TY - CONF T1 - The Future of Polish Real Estate Market T2 - 10th European Real Estate Society Conference Y1 - 2003 A1 - Stanislaw Belniak AB - Polish real estate market is still displaying downturn characteristics, the consequence of a difficult financial situation of the whole country. Real estate requires considerable financial outlays. At the same time, there are no free assets for investment on the market and business entities have no liquidity. Consequently, these conditions exert negative impact both on the number, as well as, the volume of transactions. In 2001 the growth rate of Polish economy declined. The growth rate of GDP amounted to 1.2%, budgetary deficit equaled Ò4% of GDP, and the inflation rate stood at 4.5% In the course of the election campaign for the Polish Parliament an ominous Ïbudgetary holeó was discovered and the situation of the economy was made even worse by galloping unemployment and discouraging proposals of budgetary reforms and tax hikes. 2002 brought a further decline of GDP. The total value of real estate transactions dropped to one million PLN of GDP and unemployment index reached 18.75. Yet, inflation settled at 1.8% which was a positive indication. JA - 10th European Real Estate Society Conference T3 - ERES: Conference CY - Helsinki, Finland U3 - RePEc:arz:wpaper:eres2003_116 J1 - Conference 2003 ID - oai:eres.id:eres2003_116 M3 - 10.15396/eres2003_116 ER -