Abstract
The main part of the study will be to demonstrate that models taking into account spatial heterogeneity (Geographically Weighted Regression and Mixed Geographically Weighted Regression) which reproduce housing market determinants better reflect market relationships than conventional regression models. The spatial heterogeneity of the housing market determinants results in the spatial diversity of the market activity, as well as of real estate prices and values. The main aim of the study was to analyse an effect of these socio-demographic and environmental factors on average housing property prices and on the number of transactions in a spatial approach. In previous research conducted on a national scale, usually all variables were treated in a similar way, i.e., as global or local variables. During the research, an attempt was also made to answer the question of which of the variables adopted for analysis have a local impact on prices and market activity, and which are global. The study was conducted in Poland and used data from the year 2018 on 380 counties (Local Administrative Units). The study showed that determinants both for average prices and for the housing market activity show spatial autocorrelation with high–high and low–low cluster groups. Owing to these models, it was possible to draw specific conclusions on local determinants of flat prices and the market activity in Poland. The study findings have confirmed that they are an extremely effective tool for spatial data analysis.
Highlights
Space, in its physical, economic, institutional, legal and social dimension, is the basic element of the processes that take place on the housing market
The factors that have an impact on the housing market display spatial heterogeneity with resulting spatial diversity of the market activity as well as of real estate prices and value
This study attempted to assess the relationship between both socio-demographic and economic and environmental factors compared with average prices and activity of the housing market in 2018 in spatial terms
Summary
In its physical, economic, institutional, legal and social dimension, is the basic element of the processes that take place on the housing market. The factors that have an impact on the housing market display spatial heterogeneity with resulting spatial diversity of the market activity as well as of real estate prices and value. These factors include global factors, associated mainly with macroeconomic conditions, as well as local factors. Identification of sources of spatial diversity of supply and demand for real estate caused by exogenous (economic, legal, social, etc.) and endogenous (i.e., related to a real estate as a physical object and its location value) factors is one of the research problems which appear in the context of studies of the housing market
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