Rynek nieruchomości mieszkaniowych w procesie powstawania nierównowag makroekonomicznych
Residential Real Estate Market in the Process of the Emergence of Macroeconomic Imbalances

Summary/Abstract: The origins of the 2007-2008 crisis are believed to lie in the strong disturbance of macroeconomic balances. Many economists see the causes of the crisis in the disorder in the financial market and the real estate market. The theoretical layer of the paper seeks to demonstrate that the real estate market is only indirectly involved in the development of the crisis. This market, however, should be monitored, since the strong changes on the demand side, fuelled by the access to cheap loans and speculative behaviour may cause demand shocks which lead to the development of price bubbles, manifested in the violent price increases, unjustified by fundamental values. When the bubbles burst, a wave of difficult loans appears, deepening recessions and slowing down the subsequent economic recovery. The empirical layer undertakes the assessment of the real estate market as an environment which contributes to the emergence of macroeconomic imbalances.

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