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THE IMPACT OF LOCAL INVESTMENTS ON REAL ESTATE MARKET - CASE STUDY IN POLAND
Abstract
Aim of this study is to examine the impact of the neighborhood of large investments on the level of undeveloped land prices. The following study analyzed the behavior of buyers on the market for undeveloped land adjacent to a large construction project area prior to the beginning, during implementation and after its completion. It determined the effects of urban development in chosen region on interest in surrounding areas and attempt to verify the impact on the price level. It also designated the intensity of transactions in various stages of the investment. The area that was chosen to carry out the analysis was the city of Nowy Sacz as well as Swianiarsko located in the Chelmiec municipality in Nowosadeckie district. In Nowy Sacz, there will be recognized investment associated with the construction of shopping mall Sandecja. While the undeveloped land of Swiniarsko will be analyzed in connection with the construction of a bridge over the Dunajec River and the high-class bypass road offering the possibility of an alternative, faster and shorter travel to Nowy and Stary Sacz. Additionally, in order to eliminate the element that could have a significant impact on price volatility, which is the date of the transaction, the collected database covers transaction prices of undeveloped land which are homogeneous in terms of physical and legal factors, and on its basis the trend of price changes over the time were determined.
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References9
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