Ekonomia złożoności w badaniach rynków nieruchomości
The use of complexity economics in the research on real estate market

Summary/Abstract: The paper addresses the applicability of complexity economics to the real estate market research, and the construction of a universal measure of the real estate prices dynamics (ReRN) analogous to the Reynolds number (Re) from hydrody482 Mirosław Bełej namics. The author proposes a dual concept of real estate market research. The essence of this concept is the ability to choose the assumptions used in the research (orthodox/heterodox economics) depending on the level of stability of the real estate market. This perspective allows to analyse the phenomenon of rapid increases in real estate prices through the establishment of multi-point dynamic equilibrium of the market, bounded rationality and nonlinearity paradigm, which are the basis of complexity economics. Furthermore, ReRN number is used to analyze the real estate price dynamics in Poznan in 2001–2011. Thus, ReRN number makes it possible to determine the critical points between laminar, unstable and turbulent real estate prices evolution. Adopting the complexity economics perspective in the real estate research increases methodological pluralism which allows to introduce some new analytical methods for analysis of real estate price dynamics

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