Finance
Szarzala, Rafal (2010)
Szarzala, Rafal
2010
Kuvaus
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Tiivistelmä
Lately there have been observed some sharp price reversals in residential property markets in Poland. It may raise some questions regarding the nature of property markets in general. Some authors prove its relevance to a few precisely selected factors, others seem to reach a consensus that property appreciation rates observed throughout the world are not supported by similarly rising economic basics.
This study aims to examine the real estate price indexes relevance to macro- and microeconomic situation in different polish markets. It examines the pricing factors of properties by analyzing how economy can influence different quality markets. To catch the relevance regression model is constructed. The model’s results can explain several puzzling observations in real estate markets and prove some inconsistencies in those markets.
The examined time period is between the years 1999 and 2009. The dataset consists of set of prices noted for three distinctive markets within aforementioned time span, and, what is more, a set of factors that may influence those price indexes. Data are collected from first hand juxtapositions or are provided by statistical and financial agencies.
Construction of price indices of one square meter let investigate their fluctuations and 'isolate' their common features and hallmarks. Then regression modelling was employed to test the direction and strength of influences. The independent variables were chosen on the basis of theoretical premises and previous literature. The method of least squares is applied to approximate solutions and asses the coefficients of regression function what let to single out the significant variables. The most influential factors on prices are WIG index volatility, the total debt that is run up in commercial banks and unemployment.
This study aims to examine the real estate price indexes relevance to macro- and microeconomic situation in different polish markets. It examines the pricing factors of properties by analyzing how economy can influence different quality markets. To catch the relevance regression model is constructed. The model’s results can explain several puzzling observations in real estate markets and prove some inconsistencies in those markets.
The examined time period is between the years 1999 and 2009. The dataset consists of set of prices noted for three distinctive markets within aforementioned time span, and, what is more, a set of factors that may influence those price indexes. Data are collected from first hand juxtapositions or are provided by statistical and financial agencies.
Construction of price indices of one square meter let investigate their fluctuations and 'isolate' their common features and hallmarks. Then regression modelling was employed to test the direction and strength of influences. The independent variables were chosen on the basis of theoretical premises and previous literature. The method of least squares is applied to approximate solutions and asses the coefficients of regression function what let to single out the significant variables. The most influential factors on prices are WIG index volatility, the total debt that is run up in commercial banks and unemployment.