more and more specialized. The paper presents an integrated view of real estate management on the example of a multidimensional basic concept of real estate management developed under German market conditions. Detailed analysis of this concept was preceded by a review of approaches to real estate management made on the basis of literature and own research. It was on this basis that opportunities and application fields of the integrated model of real estate management in Polish market conditions were characterized. The presented concept can be used both as a raster to harmonize real estate management activities and tasks in business practice, as well as a classification scheme for the evaluation of scientific research. This concept is an important step on the way to structuring and organizing real estate management as a professional service according to the indications of management science.</abstract>

An Integrated Approach to Real Estate (Porfolio) Management

<abstract>
<title style='display:none'>Abstract</title>
With the rapid spread of telecommuting since the COVID-19 pandemic, companies have been relocating to high-end business centers, thereby enhancing the workplace experience for employees, a phenomenon called the "flight to quality." However, this trend’s impact on rents and vacancy rates in individual office buildings has not been extensively studied. To determine the effects of the flight-to-quality phenomenon on individual buildings, we examine the impact of modern amenities, which directly influence employee lifestyles, on rents and vacancy rates in the Tokyo office market. Using a propensity score-based quasi-experimental method, we find that commercial properties with such modern amenities command higher rents and experience lower vacancy rates than those without. The difference in vacancy rates has increased since 2020. However, the significance of these amenities diminishes for properties less competitive in age, size, and location. The results indicate that the "flight to quality" may further polarize the office real estate market into two categories: one for high-end buildings experiencing increasing demand, and another for those with modest amenities experiencing decreasing demand. The findings have implications for office building owners/investors and the government, make educated decisions as to whether to invest in modern amenities, join the quality competition, or encourage urban restructuring.
</abstract>

The Impact of the Flight to Quality on Office Rents and Vacancy Rates in Tokyo

<abstract>
<title style='display:none'>Abstract</title>
The identification of the scope of the limited property law (that is transmission easement), as well as the taking of appropriate actions, has become difficult. The far from sufficient implementation of rules has led to numerous disputes, the resolution of which has been sought in court. Very generalized legal bases, interpretation of regulations and the acceptance of the rulings of common courts have made the development of operating procedures possible and have determined the persons participating in performing work related to transmission easement.
The specifics and the multidimensionality of the subject requires cooperation from several experts. The methodological bases are limited, and the regulations unclear. The goal of the research is the standardization of designations of component parts and activities associated with transmission easement. The entire process is made easier by a set procedure proposed in the form of an outline. This study draws attention to individual activities and the order in which they are performed. This allows individual specialists to carry out the next stages of work, which in turn leads to sanctioning the rights of the grantee, while determining fair and satisfactory compensation for the grantor.
</abstract>

Compensation for Establishing Transmission Line Easement: Parts of Land Affected and Persons Involved

<abstract>
<title style='display:none'>Abstract</title>
The housing situation changes with the household formation cycle. Age, marital status and having children are key to explaining the tenure status of households. However, the question of what factors differentiate owners and tenants if they are at the same stage of household formation arises. Using the logit model method, the determinants of tenure status of Polish households in the same life cycle stages were compared. The study used EU-SILC data for 2018. It showed that both the determinants of housing choices and the strength of their impact differ. At the household formation stage, income and the size of the city are important determinants. At this stage, housing choice is limited due to the availability of the rental market and the need for young people, who migrate to larger cities, to become independent. At the stabilization stage, the source of inequality was the gender of the household head, education, health and marital status. It has been observed that entering into an informal relationship by divorced persons does not equalize their chances of homeownership.
</abstract>

Inequalities in Transition to Homeownership in Household Life Cycle

<abstract>
<title style='display:none'>Abstract</title>
The paper aims to promote a model for determining residential land prices within a suburb of Hue city, Vietnam to improve the efficiency of land price determination and management. The study conducted surveys of 27 variables of 200 residential land plots in order to run the hedonic model using SPSS 26.0 software. The result developed a model that explained 78% of the change in land prices by incorporating five factors: area of land, width of road attached to the land plot, distance to hospital, ability to generate cash flow and planning information. Meanwhile, the writers also produced a map of residential land prices in the 2022 suburban areas of Hue city, Vietnam. This is a helpful tool in land market consulting and land valuation procedures.
</abstract>

Application of Hedonic Model to Determine Residential Land Valuation in Suburban Areas: The Case of Hue City, Vietnam

<abstract>
<title style='display:none'>Abstract</title>
The idea of Transit Oriented Development (TOD) was to foster urban development around railway networks and has been strategically built and applied since the late 19th and early 20th centuries. Previous studies reported positive, negative, or irrelevant impact of TOD on prices of surrounding real estate. The study aims to evaluate the impact of TOD on property prices in Kuala Lumpur. It utilizes secondary data obtained from the National Property Information Centre (NAPIC), Malaysia, after data cleaning, Nine Thousand Five Hundred and Forty-Nine (9549) Housing Transactions between the periods 2009 and 2018 were used. The research design was quantitative, and the Hedonic Price Model (log-log model) was used for data analysis. The model revealed a multiple correlation coefficient (R) of 0.891 and an adjusted R2 value of 0.794, indicating that 79.4% of the house price variation is explained by the model. The F value of 996.921, which is statistically significant, indicates that the predictors significantly combine to predict the price of TOD areas in Kuala Lumpur. The coefficient for LnTrainsta is 0.056, indicating that there was a positive relationship between residential house prices and TOD in Kuala Lumpur; this explains that house prices increase by 5.6% for every 100 meter closer to the rail transit station.
</abstract>

Price Model for Transit-Oriented Developments in Kuala Lumpur, Malaysia

<abstract>
<title style='display:none'>Abstract</title>
This article evaluates online social behavior regarding the establishment of limited-use areas (LUAs) around the airports in Warsaw and Gdansk. The study relied mainly on an analysis of Google Trends statistics, in particular the dynamics of keyword searches. The article suggests that assessments of online behavior can provide a deeper understanding of social behavior. The study involved an OLS regression analysis and a causal impact analysis of the intervention based on a Bayesian structural time-series model. This article analyses different phases of an information society's activity, from the introduction of LUAs around airports to the deadline for submitting compensation claims. The results indicate that the number of searches for the keyword "compensation" increased significantly after the introduction of LUAs and that RSV decreased after the end of the compensation process, which confirms that the intervention significantly influenced the analyzed time series.
</abstract>

Exploring Public Interest in Limited-Use Areas and Compensation from Airports in Poland: A Google Trends Analysis

<abstract><title style='display:none'>Abstract</title> Property valuation is characterized by uncertainty, understood not only as uncertainty of a single valuation, but also as a discrepancy between multiple valuations of the same property carried out at the same time and for the same purpose. A valuation is only an estimate, the outcome of which depends on the assumptions adopted by the valuer. Such assumptions may account for the potential of a property in a complex market environment in different ways. The objective of the paper is to present the methodology of research devoted to valuation uncertainty in highly developed markets to emphasize the need to conduct such research in Poland, and to indicate the areas in which professional organizations should undertake actions.</abstract>

UNCERTAINTY OF PROPERTY VALUATION AS A SUBJECT OF ACADEMIC RESEARCH

<abstract><title style='display:none'>Abstract</title> In this paper, the systems of real estate mass appraisal in some selected European countries will be discussed, in comparison with those of individual countries on other continents, in terms of similarities and differences in law, institutional scope and subjects responsible for its execution. With selected countries serving as an example, the practical aspects of operating the real estate owners’ taxation system will be discussed as well the data acquiring process, considered price-making factors, proceeding methodology and circumstances taken into account in real estate cadastral valuation, giving consideration to national specificity.</abstract>

Real Estate Mass Appraisal in Selected Countries – Functioning Systems and Proposed Solutions

<abstract><title style='display:none'>Abstract</title> This paper presents the principles of studying global spatial autocorrelation in the land property market, as well as the possibilities of using these regularities for the construction of spatial regression models. Research work consisted primarily of testing the structure of the spatial weights matrix using different criteria and conducting diagnostic tests of two types of models: the spatial error model and the spatial lag model. The paper formulates the hypothesis that the application of spatial regression models greatly increases the accuracy of transaction price prediction while forming the basis for the creation of cartographic documents including, among others, maps of land value.</abstract>

USE OF SPATIAL AUTOCORRELATION TO BUILD REGRESSION MODELS OF TRANSACTION PRICES

<abstract><title style='display:none'>Abstract</title> The paper indentifies and synthesizes the observed changes in the role of the property valuer on the property market. The authors of this paper provide a perspective on the changes in the educational programs for valuers. The main challenge for valuation professionals lies in developing a deeper understanding of market globalization and better analytical skills, with a view to assessing accurate values. The educational system at the university level should encompass programmes which will prepare valuers for providing proper advice affecting important investment decisions of real estate market participants. They stress the role of international and national organizations in re-shaping the profile of the valuer. The current critical attitude towards the valuation profession has forced the European body representing valuers, namely The European Group of Valuers’ Associations (TEGoVA) to speed up the harmonisation of the valuation practice in order to forestall more rigorous control by the EU. In response to this, all the major internationally recognised standard setting bodies, such as the above-mentioned TEGoVA and The Royal Institution of Chartered Surveyors (RICS), are considering the need to add “risk analysis” to valuation reports. Such development should significantly affect future valuation educational and training programmes which will need to present a more holistic approach to real estate as an asset class.</abstract>

Faculty of Geodesy and Land Management University of Warmia and Mazury in Olsztyn

The European Group of Valuers’ Associations

Modern Challenges Facing the Valuation Profession and Allied University Education in Poland

<abstract><title style='display:none'>Abstract</title> 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.</abstract>

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

<abstract><title style='display:none'>Abstract</title> The article pertains to the topic of speculative price bubbles which arise in the real estate market. The individual parts of the article deal with the connection between the price bubble in the American real estate market and the global economic crisis, defining the concept of a price bubble with regard to the behaviors of market participants, providing a description of the environment generating price bubbles, and systematizing the reasons behind the formation of price bubbles. The analysis of behavioral aspects accompanying the existence of a price bubble is a key issue. The assumed considerations indicate that the housing price bubble could not exist in the real estate market (REM) if its formation was not accompanied by behavioral aspects. These aspects include, among others, giving in to temptations and emotions, limited rationalism, herd behavior, and seeking to make profits in a short amount of time at the expense of long-term negative consequences. The nature of these deliberations is theoretical.</abstract>

Price Bubble In The Real Estate Market - Behavioral Aspects

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eISSN: 2300-5289   Real Estate Management and Valuation (REMV) is a journal that publishes new theoretical and practical insights that improve...