<abstract xmlns="http://www.w3.org/1999/xhtml"> The paper presents the concept of the process approach in corporate real estate management (CREM). Its objective is to identify and attempt to define the corporate in: corporate real estate and the property management process. In its first part, the paper deals with corporate real estate management and the CREM process approach. The second part presents the concept of the process approach, defining the process of CREM in the context of its determinants and objectives. Further research is presented in the conclusion.</abstract>

The Concept of the Process Approach in Corporate Real Estate Management

<abstract xmlns="http://www.w3.org/1999/xhtml"> The stock exchange is considered one of the most important financial institutions in the market economy. The stock market reacts to the state of the economy almost immediately, and, in the end, the quotations of companies affect the state of other markets. The author decided to look at companies from the WIG Real Estate index as important entities shaping the real estate market. When comparing the situation on the capital market with the situation on the residential real estate market, one could, building an appropriate model, conclude how much these markets interact. Purpose - The purpose of the article is to present the links between two important markets, the capital market, with real estate companies as its representatives, and the secondary housing market. In order to achieve the goal, a research hypothesis was formulated: the economic situation on the real estate companies market will be reflected in the situation on the secondary housing market. Design/methodology/approach - Cross-sectional regression analysis was used in the study. Using the data from the Warsaw Stock Exchange and the National Bank of Poland, regression models where price changes in the secondary housing market are explained by the quotations of real estate companies and selected stock exchange indices were built. The study was carried out from the first quarter of 2011 to the third quarter of 2017. Findings - Two models were built in which the rates of return on investments in real estate companies explain the price changes in the secondary housing market in a statistically significant way. Thus, the research hypothesis was positively verified, showing that the real estate market and the stock market of real estate companies are interrelated. Originality/Value - The alternative method of analyzing the real estate market can be considered as the original value of the presented results. A demonstration of the connections between both markets allows us to validate the methods used on the stock market to analyze the real estate market. An example application is the use of methods for estimating the cost of capital from the stock market in the real estate market.</abstract>

Listing of Developer Companies as a Predictor of the Situation on the Residential Real Estate Market

<abstract xmlns="http://www.w3.org/1999/xhtml"> The assumption of a strong positive relationship between the specificity of an urban area and the operation of the housing market, which responds to megatrends in the market environment, has been the foundation of the research concept adopted for this study. The study treats the housing markets as complex, adaptive dynamic systems which develop through synergistic network responses. This paper employs a nonlinear critically-damped harmonic oscillator model and phase diagrams to describe the dynamics of housing prices (in the years 2006-2016) in order to demonstrate the synergistic network connections in selected Polish cities. In another important part of the study, the authors propose to employ non-classical dynamic measures, i.e. the absolute time of delay, relaxation time and a long-term level of equilibrium. The study has shown that network connections are strongly synchronized during periods of housing market instability (2006-2007), whereas the process of unsynchronization is observed during a period of stability (2008-2016). Moreover, phase diagrams have been used to demonstrate the similarity of trends in housing prices as well as the shapes of individual trajectories and the existence of multiple points of quasi-equilibrium.</abstract>

Synergistic Network Connectivity among Urban Areas Based on Non-Linear Model of Housing Prices Dynamics

<abstract xmlns="http://www.w3.org/1999/xhtml"> Development activity is primarily characterized by high capital intensity. Developers implementing a venture in the residential market make use of not only their own funds but also capital from potential buyers. Therefore, developers should carefully analyze the markets in which they intend to conduct their business activity. This particularly applies to developers operating on an international scale. Local developers often understand the market situation in a given area enough to be able to successfully assess whether their products will find buyers. Foreign developers, however, deciding in which country and subsequently, in which region, to start their business activity, should base their analysis on reliable statistical data concerning demand, supply, prices, and the absorption rate. The aim of the article is therefore to assess the availability of statistical data necessary for conducting a market analysis for the needs of development activity in individual countries of the European Union and the United Kingdom.</abstract>

A Market Analysis in Development Activity. The Problem of the Availability of Statistical Data in European Countries

<abstract xmlns="http://www.w3.org/1999/xhtml"> The Register of Real Estate Prices and Values (RREPV) is among the sources of information used in the process of real estate value estimation. Pursuant to § 74 of the Regulation on the Land and Property Register, the register is kept by the head of the county. Currently there are 380 counties in Poland, including 66 city counties. Such a big number of administrative units within the country, combined with different information and communication system providers, results in a great diversity of software used for keeping RREPV nationwide. The purpose of the article is to present the spatial distribution of information and communication systems in which RREPV is kept. The article describes parameters that characterize the market share of specific programs existing on the market with regard to the number of implementations, estimated number of transactions entered in the system, the coverage area of the specific system and the population handled by the specific system.</abstract>

Information and Communication Systems Used for Keeping the Register of Real Estate Prices and Values (Rrepv) in Poland

<abstract xmlns="http://www.w3.org/1999/xhtml"> The paper presents the results of research aimed at assessing the geographic diversification of the income affordability of flats on both the primary and secondary markets in Poland in the years 2012 - 2016. It analyzes the differences in the income affordability of flats: 1) in voivodeship cities, 2) between voivodeship cities, 3) between voivodeship capitals and other major cities located in counties in the voivodeship. Measures of differentiation and the Shapiro-Wilk, Fisher-Snedecor and t-Student tests were used. The source of the data used to conduct the study was the AMRON system. The results of the study indicate that: 1) changes in the income affordability of flats in voivodeship cities were small during the analyzed period, 2) the average diversification in voivodeship cities in terms of the income affordability of flats was small, however the differences in the extreme values of housing affordability indicators were high, 3) the maximum differences in the income affordability of flats between counties in the same voivodeship were high, 4) in a majority of voivodeships (11 out of 16), the income affordability of flats in a voivodeship city was lower (not always statistically significantly) than in the remaining counties of the voivodeship.</abstract>

Spatial and Temporal Diversification of the Income Affordability of Housing in Poland

<abstract xmlns="http://www.w3.org/1999/xhtml"> Issues related to the relationship between prices and values of goods have occupied the minds of economists since the beginnings of economic thought. These considerations concern both general issues and the direct, practical dimension of values. For the real estate market, the main value category considered and used is market value. Its concept has been defined at different levels of legislation, but regardless of how detailed the content of the definitions, they all refer to price as the main basis for reasoning. On the other hand, a part of the economic trends call into question the possibility of measuring values directly on the basis of prices. Consequently, in the light of existing divergences in interpretation, can prices be a good yardstick for value, particularly in the light of the evolving concepts of Highest and Best Use (HaBU) and Hope Value? In an attempt to answer the question, the paper presents considerations on the relationship between prices and value on the real estate market, in particular in the context of the significance of this relationship for the determination of market value. Theoretical studies were supported by empirical research, which allowed for disproving the research hypothesis concerning the relations between the analyzed economic values.</abstract>

Price as a Measure of Market Value on the Real Estate Market

<abstract xmlns="http://www.w3.org/1999/xhtml"> One of the assumptions of the draft of the Act on Urban Planning and Construction Code is to strengthen social participation in creating spatial policies at all levels of planning. As part of the conducted research, a questionnaire was designed for the purposes of this article. The research was carried out on people who took part in the expositions of Local Spatial Development Plans (LSDP) and public discussions taking place in the communes of Siemianowice Śląskie and Pszów. The conducted questionnaire inquiry pointed to the low level of public awareness regarding procedures, as well as the lack of understanding of these documents due to the illegible form of the presentation of the approved local plans provided by the Act on planning and spatial development. Only 26% of the respondents declared to have good knowledge of the procedures for developing and approving local plans. The draft of the Urban and Construction Code Act, which is to replace the mentioned act, provides for a substantiation of the LSDP that may contain a visualization presenting the local plan regulations in a graphic manner, understandable to people who do not have technical knowledge, including digitally excluded persons. The conducted inquiry has shown that more than half of all respondents admitted that the usage of both a large-scale map and an orthophotomap as a cartographic background for the visualization of LSDP findings was by far the most legible. The proposed solutions can be introduced directly into the regulation on the detailed rules for the preparation of spatial planning acts. The statutory delegation for its issue was included in article 243 of the Act on Urban Planning and Construction Code draft published on 23rd November 2017 on the website of the Ministry of Infrastructure and Construction.</abstract>

The Suitability of an Orthophotomap in the Process of Approving Local Spatial Development Plans

<abstract xmlns="http://www.w3.org/1999/xhtml"> Mass valuation of real estate requires meeting a combination of several demands, such as estimating a large number of real estate properties in a short time, and above all carrying out calculations using the same tools. Econometric models ensuring that the above requirements are met are widely used throughout the world. Their application is subject to the fulfillment of assumptions, which, in practice, turns out to be difficult, especially in a market with low information efficiency, which the real estate market is an example of. Hence, apart from classical models, including multiple regression, there are proposals of non-classical models. Additionally, researchers usually analyze the market of apartments or land in urbanized areas, whereas the research area in the article is non-urbanized areas. The nonclassical model of mass valuation of agricultural property tested in the Szczecin center for ad valorem property tax purposes can be treated as an alternative to classical models. The article discusses the methodology of mass valuation of undeveloped agricultural properties in non-urbanized areas, with a proposal of features significantly affecting the value of these properties. A comparative analysis of the advantages and disadvantages of classic and non-classical models used in the mass valuation of real estate was also carried out. The issues addressed are important given the different concepts of introducing cadastral value in Poland, but also the concepts of mass valuation in developing countries where there is not enough developed methodology of real estate estimation by authorized entities.</abstract>

A Non-Classical Model of Mass Valuation of Agricultural Property

<abstract xmlns="http://www.w3.org/1999/xhtml"> Hedonic models, commonly applied for analyzing prices in the property market, do not always fulfil their role, mainly due to the application of simplified assumptions concerning the distribution of variables, the nature of relations or spatial heterogeneity. Classical regression models assumed that the variation of the explained variable (price) is explained by the effect of market features (fixed effects) and the residual component. The hierarchical structure of market data, both as regards market segments and the spatial division, suggests that statistical models of prices should also include random effects for selected subgroups of properties and interactions between variables. The mixed model provides an alternative for constructing various regression models for individual groups or for using binary variables within one model. With its appropriate structure, it makes it possible to take into account both the spatial heterogeneity and to examine the effects of individual features on prices within various property groups. It can also identify synergy effects. The article presents the issue of mixed modelling in the property market and an example of its application in a market of dwellings in Olsztyn. The research used transaction data from the price and value register, supplemented with spatial data. The obtained model was compared with classical regression models and geographically weighted regression. The study also covered the usefulness of mixed models in the mass evaluation of properties, and the possibility of using them in spatial analyses and for the development of property value maps.</abstract>

Analysis of Prices in the Housing Market Using Mixed Models

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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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The articles published after double-blind peer review provided by minimum two subject experts.  High level of research (only original papers published).  By reading and subscribing to Real Estate Management and Valuation it will be a good opportunity to be in connection with the most important issues related to real estate area of research.   Why submit   Increase your international visibility and research potential by meeting contacts and colleagues in the wide community of scholars and researchers.  Submissions accepted in a broad range of scientific areas related to real estate valuations, analysis, investment and property management.  This journal has been on the Polish Ministry of Science and Higher Education's list, since the first issue.  All authors receive very fast and comprehensive peer-review.   Review process   Type of reviews: double-blind.  General description of steps involved: (1) Authors register articles in: www.editorialsystem.com/remv. (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 