Objective: The article focuses on the impact of the International Financial Reporting Standard No. 16 on the golden financing rules ratios, commonly used in financial liquidity management, informing about the soundness of a company’s financing structure. Implementation of the standard was an attempt to include in financial statements more lease-type economic relations that were previously regarded as off-balance sheet items. This, in turn, has a certain effect on enterprises’ assets and capital structure. Material and methods: The study was conducted on a sample of real estate sector enterprises listed on the Polish stock exchange. The article includes a comparative calculation of the golden financing rules ratios computed without and with the application of the new accounting standard, and is based on the real data from financial statements. Findings: The calculation proved a significant impact of the new standard on asset and capital structure and, as a consequence, on the golden financing rules within the analyzed sector. Research limitations: Research is based on financial data at the transition date to IFRS 16 (1st of January 2019) when entities were obliged to implement the new standard and to reveal its impact in the financial statements. Due to that, the possibility of analysing the relevant data in a time series is limited. Research implications: The obtained results may be substantial information for financial strategy makers in real estate companies, as well as for financial analysts involved in real estate sector research.
Objective: For several years there has been a decline in interest in the profession of property valuation. This is clearly seen in the declining number of professional licenses issued. So far, no studies have addressed this problem. The main objective of this research was to find out how the profession is perceived by young real estate appraisers who have recently entered the profession. Material and methods: The purpose of the survey was to find out what challenges they face at the beginning of their career, what their strengths and weaknesses are, in order to identify the relative difficulties of young professionals and to assess what might discourage young people from choosing this profession. Findings: The article presents the results of a survey conducted among property valuers who have recently entered the profession. This is a preliminary study to test the desirability of further in-depth research and to determine its scope and directions.Based on the research conducted with a limited sample, it is not possible to draw general conclusions on this issue. The results presented in the article are merely an attempt to outline the scope of the phenomenon being studied. Research limitations: The importance of this issue confirms the need for further research in this area. To obtain reliable results and formulate general conclusions, follow-up studies should be conducted with a significantly larger sample size and supplemented with additional research methods, such as in-depth interviews, case studies. Research implications: For almost ten years there has been a gradual decline in the number of new professional licenses issued, and consequently a decline in the number of new valuers entering the profession. At present, the reasons for this decline are not known, so it is worth examining the problem more closely in order to propose possible solutions.
Objective: The purpose of this article is to present, first, the main causes of contractual risk associated with infrastructure projects implemented under public procurement law in Poland, and second, the tender strategies used by construction companies. Against this background, the latest European Union regulations on the protection of domestic construction companies, in line with the idea of ‘local content’, are also presented. Material and methods: The study mainly uses the method of analysis and evaluation of primary data on completed and ongoing tender procedures for the implementation of public infrastructure projects posted on the electronic tender platforms of the General Directorate for National Roads and Motorways and PKP Polskie Linie Kolejowe S.A., as well as on the EU tender platform. Findings: The results of the research clearly indicate that the construction sector is highly susceptible to economic fluctuations and the associated availability of investment financing sources. An interesting observation is that contractors bidding for investment projects adapt to prevailing market conditions, which is reflected in the lowering or raising of bid prices depending on the level of competition, as well as the implementation of legal tools aimed at protecting the domestic construction market from the often aggressive strategies of companies from countries outside the European Union. Research limitations: The databases used on tender procedures are not always complete and up to date, and therefore have their limitations in terms of information. Research implications : The presented analyses imply the need for a broader study of the impact of economic fluctuations and external conditions on the (in)stability of entities in the construction sector and the effectiveness of introducing instruments to protect domestic entities against aggressive competition from third-country companies
Objective: The purpose of this study is to identify the impact of new technological tools on the real estate purchase process. Material and Methods: The tool of this research was a survey conducted among individuals who are part of the Krakow residential market. The survey allowed authors to analyse the impact of new technological tools in the process of buying a house. Findings: Thanks to this research, it can be concluded that new technological tools have a great impact on the residential market. These tools increase the attractiveness of the presentation and help to better understand the layout of the property. Additionally, the presence of new technological tools makes it easier for customers to make the decision to buy the property faster. Research limitations: The rapid development of technology means that the study should be continually updated. In addition, the results presented relate to the local residential market in Krakow. This means that the research was limited, as it did not include other cities in Poland. Research implications: The results of this study can be used by developers operating in the primary market as a source of information on which new technological tools are preferred by potential clients. This insight can help developers improve the promotion of their offers in the primary market and consequently, contribute to increasing property sales.
Objective: To assess the investment attractiveness of the real estate market in selected provincial cities in Poland up to 200,000 inhabitants. Material and methods: Grounded in the theory of endogenous growth, the study uses an analysis, critique, and synthesis of the literature on the investment attractiveness of the real estate market. The analysis employs an investor perspective, using the Hellwig method, which allows multiple variables to be aggregated into a single synthetic measure. The dataset covers variables identified from the literature review and selected according to data availability and cost of acquisition. The analysis refers to the period 2019 - 2023 for seven selected cities. Findings: Differences in investment attractiveness in the real estate market of the cities under study result from their development policies, infrastructure, demographic situation, and actions of local authorities. Rzeszów was characterised by the highest investment attractiveness in the entire period under study. Research limitations: Disadvantages of the synthetic indicator, limited selection of cities, time-span and variables for the study. Research implications: Despite the lack of metropolitan advantages, medium-sized voivodeship cities may offer attractive investment conditions if their potential is correctly identified; the development of medium-sized cities may be an important tool for counteracting the processes of shrinking of the cities and ensuring balanced spatial development; the procedure may be used e.g. by investors to take investment decisions and by local authorities - to build development strategies.
Objective: The study aims to explore the impact of temperament and interest in investment topics on the propensity to take financial risks among Generation Z, and it also seeks to identify which investment assets this generation is most interested in and what factors influence their investment decisions.Material and methods: A survey was conducted using a research survey, aimed at students aged 19 to 28 from various fields of study. Respondents self-assessed their temperament based on four types (sanguine, choleric, melancholic, and phlegmatic) and their level of interest in investment topics. Chi-square tests were used to analyse the relationship between temperament, investment interest, and risk-taking propensity.Findings: The results show that sanguine and choleric individuals are more inclined to take financial risks than melancholic and phlegmatic individuals. Furthermore, respondents with a higher interest in investment topics demonstrated a greater willingness to engage in risky investment decisions. Deposits, collectables, real estate and cryptocurrencies were the most preferred investment options.Research limitations: The study is limited by its sample size and focus on a specific age group (19-28), primarily students, which may affect the generalizability of the results. Future research could explore a more diverse population. Research implications: The findings provide information on risk-taking behaviour and investment preferences among Generation Z, with potential implications for financial education and investment market strategies.
Objective: This article examines the impact of the Fourth Industrial Revolution on the office real estate market, focusing on Kraków, Poland. Material and methods: The study employs in-depth interviews, targeting two experienced office managers specialising in lease management in Kraków, the largest regional office market in Poland. While qualitative research is inherently non-representative, this approach was chosen to gain a deeper understanding of the context of the studied phenomena.Findings: The study reveals that technological advancements significantly influence market dynamics. Office buildings equipped with the latest technologies are more likely to achieve quick commercialisation. In the context of remote work, tenants demand highly optimised and eco-friendly office solutions to attract and retain employees.Research limitations: The study's focus on Kraków presents a limitation, as market conditions may vary in other regions. Additionally, the research is constrained by the availability of data and the uneven distribution of market knowledge. Research implications: The findings highlight the necessity for continuous technological adaptation in the office real estate market. Further research involving diverse market participants from various locations would enhance understanding. This study emphasises the profound effects of the Fourth Industrial Revolution on shaping tenant expectations and office market trends.
Objective: The purpose of this article is to identify factors influencing the development of green covered bonds in Poland. The domestic green covered bond market and PKO Bank Hipoteczny SA, as a pioneer of international green mortgage bond issuance, were chosen as a case study. Material and methods: The study applies a case study approach to examine the green mortgage bond market in Poland and identify barriers to its development. Findings: The development of the green covered bonds market will not be possible without the implementation of systemic solutions, including incentive schemes specifically designed for mortgage banks and other market participants. A significant barrier is the limited supply of environmentally friendly properties in Poland. Research limitations: Insufficient legal and uniform terminology for green covered bonds. A clear limitation in the research is the lack of sufficient transparency and understanding of this topic in the Polish market, as well as the absence of uniform terminology and a legal definition of green covered bonds. Research implications: There is a need to foster greater understanding of green financing mechanisms among regulators and policymakers in Poland. The development of the green covered bonds market requires a comprehensive systemic approach, including the creation of incentive schemes to promote green covered bonds (e.g., fiscal incentives). This includes support for mortgage banks as issuers of green covered bonds, investors purchasing these bonds (with the purchase of green covered bonds receiving particular encouragement), and borrowers seeking green financing for environmentally friendly and sustainable properties
Purpose The paper discusses the problem of the significance of cooperation between both entities in respect of the implementation of projects which will make it possible to appropriately arrange their cooperation, thus enabling them to achieve the assumed objectives of their activity. Design/methodology/approach The research was conducted among selected real estate development companies. Findings Taking into consideration different objectives of developers' and real estate management firms' activity, we should provide for different relationships of those entities with the final recipient of developer products, namely the real estate user. Research implications From a theoretical perspective, the relations between participants of ventures are explained by agency theory, which treats an enterprise as a network of contracts concluded between individual participants of a given venture. It concerns attitudes of the stakeholders of a given project, which depend, among others, on benefits they want to gain.
Purpose – The purpose of the article is to study the relationships between the residential market and the mortgage market in Poland. The main aim of the paper is to verify if direct dependence between the dynamics of prices of secondary residential premises in voivodeship cities and both the number and the value of newly granted mortgage loans, can be found in Poland. Moreover, we are to investigate if there is only one direction of this dependence or it can be bidirectional. Design/methodology/approach – To verify the two hypotheses stated four econometric models were formulated based on the basic regression and vector auto-regression approach. Also, the Granger causality tests were conducted. Findings – The dependencies between the dynamics of the price of secondary housing in voivodeship cities and both the number and the value of newly granted mortgage loans were indicated in all three parts of the study. However, the results regarding the direction of the relationships are not unambiguous. As far as the basic regression models and the Granger causality tests are concerned only one direction of the dependency is found. In turn, the VAR models indicate the bidirectional dependencies between the residential market and the mortgage loans market. Research limitations – The data used in the study covers the period starting in the first quarter of 2007 and ending in the second quarter of 2020. The period includes two peaks of the residential market, one downturn phase, and one phase of the gradual growth of the residential market cycle. This may imply that the results may indicate the specificity of the relationship between the residential market and the mortgage market, typical for the peak and downturn phases of the cycle. Research implications – The obtained results may serve in the future as a basis for modelling the residential market in Poland.
Purpose The aim of the research is to verify the thesis on the occurrence of the phenomenon of over-reaction on the real estate market of investment premises and the accompanying correction of asset prices, as well as to calculate the rate of return using a contrarian investment strategy. Design/methodology/approach The study considered transaction prices and the number of transactions obtained by the National Bank of Poland and reported in the Real Estate Market Analysis and Monitoring System (AMRON). Findings The number of transactions involving investment premises for residential purposes changed little in the period under review. This was due to the low supply and maintenance of real estate as stable security for capital and quick access to invested funds due to the high liquidity of these premises. Research limitations A limitation of the study was the need to use two different databases, which although they should be compatible revealed methodological differences. Research implications The research conducted implies the need for broader research on the impact of location on the real estate market in Poland in particular investment areas.
Purpose The aim was to present the housing real estate market's situation in the coastal zone and define forms of further development of the coastal real estate market. Design/methodology/approach The research methodology was based on statistical methods; the changes in both prices and the number of transactions over time were examined. Graphical and tabular-descriptive techniques were used to present the research results. Findings The unit price of residential premises in the coastal strip is determined primarily by the location rent. The location is the most important factor that affects the prices of holiday and weekend apartments. Research implications The research results became a contribution to the commencement of wider research on the impact of location on the real estate market in Poland.
Dostepne publikacje naukowe wskazują, ze rynek nieruchomości charakteryzuje sie fluktuacją cen transakcyjnych. Analiza stanu rynku moze wskazywac na tendencje wzrostowe lub spadkowe. Dla potrzeb wyceny nieruchomości w podejściu porownawczym w art. 153.1 ustawa o gospodarce nieruchomościami nakazuje uwzgledniac zmiany poziomu cen nieruchomości podobnych ze wzgledu na uplyw czasu. Wykonując zatem analize rynku nieruchomości podobnych w wycenie nalezy określic, w jakim stopniu ceny zmienily sie i dokonac ich aktualizacji na date wyceny. Celem artykulu bylo przedstawienie praktyk w określaniu wspolczynnika zmian cen nieruchomości wśrod rzeczoznawcow majątkowych w Polsce, w szczegolności pod wzgledem znajomości i stopnia wykorzystania metod jego określania. Badanie zostalo przeprowadzone w formie ankiety wyslanej listownie do losowo wybranych 200 rzeczoznawcow majątkowych w Polsce.
Zrownowazony rozwoj przestrzeni zurbanizowanej wymaga wdrozenia pakietu dlugofalowych dzialan dotyczących juz istniejącej i planowanej zabudowy. Strategie rozwoju duzych i malych miast oraz ich fragmentow i dzielnic kladą nacisk na przeksztalcanie przestrzeni zgodne z zasadami prośrodowiskowymi, ktore podnosi jakośc zycia, przyczynia sie do rozwoju gospodarczego i pobudzenia przedsiebiorczości. Jednym z narzedzi, za pomocą ktorych mozna taki stan uzyskac jest zabudowa uzupelniająca istniejące uklady urbanistyczne. Celem artykulu jest identyfikacja problemow związanych z lokowaniem zrownowazonej zabudowy uzupelniającej w centrum miasta oraz opracowanie zasad jej wprowadzania, na przykladzie Raciborza. Wartykule zaprezentowane i skomentowane zostaną wybrane scenariusze projektowe – studia przypadkow – optymalne z punktu widzenia jakości przestrzennej miasta rozumianej jako konglomerat wartości funkcjonalnych, technicznych, estetycznych i spolecznych. Przyjecie trafnych scenariuszy projektowych jest bowiem kluczem do sukcesu planowanych inwestycji.
Na polskim rynku dostepnych jest okolo 57 otwartych funduszy inwestycyjnych akcji polskich typu uniwersalnego. Wybor spośrod nich funduszy do portfela inwestycyjnego nie jest latwy, zwlaszcza, ze ich strategie inwestycyjne czesto nie roznią sie znacząco od siebie. Z tego tez powodu inwestorzy stosują rozne strategie inwestycyjne. Jedną z nich, ktora czesto sprawdza sie w indywidualnym inwestowaniu na rynku akcji, jest strategia wykorzystująca zjawisko określane mianem „regresji cen akcji do średniej” (De Bondt, Thaler, 1985; Kowalke, 2014, s. 177). W niniejszym artykule zostanie przeanalizowane, czy strategia ta sprawdza sie rowniez na polskim rynku akcyjnych funduszy inwestycyjnych o charakterze uniwersalnym. Zakres czasowy badania stanowic bedą lata 2001-2016.
