With the increase in the average age of the population worldwide, the demand for suitable housing solutions has also increased considerably. This systematic review focuses on the five most developed frameworks for age friendly housing which have been developed over the last two decades, how they have been shaped and how they are used in the context of property reuse and social housing development. Drawing on the WHO Age-Friendly Cities model, the Age-Friendly Ecosystem, the Smart Age-Friendly Ecosystem (SAfE), the Ageing Well Urban Planning Model, and the Concept of Age-Friendly Smart Ecologies (CASE), this study observes a shift from monocentric strategies to polycentric and ecosystem centrism models. The results demonstrate how, in the process of extending these frameworks, issues of technology, sustainability and community engagement remain at the core of creating age friendly places, along with the focus on environmental complexities. Meanwhile, this review analyzes the advantages and shortcomings of the frameworks and guidelines applicable to researchers, policymakers and practitioners dealing with urban planning and gerontology. The analysis addresses the question of how older adults can be accommodated through property reuse and social housing in a way that is sustainable and inclusive.
The paper - based on individual-level EU-SILC data - examines the extent of housing cost overburden among older adults (65+) in Poland and identifies the key risk factors associated with this phenomenon in this age group. The findings indicate a clear disparity between the housing cost burden of older people and that of the general population, with living in a single-person household emerging as the primary risk factor. In most cases, the onset of housing cost overburden coincides with the death of a spouse. The risk is higher among residents of larger cities as well as those living in detached or terraced houses. Women are also more likely to experience difficulties with housing costs. Given the anticipated deterioration in the financial situation of older adults (declining replacement rates and the growing prevalence of single-person households), there is an urgent need to develop a long-term housing policy strategy that explicitly addresses the needs of older people - needs that have so far remained largely marginalized.
The office space supply is an important factor for highly skilled jobs, which generate a large added value and boost regional economic growth. Earlier studies for Poland have shown that office construction is concentrated around the capital city, while there is much less of new supply in the remaining regions. To understand office supply we need to compare it to regional GDP growth. However, at a regional level, new office supply comes in bulks, and this makes an econometric analysis infeasible. Therefore, the growth of the office stock should be studied, which is a smoother variable and can be linked to GDP growth. However, no official estimate exists. This article proposes a method to calculate the regional office stock in Poland with the help of various data from Statistics Poland. In the second step, the growth of this calculated office stock is put into a relationship with GDP growth. We find a nonlinear relationship between these variables, which differs across the regions. This finding calls for further investigations.
The post-pandemic recovery of urban shopping centers has been markedly uneven, leaving many struggling to regain pre-crisis occupancy levels. This study addresses this pressing issue by investigating which commercial attraction factors most effectively drive visitation and purchase intention in Indonesia's challenging recovery context. Beyond the traditional variables of convenience, tenant variety, internal environment, leisure mix, and promotion, this research introduces and validates staff professionalism as a critical, novel factor in the post-pandemic retail landscape. Data were collected via a structured questionnaire distributed to active visitors to shopping centers through purposive sampling. The data were analyzed using SEM to test the proposed relationships. The findings reveal that tenant variety and staff professionalism are the primary drivers significantly increasing visit frequency, which in turn strongly boosts purchase intention. Interestingly, while promotion did not affect visitation, it had a direct and significant impact on purchase intention. Conversely, factors such as convenience, internal environment, and leisure mix had no significant effect on visit frequency in this setting. The primary scientific contribution of this work is the empirical confirmation of human-centric service quality as a key stimulus for recovery. This re-prioritization offers a targeted solution for reversing low occupancy in the post-pandemic era.
This paper investigates how students enrolled in real estate programs at the Krakow University of Economics (KUE) responded to various models of online and hybrid learning implemented during and after the COVID-19 pandemic. Drawing on five rounds of survey-based research conducted between 2020 and 2023, the study traces the evolution of student attitudes over time, particularly as instructional methods and faculty preparedness developed. While the research focuses on a single Polish institution, many of the observed trends align with patterns documented in other countries. The findings yield several actionable recommendations for enhancing online instruction in real estate education, including the use of synchronous formats where feasible, the integration of diverse pedagogical strategies, and the promotion of student well-being through meaningful interaction. Simultaneously, the study underscores the limitations of poorly coordinated hybrid models. In light of recent warnings from the Global Preparedness Monitoring Board (GPMB, 2024) regarding the high probability of future global health crises, the experiences discussed here may inform the development of more flexible and resilient teaching approaches within real estate education under conditions of uncertainty.
This study investigates the determinants of residential property performance volatility in an emerging African real estate market, with particular emphasis on the interplay between socio-political unrest, demographic dynamics, and macroeconomic factors. Using a purposive sampling approach, data were obtained from 327 estate surveying and valuation firms across major Nigerian cities through structured questionnaires and expert interviews. Descriptive statistics and Principal Component Analysis (PCA) were employed to identify key drivers of volatility, following a three-stage analytical process involving factorability assessment, component analysis, and eigenvalue validation using Kaiser's criterion. The findings reveal youth restiveness as the most dominant factor influencing residential property performance, followed by locational characteristics, structural attributes, population growth, and disposable income. Youth restiveness (driven by socio-political instability, unemployment, and economic uncertainty) was found to significantly undermine investor confidence and property values. The study contributes novel empirical insights into how socio-political volatility shapes real estate market behaviour in emerging economies. Beyond the Nigerian context, these findings have broader relevance for investors, practitioners, and policymakers, offering a framework for understanding and mitigating market instability while promoting resilient, inclusive, and sustainable real estate investment strategies in similar global markets.
The period encompassing the COVID-19 pandemic coincided with heightened attention to housing conditions and living environments. This study examines changes in housing deprivation among Polish households between 2019 and 2023, with particular attention to dwelling types. Housing deprivation is assessed through indicators such as leaking roofs, damp ceilings, moisture in walls or floors, and rot in window frames or doors. The analysis uses cross-sectional data from the EU-SILC surveys for 2019 and 2023. Binary logit models are applied, incorporating a time variable and a difference-in-differences approach. Findings reveal a notable decrease in housing deprivation in the analyzed period. Disparities between households in detached, semi-detached, or terraced houses and those in flats in large buildings have narrowed. Additionally, tenure status, income group, unemployment or disability within the household, and the age and education of household members significantly influence the deprivation risks. These results underscore the need for policymakers to design targeted interventions to further improve the housing conditions of Polish households.
This study develops an interpretable hybrid deep learning framework to forecast and explain the financial performance of real estate firms in emerging markets facing macroeconomic uncertainty. Using panel data from 28 listed Vietnamese firms during 2013-2025, a Macroeconomic Uncertainty Index (MUI) is constructed through principal component analysis to integrate five global risk indicators: economic policy, geopolitical, ESG-related, global uncertainty, and world sentiment indices. The proposed XGBoost-CNN model, augmented with SHAP explainability, achieves superior predictive accuracy, reducing RMSE by 54 percent and MAE by 22 percent compared with conventional deep learning models. SHAP analysis, applied to both the composite and individual uncertainty components, enhances interpretability and isolates the marginal influence of each risk factor. Results indicate that earnings per share and firm size jointly explain most of the variation in return on equity and assets, while economic policy uncertainty exerts the strongest macroeconomic impact. The MUI demonstrates a nonlinear moderating role, showing that, under heightened systemic uncertainty, traditional firm-performance relationships may reverse. The framework offers a transparent, data-driven tool for financial forecasting and macroprudential stress testing in emerging real estate markets.
This article examines the relationship between the financialization of the housing market and demographic processes of voivodeship capitals in Poland. The research is motivated by the growing role of financial mechanisms in shaping housing availability, prices, and investment patterns, influencing people's decisions about starting families and procreation. The study aimed to identify the relationship between the process of housing market financialization and the natural increase in the years 2011-2024 in 16 voivodeship capitals using panel econometric models. The dependent variable was natural increase per 1000 population, while the explanatory variables reflected key dimensions of housing market financialization. The results indicate that rising housing prices may lead to a decline in natural increase in Polish voivodeship capitals, a phenomenon that intensified after 2020. The supply of new housing supported a natural increase before the COVID-19 pandemic, but this relationship reversed in 2020-2024 amid rising prices, interest rate hikes, and increased investment demand. Demographic (control) variables behave as expected. The results suggest that the financialization of the housing market may contribute to urban depopulation. The added value of this article lies in linking the financialization of the housing market with demographic processes using panel econometric models.
The common belief that real estate investments are an inflation hedge has been repeatedly challenged by scientific research. It was found that this issue requires in-depth research. Individual researchers have expanded their research to include various specific themes. However, there has been no research focused on the empirical relationship between the inflation rate and the real return on housing market investments. This study aimed to examine this relationship in detail within the framework of the five research questions formulated. Therefore, the article addresses this issue, considering different investment horizons (from 1 to 15 years) and 16 local housing markets in Poland. The research period covered was from 3Q 2006 to 4Q 2024. Based on hedonic price indices of 1m & sup2;, the moving observation window method was used to obtain time series of real returns on local markets. Then, linear correlation and determination coefficients were calculated, and appropriate statistical tests were applied. It was found that: 1) the examined relationship was heterogenous, and dependent of the investment horizonas well as inflation regime; 2) the extent to which the CPI explained real return volatility was diverse; 3) it is not possible to identify a threshold (maximum) CPI for which real return remained non-negative; 4) for most investment horizons, the median CPI in periods when real return was positive did not differ significantly from the median CPI in periods when real return was negative; 5) for most local markets, the average real return in a high-inflation regime was significantly higher than in a low-inflation regime.
The rapid and uncontrolled territorial transformation processes that have characterized the global scenario over the past decades have generated a widespread sense of uncertainty and unpredictability, making the implementation of adaptive and flexible territorial management policies increasingly necessary. The need for urban strategies capable of addressing recent environmental, health, and geopolitical emergencies has consequently grown, through governance plans aimed at the efficient management and mitigation of associated risks. In this context, the real estate sector plays a crucial role in the development of resilient and sustainable urban planning programs. In this regard, the development of planning tools based on an accurate assessment of risks and influencing factors has become highly relevant. Specifically, given the complexity of real estate investments, which involve high initial capital and multiple types of risk, rigorous quantitative and objective evaluation models should be adopted and applied. To this end, this study, through a systematic review of the existing academic literature, identifies and analyses the variables considered most decisive for real estate investments. This research, indeed, aims to support the development of integrated approaches for a comprehensive assessment of the financial, socioeconomic, and market factors that contribute to defining the volatility and uncertainty associated with real estate investments.
The study investigates short-term market adjustments following the introduction of price transparency requirements in Poland's primary housing sector. Using a dataset of 57,041 dwellings across 23 cities and focusing on six major agglomerations, it analyzes how developers modified list prices and reporting practices during the 2025 rollout period. Results indicate that developers visibly repriced a large share of their inventories around key implementation dates, with the most pronounced activity in September 2025. In large urban markets, the adjustments were predominantly downward, reflecting strategic repositioning in anticipation of easier cross-project comparisons rather than shifts in demand fundamentals. These repricing waves temporarily reduced average list prices, creating misleading signals for less experienced market participants. The analysis also highlights the persistence of data inconsistencies and definitional ambiguities that limit comparability across projects. Despite greater public access to pricing information, uneven data quality continues to constrain accurate monitoring and interpretation of market dynamics. Consumers benefited from faster access to headline prices, yet analysts and smaller developers remained exposed to information gaps. Overall, the findings suggest that while transparency can promote more informed market behaviour, its effectiveness depends on robust data standards, auditability mechanisms, and the integration of verified transaction-level evidence.
Housing demand for newly constructed housing in Poland has observed some changes along the recent economic perturbations that were related to the Covid-19 pandemic and the Russian war on Ukraine, but despite significant changes in the mortgage interest rate, the market was rather stable. We propose an explanation for this phenomenon. The main forces are 1: relatively flexible supply of housing developers who sell pre-sale contracts, 2: large and experienced developer companies with a pool of construction permits, which can adjust their supply to the current demand and 3: owner occupier and investment demand for housing, which are complements at stable times, and times substitutes at turbulent. In Poland, investment demand is mainly financed by cash, so it is not so sensitive to interest rate shocks.
The influence of neighboring councils on property tax reassessment regarding public sector innovation and administrative efficiency has not been adequately examined, particularly in terms of how one council may adopt the strategies of another. Thus, this study examines whether councils surrounded by others that have implemented reassessments experience greater innovation diffusion and better performance outcomes. To test this framework, data were collected through a survey of Malaysian local authority officers (support, management, and professional grades) using a quantitative approach to assess their views on relational capital, process innovation, and tax reassessment performance. Usable data from 154 responses were analyzed with SmartPLS 4 using partial least squares structural equation modeling. The results show that the relational capital of local authorities toward process innovation is stronger when the influence of neighboring councils is greater. Councils in regions where reassessments are actively undertaken tend to utilize relational capital more effectively through process innovation, leading to higher reassessment performance, while councils in less active regions struggle to achieve similar results. This study contributes to research on public sector innovation and policy diffusion by highlighting the external environmental conditions that influence the effectiveness of relational capital in administrative performance.
This study investigates the impact of international accounting and valuation standards (IFRS 13, IVS 2020, IVS 2022, RICS 2022, IPSM 2023) on information asymmetry in the residential real estate markets of the UK, Germany, and Spain. Given the frequent use of subjective inputs in fair value measurements, this sector is particularly susceptible to higher levels of information asymmetry, making it an apt context for analysis. The research analyses changes in selected standards and includes control variables such as company size and market capitalization, using two indicators over the period 2019–2023. Revisions to IFRS 13, IVS 2022, RICS 2022, and IPSM 2023 significantly reduced valuation variability (as measured by the VCVT indicator), confirming their positive effect on market transparency. In contrast, the IVS 2020 update was associated with an increase in the bid–ask spread, suggesting a rise in perceived uncertainty. By jointly examining the bid–ask spread and VCVT, the study provides a comprehensive assessment of how accounting and valuation standards influence liquidity and information asymmetry in the residential property sector - a field that has received limited attention in prior literature. The findings are consistent with earlier research indicating that reduced disclosure requirements can enhance stock market liquidity. Practical implications include recommendations for stricter guidance on Level 3 fair value models and the adoption of best practices from EPRA and REIT frameworks to enhance transparency and credibility in capital markets.
The anchoring effect is one of the cognitive biases studied within the phenomena observed in psychology and behavioral economics. Through the anchoring effect, human judgments and decisions can be suboptimal due to excessive focus on random information. This phenomenon plays a significant role in many aspects of social and economic life, including the real estate market, leading to incorrect decisions among both consumers and professionals. The aim of this study was to evaluate the impact of the anchoring effect on decisions regarding the value of a random apartment among Polish specialists in real estate market, based on a simplified description of the apartment. The research group included real estate valuators, real estate brokers, real estate managers, and academicians. The sample size included 170 respondents. The research showed that the effect of "anchors" is evident in every professional group, regardless of the type of services provided, educational background, or years of professional experience. The anchoring index among the surveyed group was 46 percent. The study confirms that expertise in real estate market does not guarantee unbiased assessment, and therefore, there is a need to conduct the process of real estate evaluation in a careful way to increase the chances of obtaining trustworthy results.
Retail plays a special role in cities, significantly influencing the functional and spatial sphere of cities and their development. Over the years, the formats of retail facilities have evolved, reflecting the theory of the life cycle of forms of commerce. In the mid-1990s, the first modern shopping centers appeared in the Warsaw, Poznań, and Tricity metropolitan areas. Since then, two construction booms have been observed in this segment of retail facilities (1998-2003 and 2008-2012). Currently, some of them are facing a growing wave of reconstruction, modernization, and recommercialization. Others, especially the oldest ones (though not exclusively), will be demolished. The aim of the study is to: determine the life cycle phase of shopping centers and the current development trends and its pace; diagnose the existing stock of "shopping centers" in Poland by location and time of their construction; and project scenarios for the transformation of Polish shopping centers in light of the 4Re phenomenon. For the purpose of the analysis, most of the existing retail facilities in Poland built from the 1990s to the present were taken into account, meeting the criteria of: a traditional shopping center, a retail park, an outlet center, department stores and shopping malls.
This study examines the macroeconomic effects of Dubai’s growing reliance on developer-financed real estate and its consequences for monetary policy transmission. Using quarterly data for 2015–2025, we estimate Ordinary Least Squares and Instrumental-Variables (2SLS) models, complemented by local projections and an external-shock design. The dependent variable is a monetary policy effectiveness index; key regressors are developer financing and bank financing, with policy rates, inflation (CPI), and money supply (M2) as controls. Robustness is supported by standard diagnostics, and exogenous U.S. Federal Reserve surprises mapped to UAE rates provide identification. Results show developer financing exerts a statistically significant negative effect on policy effectiveness, weakening interest-rate pass-through and increasing liquidity pressures, whereas bank financing contributes positively. Liquidity expansions via M2 further reduce transmission strength, while CPI effects are muted. Dynamic responses indicate bank credit contracts after rate hikes, but developer-led installment flows remain largely unresponsive, confirming a shadow credit channel that circumvents conventional intermediation. The findings imply that non-bank financing should be incorporated into monetary and macroprudential frameworks. For emerging economies where real estate dominates credit formation, bringing developer-led lending into monetary aggregates, supervisory reporting, and stress testing is essential to safeguard policy effectiveness and financial stability.
The aim of the article is to construct an econometric model that will enable the estimation of the impact of real estate features on their unit price. For the purposes of the study, a database of transaction prices of undeveloped land properties for residential purposes was built (Szczecin, analysis period: 2020 – 2022). This database contains 428 transactions. Real estate features and their states were defined. The study also proposed an econometric method of determining the impact of location, which is based on adding 0 – 1 variables for individual housing estates to an appropriately specified model. The proposed approach can support property appraisers in the valuation process (e.g. in market analysis or when determining the weights of real estate features). The presented results and the proposed approach can also be used by analysts and real estate agents.
The Proactive Land Acquisition Strategy (PLAS) was introduced to purchase land from white farmers and redistribute it to disadvantaged black farmers. Laudable as the scheme was in redressing historical injustice for marginalized people, the reality on the ground is a complicated story where ongoing socioeconomic difficulties may compromise the intended benefits. Thus, this study aimed to evaluate the roles of the Department of Rural Development (DRD) in PLAS and assess the extent to which the beneficiaries of the scheme have used farmland with appreciable yields to enhance their social and economic wellbeing. A qualitative research approach with a case study design was employed to collect relevant data from the literature, public authorities and PLAS beneficiaries. The study revealed that the PLAS scheme unlocked land access for black populations, increased farm produce, alleviated hunger, created jobs, reduced poverty, promoted local economic development, and improved living standards despite minor glitches. The glitches included persistent paternalistic governance structures, poor economic empowerment and inadequate support services. Thus, it was concluded that PLAS beneficiaries could assist in achieving food security given the right environment and support. The study recommended that the government should scale up efforts to facilitate land access for disadvantaged groups and support them through increased awareness, training, and financial assistance. Future studies might consider using cost-benefit analysis to measure the relative cost in monetary terms from the scheme's inception and compare it with the benefits of the PLAS scheme.
