ACTA SCIENTIARUM POLONORUM - SGGW

Oeconomia 10 (1) 2011, 83–95THE EFFICIENCY OF SELECTED REAL ESTATEMARKETS IN POLANDMałgorzata Renigier-Biłozor, Radosław WiśniewskiUniversity of Warmia and Mazury in OlsztynAbstract. Real estate markets (REM) may be classified as strong-form efficient, semistrong-formefficient or weak-form efficient. Efficiency measures the level of developmentor goal attainment in a complex social and economic system, such as the real estate market.The effectiveness of the real estate market is a function of the efficiency of individualmarket participants. This paper comprises two parts. The first part attempts to analyzethe efficiency of the Polish real estate market as a feature of general market efficiency.It formulates recommendations for improving market efficiency through the choice ofadequate research methods and procedures based on the principles of the rough set theory.Key words: efficiency of the real estate market, rough set theory, valuation, landmanagementINTRODUCTIONThe real estate market is one of the most rapidly developing commodity markets thatattract massive investments, but as an object of research, it poses numerous problems.The market can be analyzed in various categories and from various perspectives. The followingdeterminants can be a source of uncertainty in market evaluations:a) market effectiveness – the achievement of the desired level of development by marketstructures and functions, the ability to maintain system processes (dynamic andinformational balance), crisis survival ability (stability), the ease and possibility ofcontrolling processes in the short-term, mid-term and long-term perspective, andmany others;b) market structure, namely the configuration of market institutions and organizations– market structure may be well developed (highly developed markets, e.g. inGreat Britain), developing (emerging markets, e.g. in Poland) or weakly developed(e.g. in Belarus);Corresponding author – Adres do korespondencji: Małgorzata Renigier-Biłozor, RadosławWiśniewski, University of Warmia and Mazury in Olsztyn, Poland, Department ofLand Management and Regional Development, Prawocheńskiego 15, 10-724 Olsztyn,malgorzata.renigier@uwm.edu.pl; danrad@uwm.edu.pl