Structural Changes on Polish Housing Market: Has the Market Returned to the Level Before the Crisis?

Abstract

Housing market in Poland has undergone several development phases and the fundamentals for new investment arouse. The Polish housing market has become a new research area. The aim of the chapter is to answer the question whether individual local markets with the same dynamics have been influenced by individual development factors and whether the structure of investors has changed over time. In the analysis, the multidimensional spatial and temporal data on four kinds of apartments completed in period 1995–2017 in 16 Polish regions (voivodships) were used. The stochastic shift-share analysis SSANOVA was applied in order to find the common pattern and differences between regions and sectors. The study results confirm the hypothesis about spatial diversification of the market. The introduction of housing environment variables to the analysis strengthens the position of those Polish voivodships that have been traditionally thought to be economically the weakest but have strong location potential.