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URBANRENEWALANDTHEVALUEOFREALPROPERTIES
15
2
]
unitprice[PLN/m
1100
1000
900
800
700
600
500
400
300
200
100
01/2006
07/2006
01/2007
07/2007
01/2008
07/2008
01/2009
07/2009
01/2010
07/2010
01/2011
07/2011
01/2012
07/2012
01/2013
07/2013
01/2014
07/2014
1100
1000
900
800
700
600
500
400
300
200
100
averageunitprice
smoothed�meseries
Fig.7.Timeseriesofaveragemonthlyunittransactionpricesforundevelopedland
propertiesintendedforresidentialdevelopmentinKrakowin2006–2014
Source:ownstudy.
AccordingtothevaluesillustratedinthegraphinFig.7,thelowestaverage
monthlyunittransactionpricewasrecordedinJune2006(215PLN/m²),andthe
highestinDecember2008(958PLN/m²).
Thesametimeserieswasalsopresentedagainstthebackgroundoftheseries
ofaveragemonthlytransactionpricesobtainedforundevelopedlandproperties
inKrakow,2006-2014,smoothedbymeansofmovingaveragesforfiveneigh-
bouringperiods.Itwasnecessarytocarryoutthreeiterationsforsuchaseries.
Adescriptionofthemethodcanbefounde.g.intheworksby(Box,Jenkins
1983),(Hamilton1994)and(Brockwell,Davis1996).
Basedonthesmoothedtimeseries,theanalyzedmarketcanbedefinedas
characterizedbyaconstantpricelevelandcyclicalfluctuations(Adamczyk,
Bieda2015).Afterthesmoothing,themaximumoftheanalyzedseriesisinMay
2008(586PLN/m²),andtheminimuminJuly2006(261PLN/m²).
Tab.5.Basicdescriptivestatisticsofthetimeseriesofaveragemonthlyunittransaction
pricesforundevelopedlandpropertiesintendedforresidentialdevelopmentinKrakowin
2006–2014
Average
Median
Minimal
Maximal
403.26
Coefcientof
variation
0.36
369.39
215.25
957.94
Skewness
Kurtosis
Standard
deviation
147.07
Percentile10%
Percentile90%
1.45
Source:ownstudy.
2.55
248.24
595.17
