The main aim of the paper was identification of price fluctuations on the secondary flat market during 1996-2006 in selected Polish cities. The subject scope resulted from the aim of the paper and included price fluctuations on the secondary flat market, involving both property rights and cooperative property rights for private accommodation. The time scope involved the period of 1996-2006, which was connected with the scope of empirical research which concerned shaping the price level of 1 m≤ of flat. Spatial scope of the research involved two cities: Pozna_ and Wroc_aw. The choice was affected by the fact that the indicators specific for flat market in Pozna_ and Wroc_aw are characterized by similar levels. Therefore, there was an attempt to check whether the tendencies in price formation, occurring on the local flat markets are similar. The paper is divided into three parts. In the first part author analyzed business cycles components. Then he has presented method of analysis of business cycles applied to flats' prices fluctuations on the local markets. The third part of the paper contains cooperative analysis of fluctuation of flat prices on local markets in Pozna_ and Wroclaw for the period 1996-2006.