Towards Increasing Residential Market Transparency: Mapping Local Housing Prices and Dynamics

Abstract

This article attempts to use spatial maps as a way of presenting additional information about the phenomena occurring in the housing market. In our opinion, spatial maps may facilitate understanding and provide more detailed information, which undoubtedly should increase the transparency of the housing market. The study used 12,219 transactions of apartments in Poznań in the years 2013–2017. General principles of price visualization activity and housing market dynamics were established in this study. The map of prices may reflect the location values determined by the quality of the urban infrastructure, distance from specific locations, and environmental factors. Market activity maps reveal areas where the market is dynamically developing, while information on trends in the number of transactions and price changes may demonstrate the growing or declining attractiveness of areas. The research is based on a model of hedonic regression in the form of ordinary least squares (OLS), quantile regression (QR), and geographically weighted regression (GWR). The maps presented should increase the transparency of the residential market (e.g., by providing more detailed information). However, one should bear in mind the limitations in the use of these methods resulting from a small number of transactions in a thin market.

Value-Based Management for Real Estate Developers’ Activities

“…The findings of the use of value-based management in real estate sector may allow to avoid situations of inappropriate investments which may finally lead to bankruptcy. Going beyond the obtained test results, it could be considered how the application of the proposed solution may influence stability of socio-economic system connected with real estates by increasing transparency on housing market (Cellmer & Trojanek, 2019). The issue of proper control of real estate development process is especially important taking into account pressure of both local (Źróbek, et al, 2014) and national (Stacherzak, et al, 2019) administration systems in order to redevelop land, reflected also in imbalance between supply and demand on real estates (Foryś & Kazak, 2019;Broża, et al, 2020).…”

The influence of architecture on real estate market value: A methodological framework

“…The problems of spatial effects have been ignored in real estate analysis to an extent. However, there is research to identify house price determinants regarding their location and surroundings Cellmer & Trojanek, 2019;R. Trojanek, 2016;R.…”

Drivers of Subregional Housing Markets in Poland

“…The literature broadly describes the impact of various factors on prices (and also value) of residential real estate. Studies very often focus on those real estate features affecting price (Dziauddin, Ismail, amd Othman, 2015;Kazak, Chruściński, and Szewrański, 2018;Batóg et al, 2019;Cellmer and Trojanek, 2020;Kempa et al, 2015;Mora-Garcia et al, 2019;Kisiała and Rącka, 2021), and are as follows:…”

“…Following our literature review of various housing market factors that affect the final price of a property (Liu et al, 2020;Bernstein and Mellon, 2013;Nappi-Choulet and Maury, 2011;Sun and Tsang, 2018;Wilson et al, 2011;Abelairas-Etxebarria and Astorkiza, 2020;Stover, 1986;Łaszek, 2011;Lund, 2014;Ranci, Brandsen, and Sabatinelli, 2014;Rącka, Palicki, and Kostov, 2015;Dziauddin, Ismail, and Othman 2015;Cellmer, Bełej, and Konowalczuk, 2019;Mach and Rącka, 2018;Dziauddin, Ismail, and Othman, 2015;Kazak, Chruściński, and Szewrański, 2018;Batóg et al, 2019;Cellmer and Trojanek, 2020;Kempa et al, 2015;Mora-Garcia et al, 2019;Isaac, 2002), the study author has proposed a classification, based on seven separate groups of factors as follows (Table 1). Defining sustainable city development is difficult and consequently many definitions for it exist.…”