Świat Nieruchomości 2019 nr 4 (110) - SPIS TREŚCI

INVESTMENTS

1) Bernahard Funk - Geographical Allocation in Investments of German Open-ended Real Estate Funds: Does Expectation Impact Country Allocations

REAL ESTATE MARKET

2) Michał Głuszak, Małgorzata Rymarzak - Expectations and House Prices: An Exploratory Analysis
3) Karolina Jarosz, Iwona Foryś - A Public-private Partnership or an Operating Leaseback: Alternative Sources of Financing Public Purpose Real Estate in Poland

PROBLEMS OF URBAN AND REGIONAL DEVELOPMENT

4) Małgorzata Blaszke, Izabela Rącka, Maciej Nowak, Olga Buzu - Public Purpose Investments in Voivodeship Spatial Development Plans as an Expression of Regional Spatial Policy
5) Maciej Nowak, Paweł Mickiewicz, Małgorzata Blaszke Alexnadr Ivanovicz Kostyaev - Regional Development as a Determinant of Spatial Policy Tools

CONFERENCES

6) Bartłomiej Marona – 26th Annual Conference of the European Real Estate Society (Cergy, France, ·3-6 July 2019)
7) Bartłomiej Marona – 15th ERES - European Real Estate Society Education Seminar "Real Estate Education of Tomorrow" (Bukareszt, Rumunia, 29-30 November 2019)

WORLD OF REAL ESTATE JOURNAL 2019

8) Table of Contents 2019

LIST OF REVIEWERS

9) List of Reviewers 2019 DOWNLOAD

SUMMARIES

Bernahard Funk - Geographical Allocation in Investments of German Open-ended Real Estate Funds: Does Expectation Impact Country Allocations

Purpose: The article looks at the geographical allocation of real estate investments from German open-ended funds within the last years. The purpose is to identify the changes in geographical allocation within four main European target countries. The main focus is to research whether German open-ended real estate funds reallocated investments from UK to other countries due to expectations of exit from European Union as triggered by the poll in United Kingdom in year 2016. Therefore, the main target of the exploration is to research if a preemptive “BREXIT-expectation-effect” can be found in data.
Method: Based on the theoretical framework considering the role of expectations as found in economic theory, the realized changes in country-specific portfolio allocations of German open-ended funds are compared to investor sentiment voiced in the immediate Brexit-poll-phase.
Findings: The article finds that – unlike common belief –  the Brexit poll from 2016 has not caused fund and portfolio managers from German open-ended real estate funds to significantly diminish holdings in the United Kingdom in favor of holdings in other European countries that may appear beneficiaries of Brexit. It furthermore shows that allocations to United Kingdom have increased at times after the Brexit poll in year 2016. The timespan of the research cannot grasp the post-Brexit execution period, as this is too early to research, given the current postponement of BREXIT execution to January 2020.
Research implications: The research shows that fund and portfolio managers adapt their allocations much more cautiously to expectations, more relying on acutal fundamental economic data and investment opportunities in business cycles than on common sentiment.

Keywords
:  real estate funds, asset allocation, Brexit, investment strategy

JEL codes:
F3, G150, G4

Category of the paper:
research article

CITATION (APA):
Funk, B. (2019). Geographical Allocation in Investments of German Open-ended Real Estate Funds: Does Expectation Impact Country Allocations. World of Real Estate Journal, 110(4), 5-14.  

DOI:
https://doi.org/10.14659/worej.2019.110.01

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Michał Głuszak, Małgorzata Rymarzak - Expectations and House Prices: An Exploratory Analysis

Purpose: Economic theory, as well as numerous empirical evidence coming from various countries suggest that market sentiments have significant impact on house price dynamics.
Methods: In the research we explore the formation of beliefs regarding the past house price dynamics and expectations about future house price developments in Krakow from 2009 to 2018. In the paper we use house price expectations data coming from housing survey. To investigate the role of socio-economic characteristics on prediction accuracy we estimated two logit models, for beliefs and expectations respectively.
Findings: Findings suggest that in most years respondents were able to roughly predict the house price dynamics in the study period, nonetheless residential property market in Krakow was mostly stagnant in that period, and few rapid changes were observed. Respondents failed to foresee changing dynamics of the residential property market in 2014. We did not observe that simple demographic and economic traits, like age and income, correspond with agents success in predicting house price movement.
Value added: The study is the first attempt to explore beliefs and expectations of house buyers in Poland, and one of few research papers on of house price expectation formation in Central Eastern European countries.

Keywords: 
expectations; beliefs; house prices; survey

JEL codes:
D84; G12; R21

Category of the paper:
research article

CITATION (APA)
: Głuszak, M., & Rymarzak, M. (2019). Expectations and House Prices: An Exploratory Analysis. World of Real Estate Journal, 110(4), 15-28.   

DOI:
https://doi.org/10.14659/worej.2019.110.02

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Karolina Jarosz, Iwona Foryś - A Public-private Partnership or an Operating Leaseback: Alternative Sources of Financing Public Purpose Real Estate in Poland

Purpose: Public investment in the real estate sector is characterized by high capital intensity and long-term character with low profitability. Local government units and central authorities are obliged to obtain funds for the construction and, in the next stage, for the operation of real estate. The external financing of public purpose real estate, which does not require the use of own resources, or at least not in full, becomes an attractive form of implementation of the tasks of local governments. The aim of the study is to compare two forms of financing local government real estate: a public-private partnership and leasing, to assess these mechanisms and to indicate the barriers to their use in Poland.
Methods: The article presents a comparative analysis of two ways of financing pub projects. Simple statistical tools were used to illustrate the problem and Wards method allows for the grouping of facilities. The analyses were preceded by literature studies.
Findings: The main determinant of the low popularity of PPPs and operating leaseback in relation to real estate in Poland is the unfavorable economic and legal environment of the real estate market and the characteristics of the object of investment in the physical, economic and legal aspect. There is no reliable data on the use of operational reverse leasing by local governments. It was not possible to perform a statistical analysis but a theoretical one.
Research implications: The survey should encourage local governments to consider the possibility of financing real estate investments with the use of operational leaseback and the PPP formula in future projects.

Keywords:
  public investment, real estate leasing, public-private partnership

JEL codes
: H54, H71, K25

Category of the paper:
research article

CITATION (APA):
Jarosz, K., & Foryś, I. (2019). A public-private Partnership or an Operating Leaseback: Alternative Sources of Financing Public Purpose Real Estate in Poland. World of Real Estate Journal, 110(4), 29-46.  

DOI:
https://doi.org/10.14659/worej.2019.110.03

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Karolina Jarosz, Iwona Foryś - Public Purpose Investments in Voivodeship Spatial Development Plans as an Expression of Regional Spatial Policy

Purpose: Defining possible ways to verify and evaluate voivodeship spatial development plans as key spatial policy tools at the voivodeship level
Methods: The content of all voivodeship spatial development plans was analyzed, with a detailed classification of public purpose investments contained therein
Findings: Based on the conducted research, it can be indicated that data on public purpose investments included in voivodeship spatial development plans can also be used for other analyses. First of all, they are a key manifestation of voivodeship spatial policy. And in this context, an important measure of verifying the activity of a given voivodeship (taking into account all other circumstances) is information about the percentage share of public purpose investments of regional scope in all investments included in the plan.
Research implications: Based on the conducted research, it can be indicated that data on public purpose investments included in voivodeship spatial development plans can also be used for other analyses. First of all, they are a key manifestation of voivodeship spatial policy. And in this context, an important measure of verifying the activity of a given voivodeship (taking into account all other circumstances) will be information on the percentage share of public purpose investments of regional scope in all investments included in the plan.

Keywords: 
spatial policy; regional development; public purpose investments

JEL codes:
R58

Category of the paper:
research article

CITATION (APA):
Blaszke, M., Rącka, I., Nowak, M.J., & Buzu, O. (2019). Public Purpose Investments in Voivodeship Spatial Development Plans as an Expression of Regional Spatial Policy. World of Real Estate Journal, 110(4), 47-66.

DOI:
https://doi.org/10.14659/worej.2019.110.04

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Maciej J. Nowak, Paweł Mickiewicz, Małgorzata Blaszke Alexnadr Ivanovicz Kostyaev - Regional Development as a Determinant of Spatial Policy Tools

Purpose: The aim of this paper is to determine how key conditions, from the perspective of regional development, are reflected in the local implementation of spatial policy in Poland (i.e. in local spatial development plans).
Findings: In total, 189 local spatial development plans were analyzed - i.e. all those adopted in 2017-2018 with the exception of local plans constituting minor (primarily technical) changes to earlier resolutions. The research results, however, lead to the conclusion that the problem is the issue of balancing development on a regional scale. In this perspective, the spatial policy pursued by most communes deepens negative tendencies found in the literature.
Research implications: However, one problem that hinders the guarantee of effective implementation of these objectives is the chaos of municipal spatial policies, including very limited comprehensive territorial approach

Keywords:
  regional development, spatial policy, integrated planning

JEL codes:
R11

Category of the paper:
research article

CITATION (APA):
Nowak, M.J., Mickiewicz, P., Blaszke, M., & Kostyaev, A.I. (2019). Regional Development as a Determinant of Spatial Policy Tools. World of Real Estate Journal, 110(4), 67-78.  

DOI:
https://doi.org/10.14659/worej.2019.110.05

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