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Dependence of Housing Real Estate Prices on Inflation as One of the Most Important Factors: Poland’s Case
Abstract
The study aimed to examine the impact of inflation on the real estate market using Polish panel data for the last 13 years. It is based on a panel model, where price changes of one square meter of housing are determined as a function in changes of inflation, the central bank's base rate, dwellings built, as well as new mortgage loans. The quarterly dynamics of the average price of 1 square meter of housing in Poland’s eight largest cities in the 2009-2021 period was studied. This price was modeled and predicted using one of the Box-Jenkins time series models: the Holt-Winter model of exponential smoothing with a damped trend. The forecasting results showed a small (up to 4%) relative error in comparison with the actual data. In addition, the moment (2017) of the price trend change was found. Therefore, piecewise linear regressions with high regression coefficients were used when modeling the impact of inflation changes on the real estate market indicators under consideration. The results obtained provide valuable insight into the relationship of real estate market indicators, allowing consumers to predict available options and make decisions in accordance with their preferences.
Citations
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Web of Science
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4
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Authors (4)
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Tetiana Osadcha
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Anatoliy Kovalyov
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Valerii Matskul
Cite as
Full text
- Publication version
- Accepted or Published Version
- DOI:
- Digital Object Identifier (open in new tab) 10.2478/remav-2022-0027
- License
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Keywords
Details
- Category:
- Articles
- Type:
- artykuły w czasopismach
- Published in:
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Real Estate Management and Valuation
no. 30,
pages 25 - 41,
ISSN: 1733-2478 - Language:
- English
- Publication year:
- 2022
- Bibliographic description:
- Melnychenko O., Osadcha T., Kovalyov A., Matskul V.: Dependence of Housing Real Estate Prices on Inflation as One of the Most Important Factors: Poland’s Case// Real Estate Management and Valuation -Vol. 30,iss. 4 (2022), s.25-41
- DOI:
- Digital Object Identifier (open in new tab) 10.2478/remav-2022-0027
- Sources of funding:
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- Statutory activity/subsidy
- Verified by:
- Gdańsk University of Technology
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