A model of housing demand - an analysis from the point of view of owners, owners-investors and investors
Article Sidebar
December 15, 2019
June 29, 2017
Abstract
An apartment is both a consumption and an investment good. The aim of this article is to present a holistic approach to the assessment of housing demand. The residential demand may be divided into purely proprietary demand combined with a form of allocation of savings, active investing in property that generates income from rents, and speculations, consisting in buying and waiting for increase of prices in the future. These three types of demand affect each other. In their analysis, the authors rely on the basic microeconomic and financial models and those associated with the market of housing properties, that is the consumer model, interim consumption, and the financial investor. On the basis of calculations, a housing demand on the primary hosing market was established for the six largest cities of Poland.
References
Aoki K., Proudman J., Vlieghe, G. [2004], House prices, consumption, and monetary policy: a financial accelerator approach, “Journal of financial intermediation”, No. 13(4), 414-435.
Augustyniak H., Laszek J., Olszewski K., Waszczuk J. [2013], To rent or to buy – analysis of housing tenure choice determined by housing policy, „Ekonomia”, nr 33, p. 31-54.
Augustyniak H., Łaszek J., Olszewski K., Waszczuk J. [2014], Modelling of Cycles in the Residential Real Estate Market, „Kwartalnik Nauk o Przedsiębiorstwie”, nr 2, s. 63-77.
Bajari P., Chan P., Krueger D., Miller D. [2013], A dynamic model of housing demand: estimation and policy implications, “International Economic Review”, No. 54, p. 409-442.
Burnham J.B. [1972], Private Financial Institutions and the Residential Mortgage Cycle, with Particular Reference to the Savings and Loan Industry, in: Ways To Moderate Fluctuations in Housing Construction, Board of Governors of the Federal Reserve System.
Czerniak A., Rubaszek M. [2016], Znaczenie prywatnego rynku najmu nieruchomości dla stabilności makroekonomicznej krajów strefy euro, „Materiały i Studia”, nr 325, Narodowy Bank Polski.
Czerniak A., Rubaszek M. [2017], Kupić czy wynająć? Opis wyników ankiety na temat preferencji Polaków dotyczących struktury własnościowej użytkowanych mieszkań, „Bank i Kredyt”, w druku.
DiPasquale D., Wheaton W.C. [1992], The markets for Real Estate Assets and Space: A Conceptual Framework, “Journal of the American Real Estate and Urban Economics Association”, Vol. 20, 181197.
Dunsky R.M., Follain J.R. [1997], The demand for mortgage debt and the income tax, “Journal of Housing Research”, Vol. 8, p. 155-199.
Henderson J.V., Ioannides Y.M. [1983], A Model of Housing Tenure Choice, “The American Economic Review”, Vol. 73(1), p. 98-113.
Lambertini L., Mendicino C., Punzi M.T. [2012], Expectations-Driven Cycles in the Housing Market, Bank of Finland Research Discussion Paper, No. 2.
Łaszek J. [2013], Mieszkanie w teorii konsumenta, Raport o sytuacji na rynku nieruchomości mieszkaniowych i komercyjnych w Polsce w 2012 r., artykuł nr 3, NBP, Warszawa.
Łaszek J. [2015], Co nowego wiemy o mieszkaniach?, „Kwartalnik Nauk o Przedsiębiorstwie”, nr 2, s. 48-57.
NBP [2016], Informacja o cenach mieszkań i sytuacji na rynku nieruchomości mieszkaniowych i komercyjnych w Polsce w III kwartale 2016 r., Narodowy Bank Polski, Warszawa.
Rubaszek M. [2012], Mortgage down-payment and welfare in a life-cycle model, „Bank i Kredyt”, nr 43(4), s. 5-28.
Rubaszek M., Serwa D. [2014], Determinants of credit to households: An approach using the life-cycle model, “Economic Systems”, No. 38(4), p. 572-587.
Salzman D.A., Zwinkels R.C.J. [2013], Behavioural Real Estate, Tinbergen Institute Discussion Paper, No. 13-088/IV/DSF58.
Somerville D.E., Borgersen T.-A., Wennemo T. [2010], Endogenous housing market cycles, “Journal of Banking & Finance”, Vol. 34, p. 557-567.
Authors
The author of the article declares that the submitted article does not infringe the copyrights of third parties. The author agrees to subject the article to the review procedure and to make editorial changes. The author transfers, free of charge, to SGH Publishing House the author's economic rights to the work in the fields of exploitation listed in the Article 50 of the Act of 4 February 1994 on Copyright and Related Rights – provided that the work has been accepted for publication and published.
SGH Publishing House holds economic copyrights to all content of the journal. Placing the text of the article in a repository, on the author's home page or on any other page is allowed as long as it does not involve obtaining economic benefits, and the text will be provided with source information (including the title, year, number and internet address of the journal).
