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Glocal real estate market: evidence from European Countries

Radoslaw Wisniewski (University of Economics and Human Sciences in Warsaw, Warszawa, Poland and Central Office of Measures, Warszawa, Poland)
Justyna Brzezicka (Faculty of Geoengineering, University of Warmia and Mazury in Olsztyn, Olsztyn, Poland)

Journal of European Real Estate Research

ISSN: 1753-9269

Article publication date: 30 July 2020

Issue publication date: 4 June 2021

224

Abstract

Purpose

This paper aims to analyse globalisation, localisation and glocalisation on the real estate market and define the characteristic features of a glocal real estate market (GREM). The GREM involves real estate properties and real estate products, as well as linking the local and global dimensions of real estate market. Further aims of the study were to provide a methodology for developing the glocal real estate market index (GREMI), and compare selected European markets by analysing their glocalisation potential.

Design/methodology/approach

A novel method of identifying and assessing the GREM was prepared in the work. The methodology provides tools for calculating the GREMI. This is an index based on a few dozen variables from various thematic scopes, describing the glocalisation potential of a selected market, calibrated to a range <0, 1>. GREMI values were calculated for 12 countries, which accessed European Union (EU) in 2004. The sample covers period from 2004 to 2017.

Findings

The study shows that the GREMI continues to increase in all countries over time and the results are becoming synchronised. Romania is a country with the highest number of minimum GREMI values in all years (2004–2017). The highest values of the GREMI were determined in Estonia over the period of nine years (2004–2006, 2008 and 2013–2017).

Research limitations/implications

The prepared index may be applied to analyse different real estate markets, though the necessity to select an identical set of variables for analysis to allow for comparing between markets is a limitation for applying the method. The actual selection of variables is also a study limitation, which was of an opening nature to research in this scope and may be disputable.

Originality/value

This paper provides the original methodology of the GREMI index for countries joining the EU from 2004 onwards.

Keywords

Citation

Wisniewski, R. and Brzezicka, J. (2021), "Glocal real estate market: evidence from European Countries", Journal of European Real Estate Research, Vol. 14 No. 1, pp. 120-149. https://doi.org/10.1108/JERER-09-2019-0031

Publisher

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Emerald Publishing Limited

Copyright © 2020, Emerald Publishing Limited

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