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Abstract
Information on house prices is often considered crucial when assessing developments in economy. However, in Poland for the long time house prices haven’t been tracked in an organized manner. Recent developments, most notably house price indices developed by Poland’s national bank and by the statistical office do not go back more than 10 years, therefore data series are relatively short compared to those of other macroeconomic data. In the paper a collection of publicly available data on Polish house prices from various sources is presented. House price index estimate is then proposed which goes back to 1995 and covers periods of housing boom and the financial crisis. The index should be treated as a proxy due to the fact that the data availability is limited and the source data are based on various, sometimes not clearly articulated, methodologies. Nevertheless this proxy index may prove useful as – to the knowledge of the author – there has been no other publicly available attempt at reconstructing the latest history of residential real-estate prices in Poland. Furthermore, some researchers used to take inadequate data, like residential construction cost, as a proxy for house prices, which may have led to wrong conclusions. The index may be further improved when new data emerge on history of house prices before 2006 and more advanced methodologies are used.
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- Category:
- Articles
- Type:
- artykuły w czasopismach recenzowanych i innych wydawnictwach ciągłych
- Published in:
-
Zarządzanie i Finanse
no. 15,
pages 51 - 62,
ISSN: 2084-5189 - Language:
- English
- Publication year:
- 2017
- Bibliographic description:
- Kochański B.: 20+ years of Polish residential real estate prices – a house price index proxy// Zarządzanie i Finanse = Journal of Management and Finance. -Vol. 15., nr. 3 (2017), s.51-62
- Verified by:
- Gdańsk University of Technology
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