Abstract
In this article, we examine the developer’s decisions regarding construction under process in relation to prices in the 16 voivodeship capital cities, i.e. the biggest real estate markets in Poland. Our aim is to determine whether developers react in a similar fashion in different voivodeship capital cities, or whether significant differences can be observed. The problem of housing availability is important for the mobility of workers and, therefore, is an important factor of sustainable regional development for Poland. We study the correlation of leads and lags of cycles in house prices in the primary and secondary market and wages with the cycles of new construction under way. We find that for the biggest markets there is a strong correlation between the lags of secondary housing market prices with construction under way. However, no clear pattern can be observed for the smaller markets, which calls for further research.
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