No abstract

In the paper, we analysed the impact of proximity to urban green areas on apartment prices in Warsaw. The data-set contained in 43 075 geo-coded apartment transactions for the years 2010 to 2015. In this research, the hedonic method was used in Ordinary Least Squares (OLS), Weighted Least Squares (WLS) and Median Quantile Regression (Median QR) models. We found substantial evidence that proximity to an urban green area is positively linked with apartment prices. On an average presence of a green area within 100 meters from an apartment increases the price of a dwelling by 2,8% to 3,1%. The effect of park/forest proximity on house prices is more significant for newer apartments than those built before 1989. We found that proximity to a park or a forest is particularly important (and has a higher implicit price as a result) in the case of buildings constructed after 1989. The impact of an urban green was particularly high in the case of a post-transformation housing estate. Close vicinity (less than 100 m distance) to an urban green increased the sales prices of apartments in new residential buildings by 8,0–8,6%, depending on a model.

Abstract:In the paper, we analyzed the impact of aircraft noise on housing prices. We used a dataset containing geo-coded transactions for 1328 apartments and 438 single-family houses in the years 2010 to 2015 in Poznan. In this research, the hedonic method was used in OLS (ordinary least squares), WLS (weighted least squares), SAR (spatial autoregressive model) and SEM (spatial error model) models. We found strong evidence that aircraft noise is negatively linked with housing prices, which is in line with previous studies in other parts of the world. In our research, we managed to distinguish the influence of aircraft noise on different types of housing. The noise depreciation index value we found in our study was 0.87% in the case of single-family houses, and 0.57% regarding apartments. One of the reasons for the difference in the level of impact of aircraft noise may be the fact that the buyers of apartments may be less sensitive to aircraft noise than the buyers of single-family houses.

In this study, we analyse the impact of COVID-19 on house rents and prices in Warsaw, the capital of Poland. Hedonic indexes indicate a slight increase in prices (ca. 1.2%) and a substantial drop in long-term rents (ca. -7.7%) between March 2020 and December 2020. The largest decline in rents occurred in centrally located neighbourhoods, which was largely due to the inflow of new housing supply from the short-term rental market (the Airbnb Warsaw market shrank by almost 30% in December 2020 y/y). Using hedonic methods, we show the effect of the shrinking Airbnb market on the drop in long-term rents. The study indicates the elasticity of rents with respect to Airbnb supply, with a 1% change in Airbnb listings leading to a 0.031% change in rents.

No abstract

No abstract

Using a unique dataset of 4,5 million offers, the housing cycles in 18 Polish provincial capitals were identified between 2000 and 2020 before and after the financial crisis. Differences in the course of the cycles depending on spatial diversity are presented, as well as differences in the strength of decreases and increases in individual phases. The examined housing markets in Poland have experienced significant variability in the extent of their cycles. One complete cycle was found in each of the analysed cities. Its average duration was approximately 12 years. In this cycle, residential prices (in real terms) increased by 88% on average, in the upward phase by 158%, while in the downward phase, they decreased by 27% in the cities under study. A correlation was found that implies that the higher the price rises in the upward period, the higher the price correction ensues in the cycle’s downward phase. Moreover, the similarity in fluctuations was present in the metropolitan markets in local housing markets, especially before the financial crisis. Apartment prices continued to grow by 2.9% on average in the real term during the COVID-19 pandemic in 2020.

No abstract