PL EN


Preferencje help
Widoczny [Schowaj] Abstrakt
Liczba wyników
2021 | 31 | nr 4 | 53--68
Tytuł artykułu

Identification of Risks of Investments Into Residential Premises for Rent in Poland

Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
While looking for investment opportunities, investors analyse whether a potential investment will bring satisfactory returns, the level of which depends on many risk factors. That is why it is necessary to analyse the potential risks in the process of investment management. Investors need to possess knowledge of such risks, their influence on the investment, and the methods of avoiding risk. Given the scale of investments into residential property, the focus has been on the risk factors determining the return on investment, which is crucial for a large number of small investors. Identification of different kinds of risks associated with residential premises is crucial for the management of such investments and translates directly into the level of return on the investment. The increase of the investments into residential property is caused by some small investors who are looking for an alternative method of investing. Their funds do not bring a satisfactory level of returns while in bank deposits. Those investors recognise the opportunity which arises from renting flats. The temptation of high returns compensates for the level of risk. (original abstract)
Rocznik
Tom
31
Numer
Strony
53--68
Opis fizyczny
Twórcy
  • Wrocław University of Science and Technology, Poland
  • Wrocław University of Science and Technology, Poland
  • General Tadeusz Kościuszko Military University of Land Forces, Wrocław, Poland
Bibliografia
  • [1] ALBERTS W.W., KERR H.S., The rate of return from investing in single-family housing, Land Econ., 1981, 57 (2), 230-243.
  • [2] ALLEN R.H., Real Estate Investment Strategy, South-Western Publishing Co., Cincinnati 1989.
  • [3] BAKER K.H., RICCIARDI V., Investor Behavior. The Psychology of Financial Planning and Investing, John Wiley and Sons, Hoboken, New Jersey, 2014.
  • [4] BELTRÁN A.D.M., ELLIOT R., The impact of flooding on property prices. A repeat-sales approach, J. Environ. Econ. Manage., 2019, 95, 62-86, http://www.sciencedirect.com/science/article/pii/S0095069617303066
  • [5] BRUNDAGE P., STARCHILD A., Tax Planning for Foreign Investors in the United States, Springer Science and Business Media B.V., Springer, Dordrecht 1983.
  • [6] BRYX M., MATKOWSKI R., Inwestycje w nieruchomości, Poltext, Warszawa 2001.
  • [7] CASE K.E., SHILLER R.J., Forecasting Prices and Excess Returns in the Housing Market, Real Est. Econ., 1990, 18 (3), 253-273, https://onlinelibrary.wiley.com/doi/abs/10.1111/1540-6229.00521
  • [8] CHANDRA-PUTRA H., ANDREWS C.J., An integrated model of real estate market responses to coastal flooding, J. Ind. Ecol., 2020, 24 (2), 424-435, https://onlinelibrary.wiley.com/doi/abs/10.1111/jiec.12957
  • [9] COYNE T.J., GOULET W.M., PICCONI M.J., Residential real estate versus financial assets, J. Portf. Manage., 1980, 7 (1), 20-24.
  • [10] D'LIMA W., SCHULTZ P., Residential real estate investments and investor characteristics, J. Real Est. Fin. Econ., 2021, 63 (3), 354-393.
  • [11] DABROWSKI M., KIREJCZYK K., Developer Investments, Twigger, Warsaw 2001 (in Polish).
  • [12] DE KONING K., FILATOVA T., BIN O., Improved methods for predicting property prices in hazard prone dynamic markets, Environ. Res. Econ., 2018, 69 (2), 247-263.
  • [13] ERMER C.M., CASSIDY S.M., SULLIVAN M.J., Modeling returns to owner-occupied single-family residences, J. Econ. Fin., 1994, 18 (2), 205-217.
  • [14] FERREIRA A.A.S., KRIESEL W., Forgetting the flood? An analysis of the flood risk discount over time, Land Econ., 2013, 89 (4), 577-596, https://econpapers.repec.org/RePEc:uwp:landec:v:89:y:2013:iv:1
  • [15] FIRSTENBERG P.M., ROSS S.A., ZISLER R.C., Real estate. The whole story, J. Portf. Manage., 1988, 14 (3), 22-34, http://jpm.pm-research.com/content/14/3/22.abstract
  • [16] GAWRON H., Profitability and risk of investing in real estate, J. Polish Real Est. Sci. Soc., 2005, 13 (1), 48-57 (in Polish).
  • [17] HENDERSHOTT P.H., CHENG HU S., Inflation and extraordinary returns on owner-occupied housing: some implications for capital allocation and productivity growth, J. Macroecon., 1981, 3 (2), 177-203, http://www.sciencedirect.com/science/article/pii/0164070481900148
  • [18] HORVÁTHOVÁ J., MOKRIŠOVÁ M., Risk of bankruptcy, its determinants and models, Risks, 2018, 6 (4), 117.
  • [19] HUANG M., New sources of housing market risk. Asset pricing for the US state-level housing markets, Int. Fin., 2020, 23 (1), 135-174, https://onlinelibrary.wiley.com/doi/abs/10.1111/infi.12356
  • [20] IBBOTSON R.G., SIEGEL L.B., Real estate returns. A comparison with other investments, Real Est. Econ., 1984, 12 (3), 219-242, https://onlinelibrary.wiley.com/doi/abs/10.1111/1540-6229.00320
  • [21] JAJUGA K., JAJUGA T., Investments, PWN, Warsaw 2015 (in Polish).
  • [22] JIA L., QIAN Q.K., MEIJER F., VISSCHER H., Stakeholders' risk perception. A perspective for proactive risk management in residential building energy retrofits in China, Sustainability (Switzerland), 2020, 12 (7), 10-25.
  • [23] JUD D., ROULAC S.E., WINKLER D.T., Evaluating the risk of housing investment, Appr. J., 2005, 73 (4), 370-383.
  • [24] KHUMPAISAL S., A classification of risks in real estate development business, J. Arch. Plan. Res., 2011, 8 (2), 1-8.
  • [25] KNIF J., KOLARI J.W., KOUTMOS G., PYNNÖNEN S., Measuring the relative return contribution of risk factors, J. Asset Manage., 2019, 20 (4), 263-272, https://doi.org/10.1057/s41260-019-00121-9
  • [26] KOŁODZIEJCZYK B., MIELCARZ P., OSIICHUK D., The concept of the real estate portfolio matrix and its application for structural analysis of th e Polish commercial real estate market, Econ. Res. - Ekon. Istr., 2019, 32 (1), 301-320.
  • [27] KOROMBEL A., Risk in Financing Investment Activities by the Method Project Finance, Diffin, Warsaw 2007 (in Polish).
  • [28] KUBIK M., Criteria for making real estate investment decisions, Studia i Prace Wydziału Nauk Ekonomicznych i Zarządzania, Wydawnictwo Naukowe Uniwersytetu Szczecińskiego, Szczecin 2008 (6), 339-348 (in Polish).
  • [29] Jones Lang LaSalle (JLL), Global Capital Flows Q2 2019. Quarterly analysis of cross-border investment to global commercial real estate markets, 2019, https://www.joneslanglasalle.com.cn/en/trends-and-insights/research/global-capital-flows-q2-2019
  • [30] LEE S.L., The risks of investing in the real estate markets of the Asian region, Land Manage. Dev., 2001, 22, http://www.reading.ac.uk/LM/LM/fulltxt/0601.pdf http://centaur.reading.ac.uk/27114/
  • [31] LEONE V., RAVISHANKAR G., Frontiers of commercial real estate portfolio performance, are sector-region-efficient diversification strategies a myth or reality?, J. Prop. Res., 2018, 35 (2): 95-116, https://doi.org/10.1080/09599916.2017.1410851
  • [32] LI Z.-X., LIU J.-Y., LUO D.-K., WANG J.-J., Study of evaluation method for the overseas oil and gas investment based on risk compensation, Petr. Sci., 2020, 17 (3), 858-871, https://doi.org/10.1007/s12182-020-00457-7
  • [33] LIESER K., GROH A.P., The determinants of international comm ercial real estate investment, J. Real Est. Fin. Econ., 2014, 48 (4), 611-659.
  • [34] MACZYŃSKA E., PRYSTUPA M., RYGIEL K., How Much Is the Property Worth, Poltext, Warsaw 2007 (in Polish).
  • [35] MARCINEK K., Risk of Investment Projects, Wydawnictwo Akademii Ekonomicznej w Katowicach, Katowice 2001 (in Polish).
  • [36] MILLER N.G., SKLARZ M.A., A comment on tax rates and implicit rates of return on owner-occupied single-family housing, J. Real Est. Res., 1989, 4 (1), 1-84, http://www.jstor.org/stable/44095265
  • [37] MOSS A., CLARE A., THOMAS S., SEATON J., Can sector-specific REIT strategies outperform a diversified benchmark?, J. Eur. Real Est. Res., 2017, 10 (3), 366-383.
  • [38] OKMYUNG B., POLASKY S., Effects of flood hazards on property values. Evidence before and after hurricane floyd, Land Econ., 2004, 80 (4), 490-500, http://www.jstor.org/stable/3655805
  • [39] PAWŁOWSKI J., ŚLIWIŃSKA J., Airbnb is languishing. This will force changes in the short-term rental market, Dziennik Gazeta Prawna, 2020, https://serwisy.gazetaprawna.pl/nieruchomosci/arty (in Polish).
  • [40] PEISER R.B., SMITH L.B., Homeownership returns, tenure choice and inflation, Real Est. Econ., 1985, 13 (4), 343-360, https://onlinelibrary.wiley.com/doi/abs/10.1111/1540-6229.00358
  • [41] KPMG, European Real SnapShot! Current Developments in the Key Real Estate Markets in Europe. Special Focus: Logistics, KPMG International Cooperative, Switzerland, Spring 2016.
  • [42] ROGOWSKI W., MICHALCZEWSKI A., Risk management in investment projects, Oficyna Ekonomiczna, Krakow 2005 (in Polish).
  • [43] SELYUTINA L., VASILEVA N., MALEEVA T., FROLOVA N., Special characteristics of market supply formation in the housing developm ent sector and residential buildings reconstruction under the present-day conditions in Russia, CBU International Conf. Proc., 2019, 7, 283-290.
  • [44] SITEK M., Investment Risks - Residential Developers, Zesz. Nauk. Uniwersytetu Szczecińskiego: Finase, Rynki Finasowe, Ubezpieczenia, Narzędzia Zarządzania Finansami, 2014, 67 (804), 241-254 (in Polish).
  • [45] TROJANEK M., Proposals for Determining the capitalisation rate and the discount rate in the event of lack of data in the real estate market, Rzecz. Majątk., 2003 (2), 15-22.
  • [46] WEBB J.R., RUBENS J.H., Tax rates and implicit rates of return on owner-occupied single-family housing, J. Real Est. Res., 1987, 2 (2), 11-28, http://www.jstor.org/stable/44095202
  • [47] ZAPATA M., Russell investments on block. Investors Factor in ESG Risks, SNL Financial Extra, 2019, https://search.proquest.com/docview/2316055752?acc
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171643029

Zgłoszenie zostało wysłane

Zgłoszenie zostało wysłane

Musisz być zalogowany aby pisać komentarze.
JavaScript jest wyłączony w Twojej przeglądarce internetowej. Włącz go, a następnie odśwież stronę, aby móc w pełni z niej korzystać.