These data suggest that data on investment, especially housing investment, is

underestimated. Additionally, data on new dwellings are also probably seriously

underestimated. Gorczyca suggests that 400,000 out of 540,000 houses under

construction reported at the end of 1996 are already inhabited. But any estimate of new,

completed dwellings and housing investment expenses, such as that above, are very

roughly determined and should be used accordingly.

2

Fixed asset data (net and gross) have been provided using two methods. Until

1994, assets were reported according to their purposes rather than the firm s main activity

(see Section 2.3 above). Thus, houses owned by manufacturing firms are now reported

in the Manufacturing Sector (Section D of EKD classification), but until 1994 were reported

in the Housing Sector (in the old classification system KGN). Therefore, any depreciation

calculation for housing is difficult, and historical analysis enigmatic.

2.5

Other Data for Macroeconomic Housing Analysis

Financial data are currently widely available. The National Bank of Poland (NBP)

regularly publishes data on:

  interest rates, such as: interbank rate, commercial bank credit rates, main

deposit rates, as well as NBP's rates (for example, the re discount rate);

  credits for enterprises and households;

  money creation;

  money supply;

  deposits of firms and households in local currency and in hard currency;

  hard currency reserves; and

  exchange rates and export/import transaction data.

These data are essential for background studies for housing demand analysis.

However, additional data related to outstanding mortgages, new mortgage credits, loan to 

value ratios (LTVs), mortgage terms, interest rates, and so forth, are not published.

With regard to user cost analyses, the institutional environment for housing

development may be relatively easily described. There is a real estate tax, which is levied

on the dwelling area. The maximum rates are set nationally, but local governments may

reduce them by up to 50 percent. For 1998, the maximum rate for housing is set at 0.33

PLN/sq.m., so an average apartment of 64 sq.m. costs 21 PLN annually for real estate tax,

which is very low. Data on maintenance costs of housing are published by the Central

Statistics Office (GUS) according to household characteristics.

2

com.: Gorczyca, M.: Stan I rozwoj mieszkalnictwa w Polsce, GUS, Warszawa 1997.

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