Financialization of the Housing Market and Demographic Challenges on the Example of Voivodeship Capitals in Poland
By: Aleksandra Ostrowska and Anna Wichowska
References
- Aalbers, M. B. (2008). The financialization of home and the mortgage market crisis. Competition & Change, 12(2), 148–166. The Financialization of Home and the Mortgage Market Crisis - Manuel B. Aalbers, 2008
- Aalbers, M. B. (2017). The variegated financialization of housing. International Journal of Urban and Regional Research, 41(4), 542–554. https://doi.org/10.1111/1468-2427.12522
- Alexandri, G., & Janoschka, M. (2025). Local housing policies and corporate social financial logics: Insights from the financialization of housing in Barcelona. Housing. Theory and Society, 42(1), 41–59. https://doi.org/10.1080/14036096.2024.2328633
- Alzain, E., Alshebami, A. S., Aldhyani, T. H., & Alsubari, S. N. (2022). Application of artificial intelligence for predicting real estate prices: The case of Saudi Arabia. Electronics (Basel), 11(21), 3448. https://doi.org/10.3390/electronics11213448
- Archiwum podstawowych stóp procentowych NBP od 1998. (2025). Retrieved from https://nbp.pl/podstawowe-stopy-procentowearchiwum/
- Bełej, M. (2021). Housing price forecasting in selected Polish cities during the COVID-19 pandemic. Geomatics and Environmental Engineering, 15(4), 59–80. https://doi.org/10.7494/geom.2021.15.4.59
- Bełej, M., & Gwiaździńska-Goraj, M. (2025). Quantitative and spatial aspects of the real estate markets in the Warmian-Masurian Voivodeship, Poland. Real Estate Management and Valuation, 33(4), 1–14. https://doi.org/10.2478/remav-2025-0031
- Benetton, M., Bracke, P., Cocco, J. F., & Garbarino, N. (2022). Housing consumption and investment: Evidence from shared equity mortgages. Review of Financial Studies, 35(8), 3525–3573. https://doi.org/10.1093/rfs/hhab119
- Bryx, M., Rudzka, I., & Sobiera, J. J. (2023). The housing market in Poland during the COVID-19 pandemic. Archives of Civil Engineering, 69(4), 393-411. https://doi.org/10.24425/ace.2023.147666.
- Brzezicka, J., Łaszek, J., Olszewski, K., & Wisniewski, R. (2022). The missing asymmetry in the Polish house price cycle: An analysis of the behaviour of house prices in 17 major cities. Journal of Housing and the Built Environment, 37(2), 1029–1056. https://doi.org/10.1007/s10901-021-09861-w
- Çelik, Ö. (2023). The roles of the state in the financialisation of housing in Turkey. Housing Studies, 38(6), 1006–1026. https://doi.org/10.1080/02673037.2021.1928003
- Cellmer, R., Bełej, M., & Trojanek, R. (2024). Housing prices and points of interest in three Polish cities. Journal of Housing and the Built Environment, 39(3), 1509–1540. https://doi.org/10.1007/s10901-024-10124-7
- Cuadrado-Roura, J. R. (2023). Population imbalances in Europe. Urban concentration versus rural depopulation. Regional Science Policy & Practice, 15(4), 713–716. https://doi.org/10.1111/rsp3.12670
- Ćwiek, M., Sadko, M., & Ulman, P. (2025). Sytuacja mieszkaniowa w Polsce i innych krajach europejskich. Uniwersytet Ekonomiczny w Krakowie.
- Ćwiek, M., Ulman, P., & Sadko, M. (2024). Evaluation of housing conditions in Europe using the TOPSIS method. Ekonomista, 3, 275–298. https://doi.org/10.52335/ekon/189393
- Dancygier, R., & Wiedemann, A. (2024). The financialization of housing and its political consequences. American Journal of Political Science, 69, 1354–1373. https://doi.org/10.1111/ajps.12928
- Derkacz, A. J., & Cohen, V. (2025). Housing rental availability index: A tool for addressing supply-demand challenges in rental markets. International Journal of Strategic Property Management, 29(6), 437–448. https://doi.org/10.3846/ijspm.2025.25136
- Dettling, L. J., & Kearney, M. S. (2014). House prices and birth rates: The impact of the real estate market on the decision to have a baby. Journal of Public Economics, 110, 82–100. https://doi.org/10.1016/j.jpubeco.2013.09.009
- Domańska, A., Kucharska-Stasiak, E., Miklaszewska, A., Złoty, M., & Żelazowski, K. (2020). Kierunki zmian instytucjonalnych na rynkach nieruchomości (Directions of institutional change in real estate markets). Wydawnictwo Uniwersytetu Łódzkiego.
- Fernandez, R., & Aalbers, M. B. (2016). Financialization and housing: Between globalization and varieties of capitalism. Competition & Change, 20(2), 71–88. https://doi.org/10.1177/1024529415623916
- Follain, J. R. (2011). A study of real estate markets in declining cities. Research Institute for Housing America Research Paper, 1101. Retrieved from https://www.mba.org/docs/default-source/research---riha-reports/10296_research_riha_shrinkingcities_report.pdf?sfvrsn=5badbcca_1
- Francke, M., & Korevaar, M. (2025). Baby booms and asset booms: Demographic change and the housing market. The Journal of Finance, 80(5), 3021–3056. https://doi.org/10.1111/jofi.13480
- Gil García, J., Martínez López, M. A. (2023). State-led actions reigniting the financialization of housing in Spain. Housing, theory and society, 40(1), 1-21. https://doi.org/10.1080/14036096.2021.2013316.
- Głuszak, M., & Trojanek, R. (2025). War in Ukraine, the refugee crisis, and the Polish housing market. Housing Studies, 40(5), 1043–1065. https://doi.org/10.1080/02673037.2024.2334822
- Harrison, K., & Butcher, S. (2025). Financialization, affordable housing and urban governance: A spatio-temporal analysis of four South African REITs. Urban Geography, 46(9), 2109–2134. https://doi.org/10.1080/02723638.2025.2486995
- Hartt, M. (2019). The prevalence of prosperous shrinking cities. Annals of the American Association of Geographers, 109(5), 1651–1670. https://doi.org/10.1080/24694452.2019.1580132
- Jelonek, M., & Mazur, S. (2024). Depopulation as a long-term policy problem: From dilemmas to strategies. Horyzonty Polityki, 15(51), 287–306. https://doi.org/10.35765/hp.2522
- Khatatbeh, I. N., & Moosa, I. A. (2022). Financialization and income inequality: An extreme bounds analysis. The Journal of International Trade & Economic Development, 31(5), 692–707. https://doi.org/10.1080/09638199.2021.2005668
- Kim J. Y., & Jang, M. (2025). Evaluating housing policy effects on childbirth intentions in South Korea: Preferences, benefits, and policy implications. Population, Space and Place, 31(4), e70036. e70036. https://doi.org/10.1002/psp.70036.
- Koszel, M., Mazurczak, A., & Strączkowski, Ł. (2025). Effects of the implementation of selected housing policy instruments in Poland in 2008-2023. Zeszyty Naukowe Politechniki Slaskiej. Seria Organizacji i Zarządzanie, 216, 207–224. https://doi.org/10.29119/1641-3466.2025.216.14
- Kotowska-Wójcik, O. (2024). Uwarunkowania decyzji prokreacyjnych o pierwszym dziecku i kolejnych (Determinants of procreative decision about first child and the next ones). Roczniki Nauk Społecznych, 52(2), 7–26. https://doi.org/10.18290/rns2024.0023
- Kufel, T. (2011). Ekonometria: rozwiązywanie problemów z wykorzystaniem programu GRETL (Econometrics: Problem Solving with GRETL). Wydawnictwo Naukowe PWN.
- Lapavitsas, C. (2013). Profiting without Producing: How Finance Exploits Us All. Verso Books.
- Lee, K. K., & Siddique, M. A. B. (2022). Financialization and income inequality: An empirical analysis. In International Income Inequality (pp. 49–73). Routledge., https://doi.org/10.4324/9781003329084-3
- Lima, V., Hearne, R., & Murphy, M. P. (2023). Housing financialisation and the creation of homelessness in Ireland. Housing Studies, 38(9), 1695–1718. https://doi.org/10.1080/02673037.2022.2042493
- Liu, J., Xing, C., & Zhang, Q. (2020). House price, fertility rates and reproductive intentions. China Economic Review, 62, 101496. https://doi.org/10.1016/j.chieco.2020.101496
- Martyniak, M. (2025). Problems of the real estate market – assessment of government programs for financial support for the purchase of residential real estate. Scientific Papers of Silesian University of Technology. Organization and Management Series, 228, 347–357. https://doi.org/10.29119/1641-3466.2025.228.20
- Norris, M., & Lawson, J. (2023). Tools to tame the financialisation of housing. New Political Economy, 28(3), 363–379. https://doi.org/10.1080/13563467.2022.2126447
- Nowak, K. A. (2024). Miejska polityka mieszkaniowa a rola rynku w zaspokajaniu potrzeb mieszkaniowych (The urban housing policy and the role of the residenial market in meeting housing needs). Polityka i Społeczeństwo, 22(1), 274–296. https://doi.org/10.15584/polispol.2024.1.18
- Parysek, J. J. (2022). Tu rośnie dom, tam rośnie dom, z godziny na godzinę… (A house grows here, a house grows there, hour by hour…). Prace i Studia Geograficzne, 67(2), 149–154.
- Podlińska, O., & Bogusz, M. (2025). Effectiveness of housing policy in Poland: The impact of public interventions in a macroeconomic context. Acta Scientiarum Polonorum. Oeconomia, 24(3), 31–45. https://doi.org/10.22630/ASPE.2025.24.3.11
- Radzewicz, A., & Wiśniewski, R. (2011). Niepewność rynku nieruchomości (The uncertainty of real estate market). Studia i Materiały Towarzystwa Naukowego Nieruchomości, 19(1), 47–57.
- Sahebgharani, A., Wiśniewski, S., Borowska-Stefańska, M., Kowalski, M., & Mokoei, K. (2024). Analyzing the effect of depopulation on the spatial structure of the city of Łódź, Poland: Development and application of an integrated land use and transportation model. Habitat International, 143, 102992. https://doi.org/10.1016/j.habitatint.2023.102992
- Schober, P., Boer, C., & Schwarte, L. A. (2018). Correlation coefficients: Appropriate use and interpretation. Anesthesia and Analgesia, 126(5), 1763–1768. https://doi.org/10.1213/ANE.0000000000002864 PMID:29481436
- Swianiewicz, P. (2024). Depopulation In Rural Areas of Central and Eastern Europe and its Consequences. Proposed Research Agenda. Географски Разгледи. GeographicaL Reviews, 56-57, 23–34. https://doi.org/10.37658/GR2456-57023s
- Szelągowska, A. (2024). Bezpieczny kredyt 2% oraz konto mieszkaniowe jako nowe instrumenty polityki mieszkaniowej w Polsce (2% Safe Mortgage and Home Savings Account as new housing policy instruments in Poland). Studia BAS, 76(4), 55–84. https://doi.org/10.31268/StudiaBAS.2023.30
- Vanatta, S. H. (2024). The financialization of US public pension funds, 1945–1974. Review of Social Economy, 82(2), 261–293. https://doi.org/10.1080/00346764.2023.2270458
- Waldron, R. & Wijburg, G. (2026) Housing precarity and the financialization of renting. In A. Friendly and A.P Pimentel Walker (Eds.) The Handbook of Precarious Housing, Routledge.
- Źróbek-Różańska, A. (2019). Depopulation of cities and housing decisions of University Graduates. Real Estate Management and Valuation, 27(4), 105–113. https://doi.org/10.2478/remav-2019-0040
DOI: https://doi.org/10.2478/remav-2026-0023 | Journal eISSN: 2300-5289
Language: English
Submitted on: Dec 19, 2025
Accepted on: Apr 12, 2026
Published on: Apr 16, 2026
Published by: Real Estate Management and Valuation
In partnership with: Paradigm Publishing Services
Publication frequency: 4 issues per year
Related subjects:
© 2026 Aleksandra Ostrowska, Anna Wichowska, published by Real Estate Management and Valuation
This work is licensed under the Creative Commons Attribution 4.0 License.