Resumen de Disequilibrium in the real estate market: Evidence from Poland

Justyna Brzezicka, Radoslaw Wisniewski, Marta Figurska

• The article analyzes the situation on the Polish residential real estate market as a developing market with emphasis on market demand and market supply which were evaluated in two separate approaches. States of disequilibrium were analyzed on a local real estate market in the Polish Region of Lower Silesia based on the data supplied by the Promocja Center for Economic and Organizational Implementation (Sekocenbud) and the Register of Real Estate Prices and Values. The study aims to verify the hypothesis postulating the occurrence of an information cascade on the real estate market and its influence on the number of transactions. The above hypothesis was verified with the use correlation methods and the Granger causality test. The results point to: 1) long-term disequilibrium on the Polish real estate market, 2) the presence of synergistic systemic processes with time lags manifested in property prices, 3) the influence of an information cascade on the number of concluded transactions