Publication detail

The influence of non-price factors on the market with new building - Case study for Warsaw and Prague

OULEHLA, J. LUŇÁČEK, J.

Original Title

The influence of non-price factors on the market with new building - Case study for Warsaw and Prague

Type

article in a collection out of WoS and Scopus

Language

English

Original Abstract

This study uses secondary data from the Polish Statistical Office and the Polish National Bank. Other data is taken from Czech Statistical Office and EUROSTAT. General scientific methods are Granger causality and multifactor regression. Scientific aim: The global focus of the article is econometric modeling. A particular center uses these models to evaluate the impact of factors for which enough data samples are not established. The evaluation of two distinct regions will estimate the significance of unique factors, their agreement, and possible variations. Findings: A key indicator of market development is the number of building permits. This variable represents the novelty of the approach. Previous approaches have defined this change as marginal; the approach presented here shows the number of building permits concerning other real estate market parameters. This article's findings are primarily relevant for the supply and demand side, i.e., for citizens and building companies. Furthermore, the results show a clear link between the number of building permits and economic growth. Conclusions: GDP growth is a statistically significant factor in the growth in the number of building permits for the capital city of Warsaw and capital city of Prague. GDP is a common factor for both selected cases. A statistically significant factor for the case of Warsaw is the Average Wage Index. These factors are significant at all levels. At lower levels of significance, the Housing Price Index and Number of Inhabitants are significant for Warsaw. In the case of Prague, it is only the Consumer price index. Granger's causality showed that the GDP variable is statistically significant for both the case of Warsaw and the case of Prague. In the case of Prague, this is a dual causality, which has not been confirmed in the case of Warsaw.

Keywords

new residence building; granger causality; determinants; multiple regression; GDP

Authors

OULEHLA, J.; LUŇÁČEK, J.

Released

17. 9. 2021

Publisher

Faculty of Business and Management, Brno University of Technology, Brno, Czech Republic

Location

Brno

ISBN

978-80-214-6005-8

Book

Perspectives of Business and Entrepreneurship Development: Digital Transformation for Business Model Innovation

Edition

Selected papers of international scientific conference

Edition number

1

Pages from

99

Pages to

110

Pages count

10

URL

https://conference.fbm.vutbr.cz/ic/index.php/ic/libraryFiles/downloadPublic/23/PROCEEDING-SELECTED-2021.pdf

BibTex

@inproceedings{BUT176523,
  author="Jiří {Oulehla} and Jiří {Luňáček}",
  title="The influence of non-price factors on the market with new building - Case study for Warsaw
and Prague",
  booktitle="Perspectives of Business and Entrepreneurship Development: Digital Transformation for
Business Model Innovation",
  year="2021",
  series="Selected papers of international scientific conference",
  number="1",
  pages="99--110",
  publisher="Faculty of Business and Management, Brno University of Technology, Brno, Czech Republic",
  address="Brno",
  isbn="978-80-214-6005-8",
  url="https://conference.fbm.vutbr.cz/ic/index.php/ic/libraryFiles/downloadPublic/23/PROCEEDING-SELECTED-2021.pdf"
}