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Kowalczyk Marek (University of Szczecin, PhD student)
Analysis of the Income Gap and Divergence of Purchase Prices of Investment Units in a Condo System on the Basis of Selected Properties - a Case Study
World of Real Estate Journal, 2021, nr 3(117), s. 3-20, rys., tab., bibliogr. 23 poz.
Świat Nieruchomości
Efektywność inwestycji, Atrakcyjność inwestycyjna, Cena jednostkowa produktu, Nieruchomości
Efficiency of investment, Investing attractiveness, Product unit prices, Real estate
JEL Classification: M21, R33, Z30, Z33
Purpose - The main intention of the analysis was an attempt at defining the income gap and identifying the return from condo units in Poland.
Design/methodology/approach - The article presents the subject of condo properties. Two main types of condo properties have been distinguished: condo apartments and condo hotel rooms. The fundamental differences are presented. The research uses case study approach.
Findings - The research suggest that rent calculation mechanism is the decisive factor for the occurrence of an income gap in investments in condo property. This is affected by three aspects: The requirement to buy furniture/equipment and no rent charged for the invested capital. The requirement to buy a parking place, which is not included by the operator in the determination of yearly rent on the invested capital. The investor exercising their right to become a resident owner of the condo unit on the applicable terms.
Research limitations: The analysis covers condo units in towns with significant tourism potential, and in Warsaw. The sample includes selected operator contracts examined for six condo properties in Poland.
Research implications: The paper answers two vital questions that may be interesting to property investors, both institutional and individual: Which factors explain the annual retur from cond properties in Poland? What are the annual returns under specific contract terms in the circumstances of the Polish condo property segment? (original abstract)
The Library of Warsaw School of Economics
Full text
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