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An analysis of the primary and secondary housing market in Poland: evidence from the 17 largest cities

Baltic journal of economics, 2017-01, Vol.17 (2), p.136-151 [Peer Reviewed Journal]

2017 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group 2017 ;2017. This work is published under https://creativecommons.org/licenses/by-nc/3.0 (the “License”). Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License. ;ISSN: 1406-099X ;ISSN: 2334-4385 ;EISSN: 2334-4385 ;DOI: 10.1080/1406099X.2017.1344482

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Title:
An analysis of the primary and secondary housing market in Poland: evidence from the 17 largest cities
Author: Leszczyński, Robert ; Olszewski, Krzysztof
Subjects: Buyers ; Capital ; Central banks ; Commercial real estate ; Construction ; Consumer Price Index ; Economic models ; Economics ; Economy ; Evaluation research ; existing stock and new construction ; Financial Markets ; house prices ; Households ; Housing ; Housing market ; Housing prices ; Interest rates ; International finance ; Labor market ; Monopolistic competition ; Mortgages ; Prices ; Studies ; Unemployment
Is Part Of: Baltic journal of economics, 2017-01, Vol.17 (2), p.136-151
Description: We analyse the determinants of prices of flats that are bought on the primary (new construction) and secondary markets (existing stock) in the 17 largest cities in Poland during the 2002–2015 period. We find that prices are driven by economic fundamentals, such as income growth and drop in the unemployment or real interest rate. Interestingly, prices in the secondary market react strongly to those fundamentals than to prices in the primary market. Especially, the reaction to the real interest rate is more than twice as high. The most likely buyers on the secondary market are first-time buyers with little own capital, and need a large mortgage. On the other hand, those who buy housing in the primary market quite often sell their old flat, so they only need to acquire the difference. Our finding indicates that the primary and secondary markets need to be analysed separately.
Publisher: London: BICEPS/SSE Riga
Language: English
Identifier: ISSN: 1406-099X
ISSN: 2334-4385
EISSN: 2334-4385
DOI: 10.1080/1406099X.2017.1344482
Source: Taylor & Francis Open Access Journals
CEEOL: Open Access
ProQuest Central
DOAJ Directory of Open Access Journals

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An analysis of the primary and secondary housing market in Poland: evidence from the 17 largest cities

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