Have a personal or library account? Click to login
An Analysis of the Income and Price Elasticity of Demand for Housing in View of Price Dynamics on the Residential Property Market Cover

An Analysis of the Income and Price Elasticity of Demand for Housing in View of Price Dynamics on the Residential Property Market

Open Access
|Dec 2021

References

  1. Bagwell, L. S., & Bernheim, B. D. (1996). Veblen effects in a theory of conspicuous consumption. The American Economic Review, 86(3), 349–373.
  2. Beck, J., Scott, F., & Yelowitz, A. (2012). Concentration and market structure in local real estate markets. Real Estate Economics, 40(3), 422–460. https://doi.org/10.1111/j.1540-6229.2011.00322.x10.1111/j.1540-6229.2011.00322.x
  3. Begg, D., Fisher, S., & Dornbusch, R. (2008). Economics (9th ed.). McGraf-Hill.
  4. Bełej, M. (2011). Teoria przejść nieciągłych jako metoda modelowania rynku nieruchomości [Theory Of Discontinous Change As A Method For Modeling Real Estate Market]. Studia i Materiały Towarzystwa Naukowego Nieruchomości, 19(1), 46–59.
  5. Bełej, M. (2012). Dynamika zmian cen nieruchomości w aspekcie teorii przejść nieciągłych [Dynamics of changes in property prices in acpects of discountionous chane theory]. Studia i Materiały Towarzystwa Naukowego Nieruchomości, 20(1), 17–28.
  6. Bełej, M. (2016). Ekonomia złożoności w badaniach rynków nieruchomości [The use of complexity economics in the research on real estate market]. Studia Ekonomiczne, 3, 462–482.
  7. Bochańczyk-Kupka, D. (2014). Luksus i dobra luksusowe [Luxury and luxury goods]. Studia Ekonomiczne, 176, 97–108.
  8. Brzezicka J., Gross, M., & Kobylińska, K. (2020). The Applicability of the Gini Coefficient for Analyses of Real Estate Prices, World of Real Estate Journal, 1 (111), 4-15.
  9. Brzezicka, J., Łaszek, J., Olszewski, K., & Waszczuk, J. (2019). Analysis of the filtering process and the ripple effect on the primary and secondary housing market in Warsaw, Poland. Land Use Policy, 88, 104098. https://doi.org/10.1016/j.landusepol.2019.10409810.1016/j.landusepol.2019.104098
  10. Brzezicka, J., Wisniewski, R., & Figurska, M. (2018). Disequilibrium of real estate market: Evidence from Poland. Land Use Policy, 78, 515–531. https://doi.org/10.1016/j.landusepol.2018.06.01310.1016/j.landusepol.2018.06.013
  11. Case, K. E., Shiller, R. J., & Thompson, A. (2012). What have they been thinking? Home buyer behavior in hot and cold markets (No. w18400). National Bureau of Economic Research. https://doi.org/10.3386/w1840010.3386/w18400
  12. Corneo, G., & Jeanne, O. (1997). Conspicuous consumption, snobbism and conformism. Journal of Public Economics, 66(1), 55–71. https://doi.org/10.1016/S0047-2727(97)00016-910.1016/S0047-2727(97)00016-9
  13. Creedy, H. L., & Slottje, D. J. (1991). Conspicuous Consumption in Australia. Research Paper Number 307, University of Melbourne.
  14. Drapikovskyi, O., Ivanova, I., Renigier-Biłozor, M., & Źróbek, S. (2020). How to assess the impact of hope on a change in the use of land on market value? Land Use Policy, 97, 104746. https://doi.org/10.1016/j.landusepol.2020.10474610.1016/j.landusepol.2020.104746
  15. Fernández-Kranz, D., & Hon, M. T. (2006). A cross-section analysis of the income elasticity of housing demand in Spain: Is there a real estate bubble? The Journal of Real Estate Finance and Economics, 32(4), 449–470. https://doi.org/10.1007/s11146-006-6962-910.1007/s11146-006-6962-9
  16. GUS 1. (2020). Przeciętne miesieczne wynagrodzenie brutto [Average monthly gross wage], access: 25.06.2021 r.
  17. GUS 2. (2020). Mieszkania oddane do użytkowania (dane kwartalne) [Housing units completed (quarterly data)], access: 25.06.2021 r.
  18. Hansen, J. L., Formby, J. P., & Smith, W. J. (1996). The income elasticity of demand for housing: Evidence from concentration curves. Journal of Urban Economics, 39(2), 173–192. https://doi.org/10.1006/juec.1996.000910.1006/juec.1996.0009
  19. Hansen, J. L., Formby, J. P., & Smith, W. J. (1998). Estimating the income elasticity of demand for housing: A comparison of traditional and Lorenz-concentration curve methodologies. Journal of Housing Economics, 7(4), 328–342. https://doi.org/10.1006/jhec.1998.023710.1006/jhec.1998.0237
  20. Harmon, O. R. (1988). The income elasticity of demand for single-family owner-occupied housing: An empirical reconciliation. Journal of Urban Economics, 24(2), 173–185. https://doi.org/10.1016/0094-1190(88)90037-X10.1016/0094-1190(88)90037-X
  21. Kapferer, J.-N. (2017). Managing Luxury Brands (pp. 235-249), in: Kapferer, J. N., Kernstock, J., Brexendorf, T. O., & Powell, S. M. (Eds.). (2017). Advances in luxury brand management. Pelgrave Mcmillan. Switzerland.10.1007/978-3-319-51127-6
  22. Kobylińska, K., & Cellmer, R. (2019). Modelling and simulation of selected real estate market spatial phenomena. ISPRS International Journal of Geo-Information, 8(10), 446. https://doi.org/10.3390/ijgi810044610.3390/ijgi8100446
  23. Kołodziejczyk, B., Mielcar, P., & Osiichuk, D. (2019). The concept of the real estate portfolio matrix and its application for structural analysis of the Polish commercial real estate market. Ekonomska Istrazivanja, 32(1), 301–320. https://doi.org/10.1080/1331677X.2018.155611010.1080/1331677X.2018.1556110
  24. Kucharska-Stasiak, E. (2006). Nieruchomość w gospodarce rynkowej [Real estate in a market economy]. PWN.
  25. Kucharska-Stasiak, E. (2016). Rynek nieruchomości mieszkaniowych w procesie powstawania nierównowag makroekonomicznych [Residential Real Estate Market in the Process of the Emergence of Macroeconomic Imbalances], Świat Nieruchomości, 96, 5-10.
  26. Łaszek, J., Augustyniak, H., & Widłak, M. (2009). Euro a ryzyko bąbli na rynku nieruchomości mieszkaniowych [Euro and the risk of bubbles in the residential real estate market]. Narodowy Bank Polski. Departament Komunikacji Społecznej.
  27. Ling, D. C. (1992). Real estate values, federal income taxation, and the importance of local market conditions. Real Estate Economics, 20(1), 125–139. https://doi.org/10.1111/1540-6229.0057510.1111/1540-6229.00575
  28. Liu, X. (2019). The income elasticity of housing demand in New South Wales, Australia. Regional Science and Urban Economics, 75, 70–84. https://doi.org/10.1016/j.regsciurbeco.2019.01.00710.1016/j.regsciurbeco.2019.01.007
  29. Masiukiewicz, P., & Dec, P. (2015). Czynniki kreacji bańki cenowej na rynku nieruchomości [Counterparts to price bubble in the property market]. Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia, 47(3), 401–408.
  30. Mayo, S. K. (1981). Theory and estimation in the economics of housing demand. Journal of Urban Economics, 10(1), 95–116. https://doi.org/10.1016/0094-1190(81)90025-510.1016/0094-1190(81)90025-5
  31. Muller, A., Almy, R., & Engelschalk, M. (2010). Real Estate Bubbles and the Economic Crises: The Role of Credit Standards and the Impact of Tax Policy. 2010. Journal of Property Tax Assessment & Administration, 7(1), 17–40.
  32. NBP 1. (2016). Informacja o cenach mieszkań i sytuacji na rynku nieruchomości mieszkaniowych i komercyjnych w Polsce w I kwartale 2016 r. [Information on housing prices and the situation in the residential and commercial real estate market in Poland in the first quarter of 2016]. Narodowy Bank Polski.
  33. NBP 2. (2020). Informacja o cenach mieszkań i sytuacji na rynku nieruchomości mieszkaniowych i komercyjnych w Polsce w IV kwartale 2020 r. [Information on housing prices and the situation on the residential and commercial real estate market in Poland in the fourth quarter of 2020]. Narodowy Bank Polski.
  34. NBP 3. 2017. National Bank of Poland, Report on the situation in the Polish residential real estate market in 2017. Narodowy Bank Polski.
  35. Rosenthal, S. S., Duca, J. V., & Gabriel, S. A. (1991). Credit rationing and the demand for owner-occupied housing. Journal of Urban Economics, 30(1), 48–63. https://doi.org/10.1016/0094-1190(91)90044-810.1016/0094-1190(91)90044-8
  36. Sajnóg, N., & Borkowski, A. (2019). Luxury real estate market in Poland. International Multidisciplinary Scientific GeoConference: SGEM, 19(2.2), 197-205. https://doi.org/10.5593/sgem2019/2.2/S09.02510.5593/sgem2019/2.2/S09.025
  37. Samuelson, P. A., & Nordhaus, W. D. (2014). Ekonomia [Economics]. Dom Wydawniczy Rebis.
  38. Surówka, M. (2018). Deficyt mieszkaniowy jako główny problem polskiego mieszkalnictwa [residential deficit as a main problem of polish housing]. Studia Ekonomiczne, 358, 232–242.
  39. Szafrańska, E., Coudroy de Lille, L. C., & Kazimierczak, J. (2019). Urban shrinkage and housing in a post-socialist city: Relationship between the demographic evolution and housing development in Łódź, Poland. Journal of Housing and the Built Environment, 34(2), 441–464. https://doi.org/10.1007/s10901-018-9633-210.1007/s10901-018-9633-2
  40. Tomal, M. (2020). Modelling housing rents using spatial autoregressive geographically weighted regression: A case study in Cracow, Poland. ISPRS International Journal of Geo-Information, 9(6), 346. https://doi.org/10.3390/ijgi906034610.3390/ijgi9060346
  41. Tomal, M. (2021). Housing market heterogeneity and cluster formation: evidence from Poland. International Journal of Housing Markets and Analysis, 14(5), 1166-1185. https://doi.org/10.1108/IJHMA-09-2020-011410.1108/IJHMA-09-2020-0114
  42. Ulman, P., & Ćwiek, M. (2020). Measuring housing poverty in Poland: A multidimensional analysis. Housing Studies, 36, 1212–1230. https://doi.org/10.1080/02673037.2020.175951510.1080/02673037.2020.1759515
  43. Veblen, T. (1931). The theory of the leisure class. Viking Press.
  44. Zheng, X., Xia, Y., Hui, E. C., & Zheng, L. (2018). Urban housing demand, permanent income and uncertainty: Microdata analysis of Hong Kong’s rental market. Habitat International, 74, 9–17. https://doi.org/10.1016/j.habitatint.2018.02.00410.1016/j.habitatint.2018.02.004
  45. Źróbek, S., Trojanek, M., Źróbek-Sokolnik, A., & Trojanek, R. (2015). The influence of environmental factors on property buyers’ choice of residential location in Poland. Journal of International Students, 7(3), 163–173.
Language: English
Page range: 97 - 110
Published on: Dec 17, 2021
In partnership with: Paradigm Publishing Services
Publication frequency: 4 issues per year

© 2021 Justyna Brzezicka, Katarzyna Kobylińska, published by Real Estate Management and Valuation
This work is licensed under the Creative Commons Attribution 4.0 License.