Prezentacja programu PowerPoint

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The impact of the global financial crisis on
selected aspects of the local residential
property market in Poland
Dariusz Pechorzewski, PhD Szczecin Renovation
Centre Ltd. Institute of Economic Analyses,
Diagnoses and Forecasts
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Overview

• OBJECT OF STUDY
• Transaction prices of residential properties
• PERIOD OF STUDY
• 2005 2009

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Overview cont.

• CRITERIA
• I. Ownership right
• Freehold
• Cooperative member's ownership right
• II. Segmentation of the local market
• Floor area of the property

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Geographical area of study

• SZCZECIN
• Population 400,000 (as of 12.2008 7th city in
  Poland in terms of population)
• Area 300 sq. km (3rd city in Poland)

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Ownership rights

• Freehold
• Transferable, conveyable, hereditary
• Unlimited in time
• Cooperative member's ownership right
• Limited right in property
• Transferable and inheritable
• Transferability is limited (buyer must be
  accepted as member of the cooperative)

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Research resultsResidential property overall
Freehold
Cooperative member's right to property
Average transaction prices per 1 sq. m
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Research resultsResidential property overall
cont.
Coefficient of variation of prices
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Research resultsResidential property overall
cont.
Number of transactions
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Research resultsResidential property overall
cont.
Freehold
Cooperative member's right to property
Structure of the real property market in
Szczecin according to the specified rights
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Research resultsSmall apartments up to 40 sq. m
Freehold
Cooperative member's right to property
Average transaction prices per 1 sq. m (small
apartments)
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Research resultsSmall apartments up to 40 sq.
m cont.
Number of transactions (small apartments)
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Research resultsSmall apartments up to 40 sq.
m cont.
Freehold
Cooperative member's right to property
Structure of the real property market in
Szczecin according to the specified rights (small
apartments)
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Research resultsSmall apartments up to 40 sq.
m cont.
Coefficient of variation of prices (small
apartments)
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Research resultsAverage apartments 40 to 70 sq.
m
Freehold
Cooperative member's right to property
Average transaction prices per 1 sq. m (average
apartments)
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Research resultsAverage apartments 40 to 70 sq.
m cont.
Number of transactions (average apartments)
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Research resultsAverage apartments 40 to 70 sq.
m cont.
Freehold
Cooperative member's right to property
Structure of the real property market in
Szczecin according to the specified rights
(average apartments)
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Research resultsAverage apartments 40 to 70 sq.
m cont.
Coefficient of variation of prices (average
apartments)
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Research resultsLarge apartments over 70 sq. m
Freehold
Cooperative member's right to property
Average transaction prices per 1 sq. m (large
apartments)
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Research resultsLarge apartments over 70 sq. m
cont.
Number of transactions (large apartments)
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Research resultsLarge apartments over 70 sq. m
cont.
Freehold
Cooperative member's right to property
Structure of the real property market in
Szczecin according to the specified rights (large
apartments)
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Research resultsLarge apartments over 70 sq. m
cont.
Coefficient of variation of prices (large
apartments)
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Conclusions

• Changes in prices and number of transactions
  were similar in all studied segments
• Greater price variability was observed for
  freehold flats
• Fall in prices was more moderate than the
  decline in the number of transactions
• Prices of apartments in cooperatives were higher
  than prices of freehold apartments

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Thank you for your attention
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