Wahania indeksów giełdowych w Polsce a zmiany cen mieszkań
Relationship between fluctuations of stock indies and changes if flat’s prices in Poland

Summary/Abstract: Real estate is nowadays increasingly treated as capital investment.Today investments in the property market can be both direct and by means of instruments indirectly linked with it. One of the most important advantages of direct investment in real estate frequently mentioned in literature is a low correlation between returns on such investments and returns on equities and bonds. Thanks to this fact, direct investment in real estate can be a useful tool that could help to diversify the portfolio of securities on stock exchange. This article presents the results of a study whether over the last few years there was a correlation between fluctuations of two main indices listed on the Warsaw Stock Exchange and fluctuations of average flat prices in the major Polish cities. Moreover, it was examined which type of assets was of lower risk at that time.

• Details
• Contents