Abstract
Abstract Rating systems developed in Poland and other countries are generally used to evaluate the performance of businesses, organizations, institutions and even entire economies. Comprehensive solutions for assessing real estate markets and individual properties have never been proposed (several systems for evaluating mostly commercial real estate have been developed). This deficiency could be attributed to an absence of databases describing the real estate market and market changes as well as a shortage of coherent methods for analyzing real estate markets. In most cases, however, market phenomena may be difficult to classify because they involve behavioral, social and stochastic elements. This article analyzes the existing systems for rating and ranking markets in different Polish regions and cities. They were compared with information about the classification of real estate markets on the example of selected property markets in Poland. Selected categories were evaluated to determine whether rating methods for real estate markets, including housing markets, should be developed for different Polish cities and regions. The growth potential of local real estate markets was also analyzed.
Highlights
Rating reports and publications have enjoyed widespread popularity around the world for some time
A rating provides market participants with additional, sorted information about the reliability and performance of that market, the quality of market processes and the consequences of decisions made by market participants
The development of a methodology for rating entire real estate markets is a very difficult process; it would significantly contribute to optimal decision-making on the property market
Summary
Rating reports and publications have enjoyed widespread popularity around the world for some time. They are developed for various areas of life, and are becoming increasingly popular in Poland. A rating is a tool for evaluating the performance of an entity, and is an important part of market strategy. Rating is not synonymous to ranking, but the two words are often used interchangeably. A rating provides market participants with additional, sorted information about the reliability and performance of that market, the quality of market processes and the consequences of decisions made by market participants. Rating agencies evaluate the reliability of businesses, including their credit rating, as well as assessing the relevant investment risk. Agencies deploy standard rating procedures based on self-designed evaluation criteria
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