Why Has the COVID-19 Pandemic Had a Limited Impact on the Primary Housing Market in Poland?

Q2 Social Sciences

Critical Housing Analysis Pub Date : 2021-01-01 DOI:10.13060/23362839.2021.8.2.534

H. Augustyniak, J. Łaszek, K. Olszewski, W. Joanna

引用次数: 4

Abstract

In this paper we present the first insights into the as yet unexamined impact of the COVID-19 pandemic on the primary housing market in Poland, with a focus on Warsaw, which is the largest real estate market in the country. We explain the structural features that allowed the market to return to pre-shock levels after the pandemic shock. After the 2007–2008 global financial crisis the negative consequences lasted for several years. This time a sharp monetary policy and fiscal intervention was carried out. Moreover, the developer sector has expanded its production capacity. We show empirically that through monopolistic competition developers were able to restrict the excessive demand that was observed before the COVID-19 pandemic broke out. Another important structural change was the increase in the demand for housing, mainly for investment purposes, which was financed predominantly with cash and contributed to the growth of the rental market.

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为什么COVID-19大流行对波兰一级住房市场的影响有限?

在本文中，我们首次深入分析了COVID-19大流行对波兰一级住房市场的影响，并将重点放在波兰最大的房地产市场华沙。我们解释了使市场在大流行冲击后恢复到冲击前水平的结构性特征。2007-2008年全球金融危机之后，负面影响持续了数年。这一次，实施了严厉的货币政策和财政干预。此外，开发商也扩大了生产能力。我们的实证研究表明，通过垄断竞争，开发商能够限制COVID-19大流行爆发前观察到的过度需求。另一个重要的结构性变化是住房需求的增加，主要是出于投资目的，这主要是用现金供资，并促进了租赁市场的增长。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Critical Housing Analysis Social Sciences-Sociology and Political Science

CiteScore

2.70

自引率

0.00%

发文量

期刊介绍： Critical Housing Analysis is a peer-reviewed academic journal focusing on critical and innovative housing research. The journal was launched in January 2014 and publishes two online issues annually. Critical Housing Analysis is published by the Institute of Sociology of the Czech Academy of Sciences. Critical Housing Analysis aims to provide on-line discussion space for researchers who come up with innovative, critical and challenging ideas and approaches in housing-related research. The unique function of this journal is to facilitate rapid feedback on critical and innovative ideas and methods developed by housing researchers around the world. We are especially keen to publish papers that provide: 1.Innovations in methods, theories and practices used in housing-related research. We especially welcome papers applying original research strategies (such as, mixed and interdisciplinary methods) and international comparisons with a strong sense for contextual and institutional differences. Papers should provide new and fresh research perspectives allowing a deeper understanding of housing markets, policies and systems. Innovations need to be justified but they could be “work in progress”, i.e. their findings may not yet have been fully verified. 2.Critiques of assumptions, methods and theories used in housing-related research. Such critical evaluations must be well-founded (empirically or by consistently logical argument) and convincing. However, there is no particular need to provide a solution to the problems that have been identified. 3.Critiques of applied housing practices and policies in particular cultural and institutional contexts, especially for those countries that are less represented in mainstream housing policy discourse. The critical assessment of policies must be analytical, should propose new perspectives and lead to wider policy implications.