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Why the market value of residential premises and the costs of its purchase differ: the examples of Belarus and Poland
Umeå University, Faculty of Social Sciences, Umeå School of Business and Economics (USBE).
2018 (English)In: Land use policy, ISSN 0264-8377, E-ISSN 1873-5754, Vol. 71, p. 530-539Article in journal (Refereed) Published
Abstract [en]

The purpose of this study is to investigate features of transaction costs (fees and taxes) regarding real estate deals and to analyze transaction costs in the real estate market in emerging and established economies in order to research the link between the extent of market development and transaction costs. The authors’ methodological approach to estimation of transaction costs consists of qualitative and quantitative stages and is based on descriptive, normative and statistical information, which allows estimation and comparison of transaction costs as well as their structure and sources of occurrence by types. The two cases were chosen for practical implementation of the method: a transition economy of Belarus and a relatively established market economy of Poland. In order to measure transaction costs, the authors use the example of a residential property in order to provide a comparable basis for further analysis. Application of the method to the most prevalent pattern of real estate deals shows sufficient comparability of transaction costs (ca. 2.5%) and a slight difference (ca. 4%) caused by the absence of transaction tax in Belarus.

Place, publisher, year, edition, pages
Oxford: Elsevier, 2018. Vol. 71, p. 530-539
Keywords [en]
Transaction costs, Residential market, Security of real estate acquisition
National Category
Business Administration
Identifiers
URN: urn:nbn:se:umu:diva-141781DOI: 10.1016/j.landusepol.2017.11.012ISI: 000423643400049Scopus ID: 2-s2.0-85033367362OAI: oai:DiVA.org:umu-141781DiVA, id: diva2:1156437
Available from: 2017-11-13 Created: 2017-11-13 Last updated: 2018-06-09Bibliographically approved

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Manzhynski, Siarhei

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