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This study examined similarities between local real estate markets in Poland from 2006 - 2013 by analyzing changes in housing prices. The analyses covered five cities - all of which are major centers of their regions: Warsaw (Mazovia - the center of Poland), Bialystok (Podlasie - the east of Poland), Cracow (Malopolska - the south of Poland), Poznan (Wielkopolska - the west of Poland) and Gdansk (Pomerania - the north of Poland).
The time period was chosen so that it covered an interval of rapid changes in real estate prices (a housing bubble) and their subsequent relaxation to the equilibrium state. Firstly, a multi-dimensional analysis which took into account the Chebyshev distance was employed. This helped to conduct an analysis of the 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 the local markets under study changed 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 the observed evolution of real estate prices. This study exhibited high inertia in real estate markets, manifested during rapid structural changes in the system’s state occurring in conditions far from equilibrium. In long-term evolution, the pace of change is slow enough for the systems to remain close to equilibrium
Since 2009/10 Poland has experienced a dynamic growth of wind energy production. Currently, wind energy is the most popular resource of renewable energy in Poland. Despite the importance of wind energy for the Polish economy, there is no reliable and comprehensive research on the causal effects of wind farm facilities on property prices.
The aim of this article is to critically review existing research related to the impact of wind farms on prices of nearby residential properties. The article concentrates on Polish as well as international scientific literature. Besides presenting the main findings obtained from the review of literature, the article clusters these findings based on information that is crucial to the analysis: methodology, data, and subject of study. The literature review is followed by a description of the characteristics of wind energy in Poland, which includes differences in the location of wind farms between Poland and other countries. The article concludes that despite the fact that some international research points to a significant causal effect of wind farms on property prices, these results cannot be easily transposed to Polish circumstances. Based on the reviewed literature, the article moreover shows directions for improving future analyses in Poland, particularly with respect to the methodology.
Real estate market can be thought of as an open, dynamic system. It means that it is able to exchange stimuli with other open systems, and that its state evolves in a way that might be described mathematically. It turns out that two main processes contribute to the overall evolution of the real estate market: long-term, predictable evolution, interrupted by sharp changes of catastrophic origin. In this picture, national housing funds play an important role in supporting the housing finance: on one hand they could either stimulate or suppress the real estate market influencing the availability of the mortgage credit, but on the other hand, they could also help to stabilize prices. In this study, an attempt was made to determine the degree of relationship between the volume of mortgage financing from national housing funds and the dynamics of real estate prices.
Markets of any goods, like the whole economy, are subject to fluctuations, which are usually determined by the economic situation. Fluctuations of different strength affect all markets, including that of real estate. Studies conducted in other countries show that the number of transactions and the price of apartments on the housing market tend to increase in the spring and summer rather than in autumn and winter. In this paper, an attempt was made to verify this relation in Polish conditions using examples of several cities in the period of 1996-2012.