Barriers of Innovation Activity as Risk Factors on the Real Estate Market

Abstract

Innovation is the basic factor and driving force behind the company's development. The aim of the study is to identify and assess innovation barriers in the construction sector in Poland, which are risk factors of the analyzed real estate market. It has been hypothesized that the implementation of innovation on the real estate market allows better management of investments in innovations and, above all, minimizes their risk. In the light of signals of ecological imbalance caused by very intensive and irresponsible economic growth, the analysis of the problem was inspired by actions aimed to eliminate harmful impacts of human activity on the environment and promote implementation of innovations the concept of sustainable development. For the purpose of the work purpose, surveys were used to assess the sustainable development of the real estate market in the light of benefits and threats. The work also used the literature on innovation, secondary research results, empirical data in this area, CSO data, McKinsey survey on key actions to ensure further effective development of the economy. The methodology adopted at work made it possible to present the assessment of the local real estate market implemented with innovations on the background of Poland and the UE. It has been shown that barriers to innovations are perceived as risk-generating, being an important determinant of management in the real estate market. In order to continue sustainable development in line with the EU directive, an appropriate risk management strategy should be adopted to minimize it. The work presents the concepts of innovation in the management strategy, stressing that the strategy for creating value is the most promising in the implementation of sustainable development, while providing a long-term reduction of costs.