Teoretyczne podstawy funkcjonowania systemu mieszkaniowego - zagadnienia wybrane

• Autorzy: Piotr Lis

Warianty tytułu

Theoretical Basis of the Functioning of the Housing System - Selected Issues

• Języki publikacji: PL

Abstrakty

EN

This study makes and attempt to assess the conceptions of DiPasquale and Wheaton from 1992-1996. The critical analysis has been complemented with Fischer's approach from 1992 and Poterba's approach from 1984 and 1991. Furthermore, this study refers to the applied use of the discussed conceptions in the works of Oikarinena (2007) as well as Chow, Yiu, Leung and Tam (2008). On the basis of the DiPasquale Wheaton model in the static analysis, we have pointed out three main reasons of instability on the real estate market, including changes in the demand for real estate property, changes in the capitalization rate, and changes in the profitability of new investments into real estate property. It seemed necessary to complement the DW model in the static analysis with Fischer's conception which characterizes the real estate market in the short and long run. The process of adaptation to new balances on the real estate market, especially with reference to the pace and durability of these adaptations, has been presented through a dynamic version of DiPasquale and Wheaton's models. This study also presents the reaction of the real estate market to a positive and negative demand shock. In addition, this model has been supplemented with the expectations of the participants in the market concerning the process of shaping of apartment prices in the future. It has been assumed that these expectations will have an adaptation character. Due to adaptation expectations there have been fluctuations on the real estate market. Finally, this study presents the housing investments finance system and its impact on the real estate market. It has been shown that the DiPasquale Wheaton conception encompasses the market housing investment finance subsystem as one of the main parameters shaping the demand for real estate property, but also as a factor influencing building production. However, DW model sleave out the public financial management subsystem. (original abstract)

Słowa kluczowe

PL

Rynek nieruchomości; Popyt; Finansowanie inwestycji

EN

Real estate market; Demand; Investment financing

• Czasopismo: Space - Society - Economy
• Rocznik: 2012
• Numer: nr 11
• Strony: 11--34

Twórcy

autor

Piotr Lis

Bibliografia

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• Poterba J. M., 1984, Tax Subsidies to Owner-Occupied Housing: An Asset-Market Approach, "The Quarterly Journal of Economics", No. 99 (4).
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