Bridging the Housing Gap in Poland

Abstract

JT03251471 ABSTRACT/RESUME Bridging the housing gap in PolandDespite a high level of homeownership, the housing market in Poland is suffering from an important shortage. The difference between the number households and available dwellings, the number of dwellings per thousand inhabitants, and the availability of basic amenities (especially in rural areas) all indicate that significant improvements are needed to catch up to the most affluent OECD and EU countries. The formal rental segment of the market is also underdeveloped, contributing to low labour mobility and persistent disparities in regional unemployment. Given the social, economic and political dimensions of the problem, various housing policies implemented since the beginning of the transition process have aimed to fill the housing gap, though they have been either narrow in scope or have led to unclear results. However, the housing market has been buoyant in recent years, spurred by rising levels of GDP per capita, lower interest rates and the emergence of a competitive mortgage market. Yet a brisk price appreciation has also occurred at the same time, while households' exposure to interest-and exchange-rate risks has significantly increased and banks' funding capabilities have shrunk. Although the market has not been directly affected by the recent global financial turmoil, recent information shows that a turn-around is underway, with prices declining in several major cities as sentiment has plunged. This raises concerns about the capacity of the market to achieve a smooth adjustment in the face of a possible downturn.JEL codes: R21; R31; E22; E51; P33 Keywords: OECD; Poland; housing supply; housing policies; house prices; housing market; mortgage lending; property taxes; rental market; rent regulation; social housing ************ Combler le déficit de logements en PologneMalgré la place importante qu'occupe la propriété, le marché immobilier polonais pâtit d'une importante pénurie de logements. La différence entre le nombre de ménages et le nombre de logements disponibles, la densité de logements par millier d'habitants et l'équipement en éléments de confort de base (en particulier dans les zones rurales) sont autant de facteurs qui témoignent des progrès que la Pologne doit encore accomplir pour se hisser au niveau des pays les plus riches de l'OCDE et de l'Union européenne. Le segment locatif formel est également sous-développé, ce qui contribue à une faible mobilité de la main-d'oeuvre et à la persistance de disparités régionales du chômage. La question du logement ayant une dimension sociale, économique et politique, la plupart des politiques du logement mises en oeuvre depuis le début du processus de transition visaient à combler le déficit de logements, mais avaient une portée insuffisante ou ont eu des résultats mitigés. Il n'en reste pas moins que le marché immobilier a été dynamique ces dernières années, notamment en raison de la hausse du PIB par habitant, de la baisse des taux d'intérêt et de l'apparition d'un marché hypothécaire concurre...

Overview of Housing Policy Interventions in Poland

“…The market reforms that accompanied Poland in the post-transition period beginning in 1990 did not fully resolve the country's significant housing deficit, which had resulted from insufficient supply within a centrally planned economy (Kierzenkowski, 2008). While housing quality increased in the years following the transition, a considerable housing shortage remained.…”

“…In the 2000s, the housing market expanded rapidly, accompanied by the transformation of housing tenure. Indeed, a mass privatisation process resulted in a housing market dominated by home ownership: while roughly 44% of dwellings were privately owned at the end of the 1980s, this share had increased to 78% by 2006 (Kierzenkowski, 2008). The mass privatisation, which allowed the purchase of a home significantly below market prices, 1 .…”

“…This is especially true for a transition economy such as Poland's, in which the price of real estate suddenly rose very steeply, and out of sync with the evolution of salaries in most employment sectors (OECD, 2014a). Notes: TBS housing (Towarzystwa budownictwa spolecznego) are non-profit building associations established in 1996 and inspired by the French habitation à loyer modéré (HLM) model (Kierzenkowski, 2008).…”

Posztszocialista lakásrendszerek Magyarországon és Lengyelországban

“…a szövetkezeti lakások jelentős része nagyon hasonló tulajdonosi jogokat biztosított, mint a társasházi magántulajdon. Forrás: KSH [1993], UNECE [1998], Kulesza [1996], Kierzenkowski [2008], Herbst [1990].…”