2 ORAL PRESENTATIONS OF PLENARY SESSIONS Małgorzata Krajewska University of Technology and Life Sciences in Bydgoszcz, Poland Sabina Źróbek University of Warmia and Mazury in Olsztyn, Poland Maruška Šubic Kovač University of Ljubljana, Slovenia THE ROLE OF SPATIAL PLANNING IN THE INVESTMENT PROCESS IN POLAND AND SLOVENIA This paper is based on the hypothesis that: Spatial planning should regulate spatial development, taking into account the public and private interests, and enabling the development of public and private investments in construction projects. Investors may be discouraged from construction on account of too small or too excessive a number of spatial implementation conditions (land use guidelines) in particular, where an adequate professional basis has not been provided This hypothesis has been verified by analyzing spatial planning processes in Poland and Slovenia, two countries whose centrally planned economies (in Slovenia, this was called the socialist market economy) have been transformed into functioning market economies. The main aim of this study was to discuss the significance of spatial planning documents in the investment process and their contribution to the preservation of spatial order. Special emphasis was placed on planning documents that allow construction in areas not covered by a local zoning plan. In Poland, the relevant document is the outline planning permission for development of land or property. Investors are required to prepare extensive source documents that are used by the (local) authorities for issuing outline permissions for the development of land and of property. Due to a lengthy procedure for obtaining outline planning permission, development is delayed and, as a consequence, investors are discouraged from building. In Slovenia, the relevant spatial plans at the local level include the municipal spatial plan, which set out the spatial implementation conditions and the detailed spatial plan. The spatial implementation conditions are the criteria and conditions for intervention as determined by the spatial planning document, in accordance with which the acquisition of building permits under regulations on construction is prepared. These can have a significant impact on the performance of the investment project. In some cases, such conditions even discourage investors from building, because they are not on an adequate professional basis. The three examples discussed in this paper show that both too general and too precise spatial implementation conditions (land use guidelines) are unfavorable for investors and validate thehypothesis.
3 Rafał Wolski Uniwersytet Łódzki APPLICATION OF BETA COEFFICIENT IN THE MARKET OF DIRECT RESIDENTIAL REAL ESTATE INVESTMENTS The beta coefficient is one of the most popular indices used in the contemporary finance. Despite the fact that there are justified doubts connected with its application, it is currently difficult to imagine a situation in which the cost of capital would be calculated without the use of the CAPM model. Thus, an attempt at answering the question whether and to what degree beta may be used in the real estate market constitutes an interesting problem. This is because on the one hand the formal structure suggests that beta should not be used for assets which are not included in the benchmark, on the other hand such benchmark should, at least theoretically, contain all market assets. Therefore, a decision was made to have a closer look at this issue, with the analysis of the possibility of using the beta coefficient in the residential real estate market set as the objective. Using the database of prices in the direct real estate investment created by NBP, a comparison was conducted with regard to features of investments undertaken on the basis of an analysis of systematic risk calculated on the basis of selected indices available in the Polish market.
4 Agnieszka Szczepańska Uniwersytet Warmińsko Mazurski w Olsztynie, Wydział Geodezji i Gospodarki Przestrzennej, Katedra Planowania i Inżynierii Przestrzennej Adam Senetra Uniwersytet Warmińsko Mazurski w Olsztynie, Wydział Geodezji i Gospodarki Przestrzennej, Katedra Planowania i Inżynierii Przestrzennej Monika Wasilewicz Pszczółkowska Uniwersytet Warmińsko Mazurski w Olsztynie, Wydział Geodezji i Gospodarki Przestrzennej, Katedra Planowania i Inżynierii Przestrzennej TRAFFIC NOISE AS A FACTOR INFLUENCING APARTMENT PRICES IN LARGE CITIES Environmental factors are among the key determinants of real estate prices. They include landscape attractiveness, land relief, exposure to sunlight and proximity to natural features. In large urban centers, traffic noise emissions significantly affect decision making on the real estate market. Weakly developed road networks and the absence of ring roads that shift road traffic outside residential districts are a widespread problem in the cities of Central Eastern Europe. The prevention of traffic noise pollution, one of the key environmental problems in Europe, is an important goal of European Union policy. This paper analyzes the correlations between apartment prices and traffic noise levels in Olsztyn, the capital city of the Region of Warmia and Mazury in north eastern Poland.
5 Iwona Dittmann Uniwersytet Ekonomiczny we Wrocławiu SETTING OFFER PRICES BY HOUSING DEVELOPERS SELECTED THEORETICAL ISSUES IN THE LIGHT OF THE LITERATURE STUDIES The paper discusses selected theoretical issues concerning setting offer prices by housing developers. Determinants of sellers reservation price and buyers reservation price have been pointed out. Identifying the advantages and disadvantages of pricing strategies used by housing developers in terms of behavioral economics has been done. The strategy of the setting the offer prices approximately estimated market value of the property and the strategy of setting overpriced offer prices (with the assumption of price negotiations) has been compared. The second comparison concerned a strategy of transparent prices and non transparent prices. Considerations contained in the paper base on behavioral economics and marketing theory. The paper bases largely on foreign literature and observed examples pricing policy pursued by housing developers in Poland.
6 Aleksandra Semaniak Politechnika Świętokrzyska w Kielcach, Wydział Inżynierii Środowiska, Geomatyki i Energetyki, Katedra Geomatytki Geodezji i Kartografii THE ANALYSIS OF THE REAL ESTATE MARKET IN KIELCE Aim of this work is to analyze the premises, residential real estate market in Kielce. The scope of the property included the primary and secondary markets. In order to conduct detailed analyzes, fixed base with selected properties, which have been assessed on the basis of the attributes considered important in a given market at a fixed scale. Evaluation of attributes assigned on the basis of collected data and subjective evaluations. Thanks to its information on prices in individual markets, an analysis of supply and demand, the results shown by charts showing the curves of supply and demand. Moreover, based on these bases, we calculated the various attributes of the correlation coefficients between price and attributes. Correlation coefficients were calculated according to formulas for complete Pearson correlation, Spearman correlation and Kendall. Of these correlations were selected the most accurate correlation, which is then used for further analysis. Standardized Pearson correlation coefficients were used to calculate the weights of attributes, which are the basis for the valuation of the property. Also calculated the linear regression models and multiple regression. These models may provide a basis for valuation of the property represented by similar attributes as properties in the database. In addition, correlation analysis of time the price was used to study the trend of changes in transaction prices over time.
7 Małgorzata Buśko AGH Akademia Górniczo Hutnicza AGH University of Science and Technology THE TECHNOLOGICAL BASIS FOR DEVELOPMENT OF THE FOREST ARRANGEMENT PLAN AS A SOURCE OF THE INFORMATION FOR THE FOREST PROPERTY VALUATION. Among forest properties, two major groups, differing from each other about the ownership status, can be distinguished. Public forests which are managed by the State Forests National Forests Holding cover over 79% of the forests area in Poland. A smaller part of the forests, comprising slightly more than 17 %, is in possession of individuals or communities or belongs to the municipal property and they are supervised by a staroste. For each Forest District being a part of the State Forests, for every decade, a forest arrangement plan is developed. In this comprehensive publication, supplemented with assesment tables, there are all the information concerning e.g. the habitat type of the forest, a type and kinds of the soils and the lumber. The forest arrangement is drawn up on the basis of a detailed natural and forest inventory of soils, habitats and tree stands. A unit of the forest area subdivision is a department within which the subdepartments called subdivisions are subdivided. These are the smallest natural subdivision units, uniform in terms of the habitat and tree stand. Subdivisions are qualified every time during development of the forest arrangement plan for next economic periods. The arreas of the forest departments account for about thirty hectares on average, while the arreas of the subdepartments tend to be varied and in addition time changing. As far as the forest property valuation is concerned, the inaccuracy in determining the subdivisions' boundaries will mean a lot. In the article one presented the content of the forest arrangement plan and the legal procedures applied during its development. One also performed an analysis of the surveying maps, soil and habitat maps and the maps of the tree stands allowing for determination of the subdivisions boundaries and their character. One presented the procedures of the description of the tree stands within the subdivisions included in the forest arrangement plan and the methods used during the inventory of the wood resources and the development of the assesment descriptions. The main research task of the article is to assess the impact of the inaccuracy in determination of the subdivisions' boundaries and other parametres characterizing them on the result of the estimation of the market value of the forest property's land and three stands.
8 Sebastian Gnat Instytut Ekonometrii i Statystyki, Uniwersytet Szczeciński Marcin Bas STUDY OF IMPACT OF TRAFFIC NOISE IMMISION ON RESIDENTIAL PROPERTIES' PRICES This paper presents results of the survey, which main goal was to measure relationship between location attractiveness and residential properties prices. Municipal acoustic maps were utilized. Three distinctive areas of relatively small diversity of buildings constructional types were chosen. Analysis period was characterized by lack of significant prices changes. This was to achieve best possible elimination of other than location attractiveness market factors. Strength and direction of relationship between average prices and traffic noise level were determined along with its statistical relevance.
9 Małgorzata Rymarzak Uniwersytet Gdański UNIVERSITY SPACE MANAGEMENT The rapid changes taking place in the environment of academic institutions (market rules in tertiary education, greater availability of university education, globalisation and internationalisation, emergence of knowledge based societies) force them to adjust to the new environment and to adopt a new approach to management, as well as to competition and value creation. Under the pressure from their environment, universities have to be more efficient, functional and effective. They are increasingly often expected to be more effective in their work, open to the outside world and more entrepreneurial. Without it, no success in the market can be achieved. In many renowned European universities, the strategic role of estate as an asset creating the value of the entity has long been emphasised. This means that effective use of space and implementation of a rational space management policy enable the entity to enhance its value and affect its economic condition. The existing space management expertise of foreign universities makes it possible to implement this knowledge in the process of university management in Poland. The basic goal of this paper is to present the nature of the space management process as well as chief indicators that are used in selected European universities to assess the degree of estate utilisation. In other words, space management solutions used outside Poland will be sought, which can help to resolve the problems of many Polish tertiary education entities.
10 Olgierd Kempa, PhD, Eng. Wrocław University of Environmental and Life Sciences Małgorzata Krajewska, PhD University of Technology and Life Sciences in Bydgoszcz, Nicolaus Copernicus University in Torun Sławomir Palicki, PhD Poznan University of Economics Izabela Rącka, MSc The President Stanisław Wojciechowski Higher Vocational State School in Kalisz Monika Wójta Kempa PhD Wroclaw Medical University STUDENTS' PREFERENCES IN RESIDENTIAL REAL ESTATE MARKET IN POLISH CITIES Knowing the attributes of price setting operating on the local real estate markets is not only an essential element for proper appraisers work, it can also greatly assist the professional activities of real estate agents, but first of all it is important for the market making processes developers (developers are aware of buyers' expectations and preferences, it lets accurately form the market offer and pricing strategy). Based on the methodology of the interview (CAWI), the questionnaire for seeking students' preferences in the housing market of large Polish cities has been designed. The research has been undertaken in six universities: Nicolaus Copernicus University in Torun, Poznan University of Economics, Wroclaw Medical University, Wrocław University of Environmental and Life Sciences, University of Technology and Life Sciences in Bydgoszcz, The President Stanisław Wojciechowski Higher Vocational State School in Kalisz. In every university the survey has been carried out in two groups of students: one of them were those, who had chosen specializations related to real estate market, the other one students who didn't explore the subject of the real estate market. Research can make a significant contribution to the problems of the real estate market analysis. The results are the first part of a broader concept of research, which follows in the direction of internationalization the considerations.
11 Jan Konowalczuk Department of Investments and Real Estate University of Economics in Katowice THE CORPORATE REAL ESTATE MARKET IN PUBLIC STATISTICS IN POLAND This paper presents theoretical considerations regarding the needs and criteria of creating ownership divisions of real estate markets for the purpose of public surveys and research. The scope of necessary changes to the collection of information in public registers and institutional conditions is indicated, as a necessary aspect towards enabling separate studies for corporate real estate to be conducted. Study results comparing basic parameters of the real estate market in the Silesian province as per the Central Statistical Office (CSO) annual reports, are also presented, as are the results of an analysis of data collected from a database of appraisers and valuers. The market parameters adopted for comparison have in both cases been developed based on the same source data obtained from public documents of the Registers of Real Estate Prices and Values (RREPV). The article presents the detailed results of own research of the real estate market in the province of Silesia for 2012, with regards to the amount of real estate, the transaction values, the property s area and selected averages with regards to property type in line with those used in CSO studies. Included also is an assessment of the completeness of the market data presented by the CSO taking into account the selected types of real estate. This paper also indicates the results of a pilot survey study of office workers of the RREPV in district council offices. The comparison of the regional real estate market forms a basis for critical evaluation of the categories of real estate used in official statistics and selected forms of real estate turnover. Proposals regarding the needs and conditions that need to be met in order to enable research into corporate real estate market have also been formulated.
12 Jan Kazak Wrocław University of Environmental and Life Sciences Tong Wang Eindhoven University of Technology Szymon Szewrański Wrocław University of Environmental and Life Sciences ANALYSIS OF LAND USE TRANSFORMATION POTENTIAL IN THE SPATIAL MANAGEMENT The current system of spatial planning in Poland does not provide an effective and efficient tool to control planning decisions at the level higher than local. The result is unrealistic approach to adopting development policies. Nowadays there is a high competition among local governments to attract an investor which results in excessive determining of investment areas, resulting in an imbalance between supply and demand in the real estate market. Extremely important factor from that point of view of local authorities is also financial burden on government budgets related to the implementation of the provisions of previously adopted policies. Improper creation of spatial development policy can therefore generate costs without delivering the expected results due to the lack of demand for the offered resources. A right step towards the optimization of the shaping spatial policies process can be preparing analyzes and forecasts to support decision making process. Such analyzes are needed both in terms of the amount of areas designed for each land use as well as their spatial distribution. These considerations focused on the second aspect. Analysis of the land use transformation potential can be used in spatial management by the selection of the areas most likely to change the land use. The paper presents a simplified mechanisms of such analyzes which can be adopted by use of cellular automata. The final potential of the area is affected by variables such as neighborhood, accessibility and suitability. As a result of the integration of these variables it is possible to determine the land use transformation potential. These considerations relate to the research of MOLAND (Monitoring Land Use / Cover Dynamics) project and work on the development of Metronamica decision support system, conducted in Western Europe.
13 Tomasz Adamczyk, PhD AGH University of Science and Technology, Department of Geomatics Agnieszka Bieda, PhD AGH University of Science and Technology, Department of Geomatics REAL ESTATE PURPOSE, AS TIME CHANGEABLE ATTRIBUTE, FOR DETERMINATION OF COMPENSATION FOR NATIONALIZED AND EXPROPRIATED LANDS Constitutional transformation in Poland, which took place on the turn of eighties and nineties of last century, was oriented, among others, on creating citizens society and creating free market. Changes in people s mentality quickly brought about economy changes, which were based on private ownership. Yet one should remember, that for period preceding this time, personal assets was significantly limited. Assets of many persons were repossessed by State in nationalization or expropriation processes. Present regulations permit for getting assets back. It is possible in case, if repossessed real estate was misused with the purpose of expropriation or it became needless. Real estates are also got back via invalidation administrative decisions or provisions of law. For getting real estate back one can apply their owners and their legal successors. It is possible to get compensation for assets which can not be got back substantially. It should correspond with real value of lost rights. Level of compensation should be determined on the basis of real estate market value. This value is determined for the day of issuing decision of determination of compensation, with taking into account state and purpose of real estate on the day when the document approving repossession of real estate was made. Authors present changes in law provisions connected with spatial planning in Poland, from 1946 year, when the first connected with this topic decree was entered into force, to this day. They describe documents kept in state archives, which should be used by valuers. They also show, on the basis of examples, how important is correct determination of purpose of real estate with taking into account documents creating over the years.
14 Anna Wojewnik Filipkowska Uniwersytet Gdański Rafał Kowalski Uniwersytet Gdański INVESTING IN INDUSTRIAL TECHNOLOGY PARKS WITHIN THE CITY DEVELOPMENT COST BENEFIT ANALYSIS The city is growing quantitatively and qualitatively. Quantitative development of the city can be identified with the spatial expansion and changes in the function of certain areas. The city's development therefore requires reconstruction of the spatial layout, but also needs certain capital expenditures, as exemplified by industrial technology parks (ITP). ITPs are combination of the infrastructure function and performance which enable exchange of information between scientific organisations and entrepreneurs. They are therefore pro development component of the urban development strategy. The aim of the study is to identify and quantify selected costs and benefits and estimate the effectiveness of the establishment of certain parks from the point of view of local government units. Industry parks and technology parks are diverse entities. Their general characteristics and types are presented in the first part of the study justification based on the review of domestic and foreign literature review. In the second part of the paper, industrial technology parks in Poland are introduced. In the third part of the study, the specificity of the effectiveness assessment of the industrial technology park is described. Finally, the fourth part incudes analysis of investing in selected industrial technology parks. The analysis consist of three phases: the identification of industrial and technological parks, verification of the industrial technology park with the legal and practical definition, and cost benefit analysis. According to the Polish Agency of Information and Foreign Investment (PAIiIZ), industrial technology parks focus primarily on filling the space with commercially efficient companies using modern technologies, attracting investment and creating jobs. These factors will be taken into account in the analysis. The analysis will be carried out according to the methodology of cost benefit analysis (CBA) of investment projects. Despite the diversity and dynamics of the structural features of the parks, the analysis confirms that the investment of public funds in industrial and technological parks is generally efficient in terms of socio economic development.
15 Maria Hełdak Uniwersytet Przyrodniczy we Wrocławiu Agnieszka Stacherzak Uniwersytet Przyrodniczy we Wrocławiu Vivita Baumane Latvia University of Agriculture REAL ESTATE VALUE TAX BASED ON THE LATVIAN EXPERIENCE The article deals with the subject of the planned real estate changes in Poland as viewed in relation to the solutions accepted in Latvia. The current basis for real estate tax is a set fee per 1m² of the estate's area established in a town council resolution, taking into account the maximum fees established by the Minister of Finances. Currently, the owners of real estates with identical area often pay the same tax regardless of the location, condition and function of the real estate formulated in the plan. The cadastral tax currently in preparation addresses these and other features which influence the real estate value. A set cadastral value approximate to the market value will serve as the basis for determining the cadastral tax. The principles of real estate tax retrieval in Poland are not clearly established which is why it might prove useful to use the experience of other states undergoing similar governmental changes. The article makes references to tax solutions recognised in Latvia in the domain of tax fees, valuation principles and problems accompanying real estate tax retrieval.
16 Magdalena Szczepańska Uniwersytet Kazimierza Wielkiego w Bydgoszczy, Katedra Socjologii SOCIAL ASPECTS OF MANAGING HOMEOWNERS ASSOCIATIONS The article calls attention to homeowners associations (HOAs), that are becoming the dominant organisational form of housing development. It focuses on managing HOA, especially on the social aspects and determinants of the process. The author claims that in order to understand how HOAs function, it is absolutely crucial to take social aspects under consideration. Members involvement, the relations between the tenants and cultural norms influence the effectiveness of collective action. Those issues are especially important for professional property managers. The aim of the article is to present social aspects of managing HOA in Poland. The article presents the results of the study on social aspects of HOA activity. It examines and compares three organisational models of HOA in Poland. One of them is self managing, with an active board of directors that operates without external help. This model requires a high level of volunteer commitment. The second model represents HOA managed together by the board of directors and a professional property manager. This type is heterogeneous the task allocation and relations between those two actors vary according to the level of directors engagement. The last type represents HOA that couldn t establish the board of directors therefore its role is played by the professional property manager. In all three types both organisational structures and management methods depend on the level of homeowners engagement. The study indicates the engagement factors. HOAs are characterised by their typical operations, decision making processes, information flow, the role played by the board of directors and a professional property manager, the level of volunteer commitment and neighbourhood ties. The study also indicates satisfaction factors in terms of the property manager s service.
17 Radosław Cellmer Uniwersytet Warmińsko Mazurski w Olsztynie, Wydział Geodezji i Gospodarki Przestrzennej, Katedra Gospodarki Nieruchomościami i Rozwoju Regionalnego THE POSSIBILITIES AND LIMITATIONS OF GEOSTATISTICAL METHODS IN REAL ESTATE MARKET ANALYSES In the traditional approach, geostatistical modeling involves analyses of the spatial structure of regionalized data as well as estimations and simulations that rely on kriging methods. Geostatistical methods can complement traditional statistical models of property transaction prices, and when combined with those models, they offer a comprehensive tool for spatial analysis that is used in the process of developing land value maps. Transaction prices are characterized by mutual spatial correlations and can be considered as regionalized variables. They can also be regarded as random variables that have a local character and a specific probability distribution. This study explores the possibilities of applying geostatistical methods in spatial modeling of the prices of undeveloped land as well as the limitations associated with those methods and the imperfect nature of the real estate market. The results are discussed based on examples, and they cover both the modeling process and the generated land value maps.
18 Tomasz Budzyński Wydział Geodezji i Kartografii Politechnika Warszawska APPLICATION OF STATISTICAL ANALYSIS IN THE PROCESS OF DETERMINING AVERAGE TRANSACTION PRICES OF LAND Average transaction prices of land are important information in the process of land management conducted by public and private entities. Cartographic elaboration, which is to include the above average prices, is a map of average transaction prices of land. This concept is relatively new, because it was first defined in the Regulation of the Council of Ministers from October 3rd 2011 on the types of cartographic thematic and special works. The construction of the map of average land transaction prices, which is the responsibility of The General Surveyor of Poland, should be preceded by the developing of an appropriate methodology for mapping and in particular the determination of the average price. In this paper at the beginning the definition of the map of average transaction prices of land was given and wordings contained therein were brought closer. Then, the issue of average value existing in the field of statistical analysis was discussed. Descriptive statistics used for the purpose of determining the mean and confidence intervals for the mean were brought closer. These intervals are estimated to adopt a set of typical transaction prices for which, selected descriptive statistics will be calculated. In the paper the average prices were adopted as: 1) the arithmetical means and medians for the set of all unit transaction prices of the given type of land for the assumed period, 2) the arithmetical means and medians for the set of typical unit transaction prices of the given type of land for the assumed period, with the use of confidence intervals for the mean. In the second part of the paper, after making the characteristics of real estate transactions in view of their function, the results of calculations of the average transaction prices of land in otwocki poviat, adjacent to Warsaw, were presented. As the average value, arithmetic mean and median were adopted. Based on the obtained results, the guidelines for the purpose of determining the average transaction price of land were proposed.
19 Tanaś Justyna Poznań University of Economics, Department of Controlling, Financial Analysis and Valuation THE ORIGIN OF PROPERTY BUYERS IN POZNAŃ AND ITS SUBURBS The market for land for single family housing is one of the most important segments of the real estate market. Over the last several years, we have witnessed the development of this market in the suburban areas of large agglomerations. This is connected with the intensified migration of people from the centers of big cities, and with the development of housing in suburban zones. The aim of this paper is to present the structure of the territorial origin of buyers purchasing plots designated for single family housing in Poznań and its suburbs (with division into buyers derived from Poznań, from the Poznań district, the Wielkopolskie province, the rest of the country, and from abroad). The analysis covers the years
20 Marta Gross Uniwersytet Warmińsko Mazurski w Olsztynie, Wydział Geodezji i Gospodarki Przestrzennej, Katedra Zasobów Nieruchomości Ryszard Źróbek Uniwersytet Warmińsko Mazurski w Olsztynie, Wydział Geodezji i Gospodarki Przestrzennej, Katedra Zasobów Nieruchomości Daniela Špirková Institute of Management, Slovak University of Technology in Bratislava PUBLIC REAL ESTATE MANAGEMENT SYSTEM IN THE PROCEDURAL APPROACH A CASE STUDY OF POLAND AND SLOVAKIA Public real estate management is performed according to country specific procedures. However, there are some features which are common for all post socialist countries. It may be possible to implement and transfer into the Polish system the good management practice which has been developed by leading countries. On the other hand, Poles may have a chance to become acquainted with the rules governing the public real estate management in other countries and to identify some practices which may be avoided. There is no need to implement faithfully these procedures which in other countries have been recognized as generally inadequate or inefficient and have been replaced by new solutions. This pertains to some principal components of the real estate management system. The aim of the paper has been to present public real estate management systems in Poland and Slovakia in the context of good governance, and to suggest some indicators for assessment of procedures in these systems in terms of their efficiency.