Abstract
Abstract Residential development in Poland has gone through many changes over the last few decades. In the 1990s, housing cooperatives played a major role among investors in the residential market, whereas developers were only taking their first steps. Today the situation has reversed. In addition to private persons building homes for their own use, developers contribute the most to the supply of new housing. There are many factors that have led to this situation. It is noteworthy that many laws governing the real estate market, the construction market, the development of entrepreneurship, etc. have been either enacted or frequently amended over the last two decades, which may have significantly affected developers’ activities. The article is an attempt to answer the question about whether and, if so, how strongly changes in the legal setting have influenced residential development activity in Poland.
Highlights
Development activity is a time-consuming, capital intensive and very complex type of business activity
Foreign literature defines development activity in many ways: 1) as a process in which work performed leads to changes in land use or intensification in the use of the existing land or building (BALCHIN et al 1995, p. 126); 2) as a process that involves changing or intensifying land use to construct buildings, or as a complex activity involving the use of scarce land resources (CADMAN, TOPPING 1995, p. 1); 3) as an “activity which changes the state of land” (MILLINGTON 2000, p. 1)
Development activity carried out in the years 1993 – 2013 was affected by dozens of legal acts and secondary legislation. Due to their large number, 12 acts, which may have played an important role in the dynamics of development activity in the Polish residential market, were selected based on a preliminary analysis of their content
Summary
Development activity is a time-consuming, capital intensive and very complex type of business activity (see: KUCHARSKA - STASIAK 2006, pp. 229 - 239). The aim of the article is, to assess the impact of changes in the legal setting on development activity in the Polish residential market. On the basis of qualitative analysis of selected legal regulations, an attempt was made to use econometric methods to capture the quantitative impact of changes in the law on the supply of developer-built residential dwellings in the years 19932013. For the purpose of the article, developer-built dwellings are dwelling units that, according to the methodology of the Central Statistical Office of Poland, are designated for sale or rent. This category includes dwellings built by development companies and other for-profit entities (www.stat.gov.pl, access: 5.02.2014). Due to the difficulties in the accurate estimation of its number prior to this date, such housing was not included in the further part of the study
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