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Dariusz Pęchorzewski, PhD Szczecin Renovation Centre Ltd. Institute of Economic Analyses, Diagnoses and Forecasts The impact of the global financial crisis on selected aspects of the local residential property market in Poland 1
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Overview OBJECT OF STUDY: Transaction prices of residential properties PERIOD OF STUDY: 2005 – 2009 2
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Overview cont. CRITERIA: I. Ownership right Freehold Cooperative member's ownership right II. Segmentation of the local market Floor area of the property 3
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Geographical area of study SZCZECIN Population: 400,000 (as of 12.2008; 7 th city in Poland in terms of population) Area: 300 sq. km (3 rd city in Poland) 4
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Ownership rights Freehold: Transferable, conveyable, hereditary Unlimited in time Cooperative member's ownership right: Limited right in property Transferable and inheritable Transferability is limited (buyer must be accepted as member of the cooperative) 5
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Research results Residential property overall Average transaction prices per 1 sq. m Freehold Cooperative member's right to property 6
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Research results Residential property overall cont. Coefficient of variation of prices 7
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Research results Residential property overall cont. Number of transactions 8
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Research results Residential property overall cont. Structure of the real property market in Szczecin according to the specified rights Freehold Cooperative member's right to property 9
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Research results Small apartments [up to 40 sq. m] Average transaction prices per 1 sq. m (small apartments) Freehold Cooperative member's right to property 10
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Number of transactions (small apartments) Research results Small apartments [up to 40 sq. m] cont. 11
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Structure of the real property market in Szczecin according to the specified rights (small apartments) Freehold Cooperative member's right to property Research results Small apartments [up to 40 sq. m] cont. 12
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Coefficient of variation of prices (small apartments) Research results Small apartments [up to 40 sq. m] cont. 13
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Research results Average apartments [40 to 70 sq. m] Average transaction prices per 1 sq. m (average apartments) Freehold Cooperative member's right to property 14
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Number of transactions (average apartments) Research results Average apartments [40 to 70 sq. m] cont. 15
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Structure of the real property market in Szczecin according to the specified rights (average apartments) Freehold Cooperative member's right to property Research results Average apartments [40 to 70 sq. m] cont. 16
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Coefficient of variation of prices (average apartments) Research results Average apartments [40 to 70 sq. m] cont. 17
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Research results Large apartments [over 70 sq. m] Average transaction prices per 1 sq. m (large apartments) Freehold Cooperative member's right to property 18
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Number of transactions (large apartments) Research results Large apartments [over 70 sq. m] cont. 19
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Structure of the real property market in Szczecin according to the specified rights (large apartments) Freehold Cooperative member's right to property Research results Large apartments [over 70 sq. m] cont. 20
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Coefficient of variation of prices (large apartments) Research results Large apartments [over 70 sq. m] cont. 21
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Conclusions Changes in prices and number of transactions were similar in all studied segments Greater price variability was observed for freehold flats Fall in prices was more moderate than the decline in the number of transactions Prices of apartments in cooperatives were higher than prices of freehold apartments 22
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Thank you for your attention 70-440 Szczecin ul. Ks. Bogusława X 52/2 tel.: 091 43 23 120 fax: 091 43 23 130 e-mail: scr@scr.pl www.scr.pl 23
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