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JERER
14,1 Glocal real estate market:
evidence from
European Countries
120 Radoslaw Wisniewski
University of Economics and Human Sciences in Warsaw,
Received 17 September 2019 Warszawa, Poland and Central Office of Measures, Warszawa, Poland, and
Revised 28 January 2020
20 April 2020
2 June 2020
Justyna Brzezicka
15 June 2020 Faculty of Geoengineering,
Accepted 16 June 2020
University of Warmia and Mazury in Olsztyn, Olsztyn, Poland

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 Glocal real estate market (GREM), Glocal real estate market index (GREMI), Locality,
Glocality, Globality
Paper type Research paper

Journal of European Real Estate
Research
Vol. 14 No. 1, 2021
pp. 120-149
© Emerald Publishing Limited
1753-9269
DOI 10.1108/JERER-09-2019-0031
1. Introduction
In recent years, the real estate market became an important segment of national economies
around the world [1] [2]. Its significance can be attributed to the social and economic role of
real estate in a market economy. Real estate has two key functions, namely, it is a place of
residence and a capital investment (Łaszek, 2004). Real estate can also be used as collateral
in mortgage loan transactions (Sommervoll et al., 2010). The former aspect is related to
geographical space (selected location), whereas the latter concerns economic space (every
location in the world). Therefore, the location of real estate and the localisation of a function,
process or phenomenon on a local real estate market are important considerations. However, Glocal real
recent years have witnessed an acceleration of globalisation processes, including those estate market
witnessed on the real estate market, which can be attributed to the global dimension and the
global transfer of these processes. Globality is a set of processes and actions undertaken by
market participants, as well as the attributes and the mutual relationships between these
processes on the global scale. The relevant phenomena are analysed in the context of
globality and globalisation. However, in the conceptual and theoretical approach, globality
121
and globalisation come into contact with locality and localisation, and these concepts
permeate one another owing to glocality and glocalisation. Glocalisation is a process
whereby global conditions are imposed on local circumstances. Globalisation processes
generalise locality (universalisation), whereas glocalisation processes localise globality
(indigenisation). This article explores glocalisation on the glocal real estate market (GREM).
The following observations can be made based on the presented definitions of globality
and globalisation, locality and indigenisation and glocality and glocalisation on the real
estate market:

The real estate market is a local market in the traditional approach.

A global real estate market is not a valid category in the traditional classification
system.

Therefore, it can be assumed that a real estate market can fulfil the definition of a glocal
market if specific conditions are met. The research hypothesis formulated in this study
postulates that a glocal market is not an anonymous global market driven by mass demand
or a self-contained local market. On the contrary, a glocal market is specialised,
personalised, well-differentiated, open and dynamic. It is represented by values and
symbols, which denote the search for new, interesting and sophisticated market segments
without disregarding quality, tradition, differentiation and personalisation at the local level
(Foglio and Stanevi
cius, 2006, p. 37). The aims of the study were to:

Analyse globalisation, localisation and glocalisation on the real estate market and
classify these concepts.

Define the characteristic features of a GREM.

Develop the glocal real estate market index (GREMI) and

Compare selected European markets by analysing their glocalisation potential.

The study covered 12 countries that joined the European Union (EU) in 2004 and later
(Bulgaria, Cyprus, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland,
Romania, Slovakia and Slovenia). The continental market (EU-28) was the reference. The
analysed period was 2004 to 2017. The analysed countries and the period of the analysis (12
countries that joined the EU in 2004 and later) were selected for three reasons. Firstly, the
study aimed to compare countries that embarked on a path of rapid economic growth after
2004 (EU enlargement). Secondly, attempts were made to describe the integration of Central-
Eastern European countries with global markets, including in Western Europe. Thirdly, the
influence of the 2008 financial crisis on the real estate market was examined in the
investigated countries.
The article has the following structure: Section 2 reviews the literature and sets forth the
theoretical framework for the analysis; Section 3 defines the GREM and proposes the
GREMI; Section 4 describes the data used in the analysis; Section 5 presents the results of
empirical analyses; Section 6 discusses the results.
JERER 2. Literature review and theoretical framework [3]
14,1 2.1 Locality, localisation processes and the local real estate market
Locality is an immanent feature of the real estate market (Gan, 2004; Hwang and Quigley,
2006; Beck et al., 2012; Grzesik and Źrobek, 2017; Kucharska-Stasiak et al., 2018) because
property is situated in a specific location in geographical space, which can be described with
coordinates w , l (latitude - w , longitude – l ). In this study, the locality of real estate will be
122 regarded as an area with specific geographical coordinates (centre of gravity). Locality
denotes a set of objects, elements, their attributes and mutual relationships, which are
located in a given geographical area and which influence property prices in that location
(Chau et al., 2010, p. 485). Locality represents the analysed area and its characteristic
functions. According to Kucin ski (2011, p. 19), the locality is shaped in historical
development processes, which have a contextual character. It is formed and operates in a
natural, political, economic, social and cultural context that is specific to the analysed area
and its relative location.
Therefore, the locality of a real estate market can be explored as the locality of an area,
and it can be analysed in the horizontal and the vertical dimension (Han, 1998). The
horizontal dimension implies that a real estate market is localised in a specific area in
geographical space, which is conditioned by the attributes of property. In this dimension, the
real estate market covers an area whose boundaries are delimited by the properties traded
on that market (Cellmer, 2014, p. 59). The boundaries of the real estate market can differ for
various types of property, and they are not always synonymous with spatial boundaries
(Lichter and Brown, 2011; Bieda et al., 2014). Despite possible differences in the boundaries
of various real estate markets, the horizontal dimension represents the markets’ continuity
in geographical space. In this dimension, the locality of the real estate market is continuous
in geographical space. The vertical dimension of a real estate markets’ locality indicates that
the market exists in numerous contexts, which influence its function and the prices of
property. Each context should be linked with the specific determinants of property
ownership, namely, economic, planning, fiscal, legal, political, infrastructural and social
(Kahr and Thomsett, 2006, p. 5). Every determinant makes a certain contribution to the
situation on a given segment of the real estate market. This contribution determines the
functioning of the real estate market in economic space. In this approach, the real estate
market should be analysed in view of the variables that occur outside the market and
influence its performance, but exist in different functional space. It should also be noted that
the factors representing different areas of property ownership exert a varied influence
because they differ in intensity and occur in different areas of geographical space (Case et al.,
2000, p. 2). The non-homogeneous character of these factors implies that the real estate
market is discrete (non-continuous) in the vertical dimension, i.e. different groups of factors
occur discretely in geographical space (Webb, 1988; Bełej and Kulesza, 2012, p. 61). The
horizontal dimension and many aspects of the vertical dimension of the locality are
immanent properties of the real estate market. These attributes have been shaped by natural
and anthropogenic processes, as well as the consequences of these processes; they cannot be
easily modified because real estate is immobile (Case et al., 2000). Both dimensions of market
locality indicate that a given type of real estate is characterised by spatial continuity and
qualitative discreteness, which is conditioned by different aspects of property ownership.
Historical properties can be used as a practical example to elucidate the complexity of the
presented theory. Historical real estate is strongly linked with location and acts as an icon
that shapes local identity (horizontal dimension). Historical properties reflect on cultural,
social and historical processes but they should also lead to population transfer or the
transfer of capital (vertical dimension). Discontinuous changes in real estate prices are noted
in the proximity of historical properties (locality), which can generate both positive and Glocal real
negative neighbourhood effects and can change the functions of adjacent areas or localities. estate market
Famous historical monuments attract visitors from around the world, and the permeation of
local and global factors is particularly intense and visible in these types of real estate.
Real estate does well to fit deliberations on the local character of the real estate market.
Real estate consists of objects, which have specific attributes, are bound by specific
relationships and constitute a whole. These relationships are not only endogenous (links
with other properties) but they also exogenous (links with other localities) (Głuszak, 2019). 123
The exogenous character of these relationships is also a factor that binds the real estate
market with other types of activities undertaken by market actors. The above approach
indicates that market attributes are closely linked with the locality, including the locality of
an area. The origins, evolution and the present “shape” of locality suggest that every
location has a set of characteristic attributes, which distinguish it from all other
communities, economies and spatial units at a given level on the geographical scale.
Therefore, locality implies localisation and localisation is a derivative of location and locality
(feedback). Locality does not exist on its own, it is not discovered, but emerges through
contact with other local economies and communities whose significance has increased as a
result of globalisation. Therefore, local processes are a part of a globally complex system
composed of many interconnected processes that lead to local-global interactions (Wu, 2000;
Chiu, 2006; Hsing, 2005; Zhu et al., 2006; Alfasi and Fenster, 2009). The impulses relating to
localisation and location continue to evolve. Local processes generate impulses that are
directly related to locality and change globalisation processes. In the semantic context,
locality is a broader concept than location or localisation. Location and localisation are
processes whereby investments and products are assigned a location under local conditions.
In many cases, these processes involve mainly technical and spatial solutions. Locality
encompasses both location and localisation processes, as well as other factors that are
required for the functioning of local real estate markets and for “implementing globality” on
local grounds.
The discussed elements make up the local real estate market, which has many unique
attributes (Geltner et al., 2001, pp. 4–5; Brzezicka and Wisniewski, 2016; Renigier-Biłozor
et al., 2017a). The local real estate market and market locality are not synonymous concepts.
The local market defines a markets’ functioning, structure, ownership and coverage,
whereas locality is only one of the attributes of a local market. However, it is a crucial
attribute from the point of view of this study.
Here, a scientific discussion in the scope of the sections titled “globality and globalisation
processes” (Section 2.2), “glocalisation and glocalisation process” (Section 2.3), “the role of
real estate market participants” (Section 2.4). The discussion has been moved to the
“Appendix” (Part 1).

3. Glocal real estate market

3.1 Definition of glocal real estate market
Glocalisation is a schematic representation of the modern world where homogeneous and
heterogeneous attributes intermingle and create feedback (Kucin ski, 2011, p. 27).
Glocalisation stems from variations in local market conditions (vertical dimension), as well
as locally specific economic and social processes (exogenous relationships).
The implications of globalisation can be absorbed by the local market and locally
generated products can be offered on the global market. On the real estate market, there is a
global demand for products that are generated locally (such as logistics centres) and a local
demand for products that are generated by specialised entities on the global market (such as
JERER real estate investment trusts, REITs). These types of property can be localised in close
14,1 proximity (horizontal dimension) and in the same real estate market (vertical dimension).
Both types of property often coexist on the real estate market. However, the relationships
between these properties are difficult to identify in separate analyses of locality and
globality. Such relationships can be determined and the relevant conclusions can be drawn
only through a combination of identification and analytical methods.
124 In the historical approach, local real estate markets have long resisted globalisation
processes. However, over time, market actors realised that globalisation can further their
long-term development (OECD, 2000). In practise, globalisation increases the value of unique
localities (real estate) because of the unrivalled potential of global entities and the growing
levels of awareness amongst local market actors. Local real estate markets, in every part of
the world, can supply properties that are the “products” of local communities characterised
by a unique culture, traditions, history and environment. Real estate markets have greater
opportunities for growth when they are strategically integrated with globalisation processes
and glocalisation substantially facilitates such integration. When integration is delayed or
rejected by market actors, growth processes lose their momentum, and the role played by
the real estate market in the social and economic domain is diminished.
The GREM features real estates and “real estate products” with a local and global
character. These products are linked through economic, social, political, infrastructural and
information processes and the relevant measures support their unification and
indigenisation. “real estate products” are business ventures that focus mainly on income-
producing real estate (such as REITs).
GREMs have similar characteristics to traditional markets. Differences exist in the
potential that is generated by glocal entities. By analysing the vertical dimension of the real
estate market and exogenous relationships, glocal entities are able to identify and seize the
opportunities for unification and indigenisation.
The real estate on the local market can be placed on the global market if it caters to
specific demand in an identified global market niche. Global real estate products can be
indigenised if they are adapted to local conditions. Through glocalisation, globality and
locality can jointly and simultaneously encourage inter-nationalisation based on the
globalisation of local products and the indigenisation of global products (Alfasi and Fenster,
2009). During the indigenisation of global products, locality generates numerous benefits for
glocal entities. As a result, their investments and the GREM itself can gain an unparalleled
competitive advantage (Swyngedouw and Baeten, 2001; Swyngedouw and Kaïka, 2003).
However, according to Anderson and Coughlan (1997), the advantages of globalisation have
been recognised mainly by large enterprises, whereas small and medium-sized businesses
are far less likely to benefit from this process. Regardless of their status, all market actors
have to confront globalisation directly or indirectly if they own real estate products that can
be potentially traded on the global market. Practical experience indicates that even “local
owners” of “local property” can effectively respond to globalisation impulses by developing
products that integrate global demand at the local level.
On a GREM, market participants recognise the opportunities arising from property
ownership at the local level and the potential that is conveyed by globality. As a result,
market actors create a platform where the local growth potential can be confronted with
global investment needs. Therefore, the GREM supports the integration of local and global
processes. These phenomena can be analysed with the use of variables from selected areas.
The selected variables are examined jointly to evaluate glocality on the real estate market.
These aspects will be explored in greater detail in Sections 3.2 (Factors influencing GREM)
and 4.1 (GREMI).
 Glocalisation opens up new horizons for local and global entities, in particular entities Glocal real
that are keen to face glocal challenges (Foglio and Stanevi
cius, 2006, p. 29). Market actors estate market
have to take advantage of the opportunities arising from globalisation and indigenisation to
grow on the global market and local markets. Glocalisation eliminates local barriers on the
real estate market. Local actors are well aware of the existing barriers, and they can turn
these limitations into competitive advantages to face strategic challenges on the global
market. According to Foglio and Stanevi
cius (2006, p. 29), entities that recognise the
integrating power of glocalisation achieve a different/higher level of inter-nationalisation, 125
which creates new demand and encourages the development of new products at the
strategic level.
The GREM can develop when market actors possess special characteristics in three
dimensions: locality, globality and glocality. These features further underscore the
integrating role of glocality. As previously mentioned, local actors operate not only on the
glocal market but also on the local and global market.
Here, a complication describing the above relationships was carried out. It has been
moved to the Appendix (Part 2).

3.2 Factors influencing glocal real estate market

Glocalisation redefines the role of real estate and the GREM, thus increasing the value of
property and stimulating market growth. It “translocates” and places real estate on the
global market and upholds the vision of a global real estate market. Glocalisation is a
process of globalising the local and indigenising the global (Figure 1). As a result, local
property is offered in the identified niches on the global market (Figure 2), whereas global
products are adapted to local conditions and are placed on local markets (Figure 3). The
GREM and glocal entities play a key role in both cases. These processes are mutually
complementary at the glocal level and the processes on the real estate market are integrated.
Glocalisation does not play the global off against the local. On the contrary, a glocal
approach to market processes and process management can foster inter-nationalisation
processes (Foglio and Stanevi
cius, 2006, p. 33). Glocalisation can promote the integration of
global and local processes where the local supplements the global and vice versa.
Glocalisation is not a formula, but a strategy that needs to be conceived, planned,
implemented, coordinated and monitored. This strategy is challenging and it requires
substantial funding and investment in human resources. Obviously, these resources will be

Figure 1.
Glocalisation process
on real estate market
JERER
14,1

126

Figure 2.
Glocal way: GREM
with a local product
(real estate)
addressed to
specialised niches on
the global market

Figure 3.
Glocal way: global real
estate products
addressed to local
markets via GREM

concentrated in markets and segments that generate greater benefits. These considerations
should be taken into account by all actors on the real estate market.
Glocalisation offers new opportunities for growth and development. The following
factors influence the development of a GREM: market potential and resources,
intensification and rate of globalisation processes, levels of awareness and knowledge
amongst market actors, prices and return rates, access to information, openness to
competition at the local and global level; local competitive advantage, technological
development (technical innovation, internet of things, digitisation of documents and
processes), legal solutions in the real estate sector, professional real estate services,
promotion and marketing solutions, access to new markets.
 The real estate market is a local market, but only in the practical dimension. In the Glocal real
cognitive dimension, it is a global market. Both dimensions come into contact only on a estate market
glocal market. The GREM is a complex and competitive market. A review of the literature
reveals many unique characteristics of a GREM. One of these is that it is linked with a
specific area or territory, but is not limited to that territory. Globalisation minimises the
significance of locality, including the locality of a given area. In turn, glocalisation increases
the value of a given location and turns it into a marketable product. Territory becomes a
significant attribute, a truly competitive factor and a catalyst of glocalisation. Secondly,
127
such a market is linked with globalisation processes. Glocalisation relocates local products
and opportunities to the global level, with the glocal market acting as a conveyor belt that
shifts the local to the global and increases market actors’ access to developmental processes.
The glocal market also creates new opportunities for growth if the local market has
sufficient potential and if market actors have the required qualifications, skills and
technologies. It moreover increases market actors’ access to developmental processes,
creating new opportunities for growth if the local market has sufficient potential and if
market actors have the required qualifications, skills and technologies.
Literature points out that the glocal market is consumer-oriented and created by
consumer demand. Every consumer who buys or sells property for income-generating
purposes becomes an agent on the global market. Market actors are also responsible for
creating the horizontal and vertical dimensions of the real estate market. It is a market of
glocal entities, with these entities relying on the existing resources and making decisions
that foster glocal processes. A glocal market is furthermore a modern market. The products
developed for the market have to keep pace with the modern requirements of global
partners. Glocal entities have to abandon conservative behaviours and conform to modern
practises to guarantee that the interests of local communities on the real estate market are
adequately protected. Flexibly adapting to modern standards, the local has to be integrated
with the global, and vice versa; therefore, the glocal market has to respond flexibly to
contemporary challenges, which requires conscientious and flexible strategies is
differentiated. Local products offered on the glocal market differ in location, and their
unique characteristics render them suitable for specialised niches on the global market.
Seeing as how the glocal market is differentiated, local products offered on this market differ
in location and their unique characteristics render them suitable for specialised niches on the
global market. Finally, the glocal market is said to change dynamically to adapt to local and
global requirements.

4. Methods and data

4.1 Glocal real estate market index
For the needs of this study, the factors, which influence the evolution of the GREM (Section
3.2) are represented by the variables shown in Appendix (Parts 3 and 4). The identified
factors and the corresponding variables concern numerous and seemingly distant and
unrelated areas. In reality, these factors are relatively well-linked, and they characterise the
GREM. Glocality on the real estate market implies the aggregation and integration of
various problem areas. Glocality can be described by identifying the sources of variation in
different areas with the use of variables that can describe glocality. As a result, several
problem areas are combined into a single, cohesive solution for analysing glocality on the
real estate market. This approach generates numerous problems because the analysed data
are varied and non-homogeneous. A non-classical approach that accounts for data
variations should be used.
JERER Glocalisation integrates the local with the global and puts local problems in a global
14,1 context; therefore, local conditions and the structure and development of the local market
have to be constantly compared against other market entities operating at the same
geographical level to identify the opportunities created by globalisation. The GREMI
supports such comparisons. The index is developed based on the unique attributes of
locality and globality from different functional segments of space, and the GREMI is
128 calculated in two steps.
4.1.1 Step 1. Identification of the real estate market. The real estate market for which the
GREMI is calculated should be identified in the first step. The GREMI can be developed at
different geographical levels to characterise local, regional and national real estate markets.
The resulting index should be regarded as a locality. At higher levels of geographical
classification, the GREMI should be regarded as a globality. In this approach, globality is
investigated at the regional or higher level on a local real estate market, at the national or
higher level on a regional market and at the continental/global or higher level on the national
market. In each case, the adopted variables should be adjusted to the corresponding
geographical level. The adjustments can both expand and narrow down the relevant range
of values.
4.1.2 Step 2. Identification of variables. The variables that describe economic, social,
political, infrastructure and information factors are identified in the second step. The real
estate market aggregates and naturally integrates many groups of variables that are
observed in the global, local and, consequently, glocal dimension. Diverse types of variables
naturally interact on the real estate market. Each group of variables can directly or
indirectly influence the functioning of the entire market mechanism because real market
transactions are conducted based on a theoretically infinite amount of information and,
consequently, an infinite number of variables. The infinite set of data is composed of
information that is directly acquired by market participants (each market participant can
process a potentially infinite set of directly observable data) and information that reaches
market actors indirectly (each market participant can process a potentially infinite set of
data from the surrounding environment) (Wisniewski and Brzezicka, 2020).
The variables in this study will be selected based on non-classical principles. Classical
methods support the selection of uncorrelated, disjoint and exact variables, and are therefore,
not applicable in the present study. The process of selecting variables is systemic and
redundant, and the presence of correlations (redundancies) between variables is desirable. In
a systemic approach, the selected variables have to represent all possible areas of variability.
In the non-classical approach to variable selection, the chosen variables may appear to be
unsuited for the analysed problem or it could appear that the variables and the analysed
processes are not bound by theoretical or logical connections. However, previous analyses of
locality, globality and translocality have demonstrated that the classical approach to variable
selection fails to generate the anticipated results (Wisniewski and Brzezicka, 2020 LUP). If the
selected variables are not correlated, fully independent and disjoint, the resulting analyses do
not produce synergistic effects that are of critical importance in systemic translocal
processes. The variables selected with the use of a classical approach explain only the areas
to which they pertain, and this solution is not suitable for studies of translocality. The
proposed method of variable selection:

Relies on a broad range of analytical tools to ensure that the measure of glocality
accounts for variance that is characteristic of locality and glocality.

Accounts for the fact that analyses of glocality require variables that could originate
from distant and seemingly unrelated areas.

Focusses on the information content of variables, including redundant and collinear Glocal real
variables. estate market

Accounts for the character of the evaluated variables by introducing the concept of
progressive and regressive variables.

In each of the presented cases, the variables for developing the GREMI should be
adapted to the corresponding geographical scale (on the identified real estate market). 129
The relevant set of variables can be both expanded and narrowed down, subject to
need.
4.1.3 Step 3. Creation of a dimensional index. The GREMI is developed based on
variables that represent different dimensions of the index. Every variable is a
separate dimension. Variables are divided into several groups, namely, gross
domestic product (GDP) and economic growth; components and structure of GDP;
money and inflation; unemployment; international trade and investment; governance,
institutions, corruption; tax rates and revenue sources; country risk indicators;
external debt; infrastructure and transport; stability of the banking system;
innovation; economic freedom; globalisation and other indicators. Variables represent
both local and global conditions. A set of variables was selected in the experimental
part of this study. An indicator describing local real estate markets at the sub-
regional level should incorporate sub-regional variables. In the same vein, an
indicator describing real estate markets at the continental level should account for
continental variables.
Due to quantitative and qualitative differences, the variables for developing the
GREMI have to be divided into two groups, namely, stimulants and destimulants.
Stimulants are variables that are bound by positive and directly proportional correlations
with the GREMI, whereas destimulants are bound by inversely proportional correlations
with the calculated index. Stimulants and destimulants are standardised with the use of
equations (1) or (2):

Xi  Mini
Di ¼ (1)
Maxi  Mini

Xi  Maxi
Di ¼ (2)
Mini  Maxi

where
Xi = actual value of the dimensional indicator;
Mini = minimum value of the dimensional indicator; and
Maxi = maximum value of the dimensional indicator,i- number of indicator.
The aim of standardisation is to express the value of every dimension (variable) on a
scale of 0 to 1. Stimulants are standardised with the use of equation (1) and
destimulants – with the use of equation (2). Minimum and maximum values
(goalposts) are set to convert indicators expressed in different units into indicators
expressed on a scale of 0 to 1. These goalposts act as “natural zeros” and “aspirational
targets”, respectively, which are used to standardise individual indicators. Subject to
the analysed dimension, minimum and maximum values represent expected and
calculated values (e.g. 0 and 100; 0.3 and 1.25; 1 and 7).
JERER 4.1.4 Step 4. Aggregation of dimensional indicators to produce the glocal real estate mar-
14,1 ket index. The GREMI is the geometric mean of N–k dimensional indicators:

0 11 =
ðNkÞ
Y
N k
GREMIY ¼ @ DYi A (3)
130 i¼1

where
N= number of indicators;
Y= year; and
k= number of indicators without value (no data).
The GREMI for a given market (region, country and continent) and year is built based on the
adopted variables. Parameter k denotes variables that are not present on a given market and
in a given year (the relevant data or values are not available). The GREMI is expressed on a
scale of 0 to 1, where values close to 0 denote low glocalisation potential and values close to 1
denote very high glocalisation potential of the real estate market.
The GREMI represents the glocalisation potential of the analysed real estate market in a
given year with the use of a single number. The value of glocalisation processes is presented
in the multidimensional space of the real estate market. The higher the value of the GREMI
(the maximum value is 1.00), the greater the glocalisation potential of the examined market.
On markets that are not prepared for the integration if glocalisation processes, the value of
the GREMI will be low and will continue to decrease (the minimum value is 0.00) if
integration processes are very weak.

5. Data
In this study, the local level was represented by 12 countries that joined the EU in 2004 and
later (Bulgaria, Cyprus, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland,
Romania, Slovakia and Slovenia), whereas the global level was represented by the
continental market (EU-28). A total of 35 variables were analysed (N = 35), including 7
destimulants and 28 stimulants. The variables used in the study are presented and
described in Appendix (Parts 3 and 4).
The variable selection process is determined by the studied area, but it is also partly
arbitrary and influenced by the availability of data. Each of the three elements has been
selected for specific reasons.
(1) The selection process is justified by the systemic and multidimensional nature of
glocality. In this context, variables are selected from multiple areas to diagnose
glocality as a holistic and elusive phenomenon that requires a supraterritorial
approach. The new approach to analysing the relations and dependencies between
universalisation and indigenisation, and the permeation of locality and globality
requires (at this stage of research) a certain degree of arbitrariness.
(2) In the proposed solution, variables are regarded as a repository of information.
Variables are selected from this resource to develop measures of glocality. A fixed
and non-arbitrary set of variables cannot be identified at this stage of research.
The selected variables will be verified or modified in the future. The current study
focusses on the research methodology.
(3) The availability of data always influences the adopted research methodology, and
similar observations were made in this study. The available data set was used in
 calculations. The proposed methodology is open to the possibility of other data Glocal real
sets being incorporated in the analysis if the applied variables become less estate market
available. Data for the study were obtained from the Global Economy website
(TheGlobalEconomy.com).

The evaluated variables (GREMI dimensions), stimulants and destimulants (Column 4), as
well as minimum (Column 5), maximum (Column 6), mean (Column 7) and median (Column
8) values are presented in the Appendix (Part 3). 131

6. Empirical results
Table 1 presents the GREMI values calculated for 12 countries: Bulgaria (BGR), Cyprus
(CYP), Czech Republic (CZE), Estonia (EST), Hungary (HUN), Latvia (LVA), Lithuania
(LTU), Malta (MLT), Poland (POL), Romania (ROU), Slovakia (SVK) and Slovenia (SVN).
The results are presented graphically in Figure 4.
The results in Table 1 and Figure 4 indicate that the GREMI is determined by its
constituent dimensions, i.e. the values of every variable. The minimum and maximum
values of the GREMI across the years are presented in Table 2.
In the analysed group of 12 countries, the highest number of minimum GREMI values
was noted for Romania (ROU) in all years (2004–2017). The highest values of the GREMI
were determined in Estonia (EST) over a period of nine years (2004–2006, 2008 and 2013–
2017), Malta (MLT) – over a period of three years (2007 and 2011–2012) and Cyprus (CYP) –
over a period of two years (2009–2010). Estonia lost the lead during the crisis on the real
estate market in 2007–2012, but it retained its high status both before and after the crisis,
which implies that Estonian entities are well-prepared for glocalisation. The results of the
analysis reflect the effects of an explosive speculative bubble on the Estonian real estate
market (Varblane et al., 2009; Cocconcelli and Medda, 2013; Crowe et al., 2013; Kallakmaa-
Kapsta and Kolbre, 2013).
The Romanian real estate market is weakly prepared for glocalisation. The data in
Figure 5 indicate that the crisis on the real estate market influenced glocalisation processes
in this country. The scope of glocalisation was visibly reduced in Estonia, Malta, Latvia,
Lithuania and Slovenia. The economic crisis in Cyprus decreased the country’s GREMI by
14% points in 2013 and by 19% points in 2014.

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

BGR 0.22 0.26 0.30 0.30 0.32 0.36 0.37 0.36 0.39 0.40 0.41 0.44 0.45 0.50
CYP 0.43 0.45 0.49 0.53 0.54 0.55 0.59 0.53 0.57 0.49 0.40 0.47 0.51 0.53
CZE 0.43 0.46 0.44 0.43 0.48 0.49 0.51 0.52 0.52 0.52 0.55 0.54 0.55 0.53
EST 0.50 0.52 0.55 0.56 0.55 0.54 0.54 0.55 0.56 0.57 0.58 0.61 0.61 0.61
HUN 0.35 0.40 0.46 0.48 0.50 0.49 0.48 0.50 0.46 0.46 0.49 0.48 0.50 0.47
LVA 0.33 0.36 0.36 0.40 0.37 0.42 0.42 0.42 0.44 0.48 0.49 0.52 0.54 0.53
LTU 0.40 0.44 0.48 0.50 0.49 0.48 0.48 0.47 0.50 0.52 0.52 0.57 0.58 0.53
MLT 0.48 0.49 0.49 0.56 0.55 0.53 0.58 0.57 0.57 0.50 0.52 0.53 0.53 0.47
POL 0.27 0.31 0.34 0.35 0.34 0.35 0.42 0.40 0.42 0.44 0.48 0.48 0.49 0.46
ROU 0.12 0.15 0.22 0.25 0.27 0.27 0.33 0.32 0.34 0.38 0.39 0.41 0.41 0.39
SVK 0.38 0.43 0.43 0.47 0.48 0.48 0.48 0.46 0.46 0.46 0.48 0.49 0.49 0.50
Table 1.
SVN 0.32 0.38 0.43 0.44 0.46 0.49 0.50 0.50 0.51 0.47 0.49 0.50 0.50 0.47 Calculated values of
the GREMI for
Source: Own elaboration countries and years
JERER
14,1

132

Figure 4.
Calculated values of
the GREMI for 12
countries across
14 years

This study also revealed that the GREMI continues to increase in all countries over time,
and the results are synchronised. In the authors’ opinion, the above can be attributed to the
progressing multi-dimensional integration of European countries (which joined the EU in
2004 and later), as well as the convergence of their economies. In this approach, the GREMI
reflects the outcomes of globalisation, which is linked with the integration and
synchronisation of economic cycles in Europe. Similar observations were made by Hirata
et al. (2013), who examined house price fluctuations in 18 advanced economies over the past
40 years, and found that house prices are synchronised across countries and that the degree
of synchronisation has increased over time. According to the above authors, the above can
be attributed mainly to global interest rate shocks and global uncertainty shocks. Cesa-
Bianchi (2013) investigated the international spillovers of housing demand shocks on real
economic activity. Katagiri (2018) examined the synchronisation of house prices across
countries and found that the degree of synchronisation has been rising since the 1970s. The
cited author also reported considerable heterogeneity in the degree of synchronisation
between countries and cities, which could be partly ascribed to the progress in financial and
trade openness. According to Cesa-Bianchi (2013), advanced economies are synchronised,
whereas emerging economies are characterised by considerable variations in business
cycles. Advanced economies in Europe have also been researched by Hilbers et al. (2008) and
Corradin and Fontana (2013). Emerging economies require deeper analyses, with the present
study filling this knowledge gap. Nevertheless, further work is needed to address issues that
were not examined in this article. The current study indicates that the degree of integration
differs across European countries, which can be grouped based on the rate of integration
processes. The first group, characterised by high values of the GREMI and high economic
stability, is represented by Estonia. The second group (moderate values of the GREMI and
high economic stability) is composed of the Czech Republic, Lithuania, Hungary, Slovakia
and Slovenia. The third group (low values of the GREMI and high economic stability) brings
together Latvia, Poland, Romania and Bulgaria. The fourth group (high values of the
GREMI and low stability) comprises Malta and Cyprus. The GREMI also reflects the degree
to which Central-Eastern European countries have become integrated with the global
 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

GREMI MIN 0.12 0.15 0.22 0.25 0.27 0.27 0.33 0.32 0.34 0.38 0.39 0.41 0.41 0.39
Country ROU ROU ROU ROU ROU ROU ROU ROU ROU ROU ROU ROU ROU ROU
GREMI MAX 0.50 0.52 0.55 0.56 0.55 0.55 0.59 0.57 0.57 0.57 0.58 0.61 0.61 0.61
Country EST EST EST MLT EST CYP CYP MLT MLT EST EST EST EST EST

Source: Own elaboration

countries and years

Calculated values of
Table 2.
133
estate market

the GREMI for

Glocal real
JERER market. In this respect, Estonia also emerges as the leader, and it is followed by the Czech
14,1 Republic, Lithuania, Latvia and the remaining countries.
The results of the presented analyses indicate that the GREMI:

Adequately reflects the glocalisation potential of the analysed real estate markets.
The average value of the GREMI increased from around 0.3 in 2004 to around 0.5 in
2017, which indicates that the integration of global and local processes on real estate
134 markets proceeded successfully during the evaluated period of 14 years.

Adequately reflects the convergence of GREMI values – the difference between the
highest and the lowest values of the calculated index was around 0.4 in 2004 and
only 0.2 in 2017.

Revealed the acceleration of glocalisation processes after successive EU
enlargements.

Demonstrated that most of the analysed real estate markets were resistant to the
2008 crisis.

Was sensitive to sudden crises in the direct environment of the real estate market in
selected cases (Cyprus in 2013-2014).

Demonstrated that the majority of the analysed real estate markets were stabilised.

Adequately reflects the growth potential of a real estate market by describing the
market situation relative to global and local processes.

7. Discussion and conclusions

Globalisation is a process, which attempts to institutionalise a dual process combining the
universalisation of local particularism with the local particulisation of universalism. As a
result, global universalism and local particularism represent the opposite facets of a larger
system. These processes have transformed the real estate market.
Glocalisation is a schematic representation of the modern world where homogeneous and
heterogeneous attributes intermingle and create feedback. The above produces far-reaching
consequences not only for locality and local real estate markets but also for globality and
real estate transactions at the global level.
The GREM creates the ideal conditions for the coexistence of various types of real estate
and “real estate products” at the local, global and glocal level. On the GREM, “local real
estate” can be marketed in global market niches, and global real estate products can be
adapted to local needs and sold on local markets.
The results of the study validated the research hypothesis postulating that the GREM is
not merely is not an anonymous global or a self-contained local market, and that it fulfils
both definitions. A glocal market is specialised, personalised, well-differentiated, open and
dynamic; it is represented by values and symbols, which denote the search for new,
interesting and sophisticated market segments. The GREM supports market actors in the
pursuit of various goals. The concepts of globality, globalisation, locality, indigenisation
and glocalisation on the real estate market were broadly discussed and classified in view of
the existing literature. The GREM was defined, and the GREMI was developed and used to
compare 12 real estate markets in Europe. In the majority of the analysed countries, the
value of the GREMI continued to increase during the evaluated period. The highest value of
the GREMI was noted in Estonia, which emerged as the glocalisation leader in the analysed
group of countries.
 Real estate markets can be grouped based on GREMI values, which denote the intensity Glocal real
of the glocalisation processes in the analysed countries. The GREMI can also be used to estate market
identify correlations between markets. The proposed index illustrates the extent to which
Central-Eastern European countries have become integrated with the global market and the
effects of glocalisation.
The methodology for generating the GREMI creates new possibilities for research on
glocality. It can be used to analyse locality and globality, as well as local and global
processes based on the constituent elements of the glocalisation process. To the best of the 135
authors’ knowledge, no such studies have been conducted to date or their results have not
been published. Glocality and glocalisation processes have been investigated in other fields
of science (such as migration and immigration), but not on the real estate market.
The GREMI can be calculated for any real estate market. There are no limitations
regarding market size, its territorial coverage, level of development, income levels and taxes.
Each of the above factors can be quantified with the use of a corresponding variable and
incorporated into the GREMI method. The proposed indicator is useful for exploring the
dynamics of glocal processes. The limitation of this method is the fact that the same set of
variables has to be used when comparing different real estate markets.
The GREMI approach is based on methods that support analyses of seemingly
incomparable and spatially unrelated data. This study demonstrated that the GREMI can be
effectively used to examine different types of variables. One of the greatest advantages of
the proposed methodology is that it aggregates data from various information (semantic)
fields.
The GREMI concept caters to the need for multidimensional and supra-sectoral
indicators for analysing complex economic and social phenomena that occur not only at the
crossroads of different fields of science but also processes that overlap one another in a
given area. The GREMI methodology significantly facilitates analyses of multiple areas.
The proposed method is open to development. It can be modified to analyse various
data sets with practically no quantitative limits. The GREMI can be freely expanded, and
formula 3 can be modified to develop other approaches to aggregating dimensional
indices.
The GREMI is future-oriented, and can hence, be applied in a supra-sectoral context. It
describes the potential of the real estate market, and is not influenced by the situation in
different market segments. This is important seeing as how the real estate markets of
different countries are gradually opening up to globalisation without losing their local
character.

Notes
1. This research and conference expenses were funded by a grant from the Polish National Science
Centre, Miniatura 2 competition, No. DEC-2018/02/X/HS4/02241.
2. Because of the volume limitations of the journal, a part of the scientific discussion has been
moved to the “supplementary material” section, which comprises an integral part of the work.
Fragments of the work, which have been moved to “supplementary material” have been
indicated each time in the text.
3. The presented literature review describes only selected studies that are relevant for the discussed
topics and the research objectives. The scientific achievements relating to locality (location and
localisation), globalisation and glocalisation extend beyond the scope of this study and the
authors’ analytical capabilities. Therefore, only selected studies that make a reference to the
discussed aspects of globality and locality were reviewed.
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139
Appendix

Part 1. Literature review

2.2 Globality and globalisation processes
For the needs of this study, globalisation was defined as the progressing integration of countries and
people resulting from the spread of goods, services, capital and knowledge across national borders
(Milewski and Kwiatkowski, 2014, p. 511), which leads to technological unification and
homogenisation (Levitt, 1993, p. 2) is financed by capital investments (Friedman, 1999, p. 397) in
response to unresolved local problems (Kuci nski, 2011, p. 23), strengths and opportunities.
Globalisation is a broad concept in terms of the underlying processes and networks (Beck, 2018,
p. 11), and accounts for economic, social, technological and spatial development. In this approach,
globalisation is a motivating force that enhances local identity, creates new opportunities and
increases the effectiveness of market actors by linking success with the local business environment
on the global scale (Lévesque and Murray, 2002; Dominelli, 2010).
This conceptually superior approach was also adopted to discuss globalisation on the real estate
market. In the traditional approach, the impact of global change has been linked with investment
activity (Adair et al., 1999) and foreign direct investments in real estate (McAllister, 2000; Keivani
et al., 2001; Czechowska, 2013; Rogers and Koh, 2017). However, globalisation on the real estate
market appears to be a much broader concept, which not only accounts for the transfer of capital but
also has a systemic character. Globalisation is a series of processes that transform the real estate
market in the horizontal and vertical dimension by redefining the local market in view of global
events, products and rules. Globalisation does not detract from a market’s local character, though it
changes the essence of local products and processes. Local impulses are transformed by global
processes, and they are transferred to the local level through glocalisation. Therefore, the role and
development of the real estate market are the key determinants of success and failure on the global
market (Keivani et al., 2001, p. 2458). This is because globalisation on the real estate market makes a
natural reference to locality (localisation).
The described attributes of locality, real estate ownership and the exogenous character of the
relationships between these attributes are linked with research on globality. Globalisation processes
on the real estate market should be analysed in the vertical dimension, namely, in the context of
economic, planning, tax, legal, political, infrastructure and social factors. The attributes and the
exogenous character of the relationships on the real estate market also play an important role. An
analysis of the factors that shape these dimensions and relationships indicates that these factors are
chiefly responsible for globalisation on the real estate market and that their impact can be identified.
Locality is preserved as the immanent property of the real estate market, and global actors and
processes enter the market. The convergence of local and global processes produces various
responses and interactions.
JERER 2.3 Glocalisation and glocalisation processes
14,1 The relationships identified on the real estate market support the formulation of yet another question
relating to glocalisation processes, namely, processes that integrate the local and the global on the
real estate market. In this study, glocalisation is defined as the implementation of global processes on
a local market in view of all attributes that are characteristic of a given location.
According to Robertson (1995, pp. 25–26), local phenomena and their contribution to
140 globalisation should be regarded as glocalisation processes. Robertson (2003, p. 88) also argued that
glocalisation is a cross-disciplinary, transdisciplinary and interdisciplinary phenomenon, which
redefines locality under new conditions. A transcalar interpretation of glocalisation was also offered
by Lee and Ducruet (2009). According to Kuchci nski (2011, p. 17), glocalisation increases the
significance of local markets and economies in response to global integration processes, where local
conditions play an increasingly important role in the global strategies pursued by market actors.
Wisniewski et al. (2015, p. 36) observed that glocalisation is a local dimension of globalisation or a
consequence of globalisation resulting from tension between the local and the global (Swyngedouw
and Kaïka, 2003). The importance of glocal networks has been emphasised by Onsager et al. (2007)
and Torrance (2008). In this study, glocalisation is regarded as a process.
Glocalisation integrates the local with the global and offers new insights into globalisation that
are counterintuitive from the traditional point of view (Silver et al., 2009, p. 1433). Glocalisation
contributes to the localisation of globally-oriented entities in a specific local environment (in the local
space of the real estate market), influences formal and informal institutional solutions, stimulates
local and urban development (Swyngedouw and Baeten, 2001; Glasze et al., 2004; Paganoni, 2012),
investment projects initiated by global entities and prevents the global economy from destroying
local growth factors (Renigier-Biłozor et al., 2017b).
The “global and the local literature” has examined, in detail, only the respective ambits of
reference (Foglio, 2004a, p. 416), without undertaking the difficult, innovative, utopian project to
strategically integrate globalisms and localisms, opening new spaces for “localised globalisation” and
“globalised localisation” (Foglio, 2004b, p. 410). A brief overview of differences between globalisation,
localisation and glocalisation is presented in Table 1.
In turn, glocalisation processes act as a bridge between globality and locality, and they support
the coexistence of processes characteristic of locality and globality at a given time and in a given
segment of the real estate market. In this approach, a market that undergoes glocalisation can be
referred to as a GREM. A glocal market actively contributes to social and economic development. As
an integral part of the economic system, it promotes the transfer of capital, investment, generation of
profit and the accumulation of assets. Therefore, a glocal market plays an important role in
socioeconomic development, both on the local and global scale.

Globalisation Localisation Glocalisation

– Search for and defence of – Defence of localisms – Integration of globalism and localism
globalism
Table A1. – Undifferentiation – Differentiation – Globalised localisms and localised globalisms
The differences – Caters to mass demand – Caters to specific – Caters to global market and local market
demand niches
between – Rationality and quantities – Values and quality – Integration of rationality/ quantities and
globalisation, values/quality
localisation and
glocalisation Source: Foglio and Stanevi
cius (2006, p. 31)
2.4 The role of real estate market participants Glocal real
The role played by market actors in globalisation and glocalisation processes cannot be disregarded estate market
in this context. Market actors are “glocal entities” who initiate measures integrating the local with the
global. They are essential for the two-way transfer of processes from the local level to the global level
and vice versa. A behavioural approach to analysing the role of market actors has been proposed by
Waddell (2000), Black et al. (2003); Hurtubia et al. (2010) and Brzezicka and Wisniewski (2016).
Subjects who are familiar with local objects, features and processes (who accept locality) market them
141
at the global level (while physically remaining in the locality). The information about new local
resources (real estate, changes in local conditions and prices) is disseminated at the macro level. As a
result, entities operating at the macro (global) level receive information about the local attributes of
the real estate market. At the same time, “glocal entities” come into contact with global processes at
the macro level. By becoming familiar with global processes and the rules of conduct at the global
level, these entities are able to identify the arising opportunities, and aggregating and integrating
“local knowledge” with “global knowledge”. The resulting knowledge clusters promote glocalisation
processes and influence the performance of the GREM.
JERER Part 2. Specific characteristics of market actors
14,1
Locality
Market actors: understand locality
142 and its potential, significance and
limitations, recognise the
opportunities that arise from
locality and local market niches,
participate in local processes but
also operate at a higher level
Table A2. Source: Own study
Globality Glocality
Market actors: accept the role of Market actors: are familiar with
globalisation processes and glocalisation processes, are aware
recognise the need for integration of the fact that they participate in
with global trends, recognise the local and global processes at the
opportunities that arise from same time and of the resulting
globalisation and global market consequences, have the required
niches, are able to develop products resources (information, knowledge
and services that integrate global and personnel) for the
demand at the global level, accept indigenisation of global processes,
technological progress, including recognise the informative,
technical innovations, the internet structural, managerial and
of things, digitisation of documents economic opportunities that arise
and processes at the contact point of globality and
glocality, are open to competition at
the local and global level, have
access to valid and reliable
information about real estate, the
market and market processes, are
in the possession of “glocal
products”, namely, practise various
types of real estate that can be
globalised in specialised market
niches or when additional
requirements have been met,
indigenised and adapted to the
needs of the local market
 Stimulant [S]/
Indicator [i] Indicator [D] Period [Poland] destimulant [D] Min Max Mean Median

1 2 3 4 5 6 7 8
1 GDP per capita, current US$ (*) 2004–2017 S 7.82 10.77 9.57 9.61
2 Consumption, % GDP Q1 2004–Q4 2017(**) S 44.10 69.78 59.31 61.01
3 Building permits/Population size, in millions (*)/(***) Q1 2004–Q4 2017(**) S 3.38 8.05 5.89 5.94
4 Investment, % GDP Q1 2004–Q4 2017(**) S 11.11 36.88 22.93 22.18
5 Household consumption, % GDP (****) 2004–2017 S 45.76 69.79 58.47 60.20
descriptive characteristics

6 Savings, % GDP 2004–2017 S 7.68 33.19 20.85 21.51

7 Mortgage credit interest rate Q1 2004–Q4 2017(**) D 1.31 13.63 5.54 5.05
8 Inflation: % change in the Consumer Price Index 2004–2017 D 2.40 15.70 2.86 2.50
9 Unemployment rate 2004–2017 D 2.59 19.78 8.82 7.73
10 Trade openness: exports plus imports, % GDP 2004–2017 S 57.02 330.16 137.63 128.97
11 Foreign Direct Investment, % GDP 2004–2017 S 47.76 452.02 17.15 4.02
12 Trade balance, % GDP 2004–2017 S 20.97 12.22 1.05 0.62
13 Government effectiveness index 2004–2017 S 0.66 1.86 0.75 0.86
14 Regulatory quality index 2004–2017 S 0.14 2.00 0.99 1.02
15 Political stability index 2004–2017 S 0.30 1.68 0.71 0.74
16 Long-term political risk 2014–2017 D 0.70 6.30 2.21 2.00
17 Transfer risk 2014–2017 D 0.70 7.30 2.13 2.00
18 Fixed broadband internet subscribers per 100 people 2004–2017 S 0.21 42.39 19.23 20.46
19 International internet bandwidth per internet user, kb/s (*) 2012–2016 S 2.00 7.39 4.08 4.22
20 Mobile network coverage, % of the population 2012–2016 S 97.70 100.30 99.69 99.90
21 Quality of roads 2006–2015 S 1.61 6.12 3.70 3.62
22 Bank credit to the private sector, % GDP 2004–2017 S 5.00 255.00 70.64 52.50
23 Index of legal rights of creditors and borrowers 2013–2017 S 1.70 10.30 6.82 7.00
24 Innovation index 2011–2018 S 36.50 56.40 44.84 44.60
25 Property rights index 2004–2017 S 29.00 91.00 60.17 60.00
26 Business freedom index 2004–2017 S 53.70 86.30 73.02 73.00
27 Investment freedom index 2004–2017 S 29.00 91.00 70.60 70.00
28 Globalisation index 2004–2017 S 59.42 87.55 76.31 76.67
29 Economic globalisation index 2004–2017 S 49.75 92.70 78.17 78.74
30 Political globalisation index 2004–2017 S 48.86 92.88 73.56 74.62
Part 3. Variables included in the calculation of the glocal real estate market index with

(continued)

Table A3.
143
estate market
Glocal real
 14,1

144
JERER

Table A3.
Stimulant [S]/
Indicator [i] Indicator [D] Period [Poland] destimulant [D] Min Max Mean Median

31 Social globalisation index 2004–2017 S 42.83 95.22 77.56 82.83

32 Human development Index 2004–2017 S 0.45 1.20 0.83 0.83
33 % urban population 2004–2017 S 51.01 94.85 66.79 67.82
34 Competitiveness – World Economic Forum index (WEF) 2006–2017 S 3.63 5.15 4.38 4.39
35 Cost of starting a business, % per capita income 2004–2017 D 0.30 23.20 6.35 4.20

Notes: *Variables are log transformed before standardisation to decrease very high values; **annual values are determined by calculating the
geometric mean for sub-periods; ***own calculation; ****variables 5 and 2 are not identical – each variable expresses a different dimension of glocality
Source: Own elaboration (as of 6 February 2019)
Part 4. Selection of experimental variables Glocal real
estate market

No. Indicator Definition

1 2 3 145
1 GDP per capita, GDP per capita is GDP divided by midyear population. GDP is the
current US$ (*) sum of gross value added by all resident producers in the
economy plus any product taxes and minus any subsidies not
included in the value of the products. It is calculated without
making deductions for depreciation of fabricated assets or for
depletion and degradation of natural resources. Data are in
current US$
2 Consumption as The market value of all goods and services, including durable
% of GDP products (such as cars, washing machines and home computers),
purchased by households. It excludes purchases of dwellings but
includes imputed rent for owner-occupied dwellings. It also
includes payments and fees to governments to obtain permits and
licences. Here, household consumption expenditure includes the
expenditures of nonprofit institutions serving households, even
when reported separately by the country. This item also includes
any statistical discrepancy in the use of resources relative to the
supply of resources
3 Building permits/ Building permits are authorisations granted by a government or
population size, another regulatory body before the construction of a new building
in millions can legally occur
(*)/(***) Total population is based on the de facto definition of population,
which counts all residents regardless of legal status or citizenship.
The values shown are midyear estimates
4 Investment as % Gross fixed capital formation including land improvements; plant,
of GDP machinery and equipment purchases; and the construction of
roads, railways and the like, including schools, offices, hospitals,
private residential dwellings and commercial and industrial
buildings as % of GDP
5 Household Household final consumption expenditure (formerly private
consumption as consumption) is the market value of all goods and services,
% of GDP (****) including durable products (such as cars, washing machines and
home computers), purchased by households. It excludes purchases
of dwellings but includes imputed rent for owner-occupied
dwellings. It also includes payments and fees to governments to
obtain permits and licences. Here, household consumption
expenditure includes the expenditures of nonprofit institutions
serving households, even when reported separately by the
country. This item also includes any statistical discrepancy in the
use of resources relative to the supply of resources
6 Savings as % of Gross savings are calculated as gross national income less total
GDP consumption, plus net transfers.
7 Mortgage credit The mortgage credit interest rate is the average interest rate on
interest rate mortgage loan products offered to individuals and households by
the commercial banks in the country. The mortgage credit is a
loan used to finance the purchase of real estate
Table A4.
(continued)
JERER
No. Indicator Definition
14,1 1 2 3

8 Inflation: % Inflation as measured by the consumer price index reflects the

change in the annual percentage change in the cost to the average consumer of
consumer price acquiring a basket of goods and services that may be fixed or
index changed at specified intervals, such as yearly. The Laspeyres
146 formula is generally used
9 Unemployment Unemployment refers to the share of the labor force that is
rate without work but available for and seeking employment
10 Trade openness: Exports plus imports as % of GDP
exports plus
imports as % of
GDP
11 Foreign Direct Foreign direct investment are the net inflows of investment to
Investment, % of acquire a lasting management interest (10% or more of voting
GDP stock) in an enterprise operating in an economy other than that of
the investor. It is the sum of equity capital, reinvestment of
earnings, other long-term capital and short-term capital as shown
in the balance of payments. This series shows net inflows (new
investment inflows less disinvestment) in the reporting economy
from foreign investors, and is divided by GDP
12 Trade balance as External balance on goods and services (formerly resource
% of GDP balance) equals exports of goods and services minus imports of
goods and services (previously nonfactor services)
13 Government The index of government effectiveness captures perceptions of the
effectiveness quality of public services, the quality of the civil service and the
index degree of its independence from political pressures, the quality of
policy formulation and implementation and the credibility of the
government’s commitment to such policies
14 Regulatory The index of regulatory quality captures perceptions of the ability
quality index of the government to formulate and implement sound policies and
regulations that permit and promote private sector development
15 Political stability The index of political stability and absence of violence/terrorism
index measures perceptions of the likelihood that the government will be
destabilised or overthrown by unconstitutional or violent means,
including politically-motivated violence and terrorism. The index
is an average of several other indexes from the economist
intelligence unit, the WEF and the political risk services, amongst
others
16 Long-term The long-term political risk classification measures the likelihood
political risk of a risk caused by political and assimilated events connected to
cross-border transactions with a risk horizon beyond one year.
Credendo developed a quantitative model measuring especially
the countries’ solvency. It combines an assessment of the
economic and financial situation, an assessment of the political
situation and a payment experience analysis for each country.
Countries are classified into seven categories: from 1 (low risk) to
7 (high risk)
17 Transfer risk The currency inconvertibility and transfer restriction risk refers to
the inability to convert and transfer out of the host country any
funds related to the investment. Countries are classified into seven
categories: from 1 (low risk) to 7 (high risk)
Table A4. (continued)
 Glocal real
No. Indicator Definition
1 2 3 estate market
18 Fixed broadband Fixed broadband subscriptions refers to fixed subscriptions to
internet high-speed access to the public internet (a TCP/IP connection), at
subscribers per downstream speeds equal to or greater than, 256 kbit/s. This
100 people includes cable modem, DSL, fibre-to-the-home/building, other
fixed (wired)-broadband subscriptions, satellite broadband and 147
terrestrial fixed wireless broadband. This total is measured
irrespective of the method of payment. It excludes subscriptions
that have access to data communications (including the internet)
via mobile-cellular networks. It should include fixed WiMAX and
any other fixed wireless technologies. It includes both residential
subscriptions and subscriptions for organisations
19 International International internet bandwidth is the sum of the capacity of all
internet internet exchanges offering international bandwidth measured in
bandwidth per kilobits per second (kb/s)
internet user,
kb/s (*)
20 Mobile network Mobile network coverage measures the percentage of inhabitants
coverage, % of who are within range of a mobile cellular signal, irrespective of
the population whether or not they are subscribers. This is calculated by dividing
the number of inhabitants within range of a mobile cellular signal
by the total population
21 Quality of roads The road quality indicator is one of the components of the global
competitiveness index published annually by the WEF. It
represents an assessment of the quality of roads in a given
country based on data from the WEF executive opinion survey, a
long-running and extensive survey tapping the opinions of over
14,000 business leaders in 144 countries. The road quality
indicator score is based on only one question. The respondents are
asked to rate the roads in their country of operation on a scale
from 1 (underdeveloped) to 7 (extensive and efficient by
international standards). The individual responses are aggregated
to produce a country score
22 Bank credit to Bank credit to the private non-financial sector expressed as % of
the private sector GDP
as % of GDP
23 Index of legal Strength of legal rights index measures the degree to which
rights for collateral and bankruptcy laws protect the rights of borrowers
creditors and and lenders, and thus, facilitate lending. The index ranges from 0
borrowers to 12, with higher scores indicating that these laws are better
designed to expand access to credit
24 Innovations The global innovation index includes two sub-indices: the
index innovation input sub-index and the innovation output sub-index.
The first sub-index is based on five pillars: institutions, human
capital and research, infrastructure, market sophistication and
Business sophistication. The second sub-index is based on two
pillars: knowledge and technology outputs and creative outputs.
Each pillar is divided into sub-pillars and each sub-pillar is
composed of individual indicators
25 Property rights The property rights index measures the degree to which a
index country’s laws protect private property rights and the degree to
which its government enforces those laws. It also assesses the
(continued) Table A4.
JERER
No. Indicator Definition
14,1 1 2 3

likelihood that private property will be expropriated and analyses

the independence of the judiciary, the existence of corruption
within the judiciary and the ability of individuals and businesses
to enforce contracts. Higher index values denote more certain legal
148 protection of property
26 Business The business freedom index is based on 10 indicators, using data
freedom index from the World Bank’s doing business study: starting a business-
procedures (number), time (days), cost (% of income per capita) and
minimum capital (% of income per capita); obtaining a licence 
procedures (number), time (days) and cost (% of income per capita);
closing a business  time (years), cost (% of estate) and recovery
rate (cents on the dollar)
27 Investment The investment freedom index evaluates a variety of investment
freedom index restrictions (burdensome bureaucracy, restrictions on land
ownership, expropriation of investments without fair
compensation, foreign exchange controls, capital control, security
problems, a lack of basic investment infrastructure, etc.). Points
are deducted from the ideal score of 100 for each of the restrictions
found in a country’s investment regime
28 Globalisation The overall index of globalisation covers the economic, social and
index political dimensions of globalisation. Higher values denote greater
globalisation
29 Economic Economic globalisation has two dimensions: actual economic
globalisation flows and restrictions to trade and capital. The sub-index on
index actual economic flows includes data on trade, FDI and portfolio
investment. The sub-index on restrictions takes into account
hidden import barriers, mean tariff rates, taxes on international
trade (as a share of current revenue) and an index of capital
controls
30 Political The degree of political globalisation is determined by the number
globalisation of embassies and high commissions in a country, the number of
index international organisations to which the country is a member, the
number of UN peace missions a country participated in, and the
number of treaties signed between two or more states
31 Social Social globalisation has three dimensions: personal contacts,
globalisation information flows and cultural proximity. The sub-index on
index personal contacts includes international telecom traffic, degree of
tourism, transfers, foreign population and number of international
letters. The sub-index on information flows includes number of
internet users, share of households with a television set and trade
in newspapers. The sub-index on cultural proximity includes
trade in books and number of McDonald’s restaurants and Ikea
located in a country
32 Human The human development index measures three basic dimensions
development of human development: long and healthy life, knowledge and a
index decent standard of living. Four indicators are used to calculate the
index: life expectancy at birth, mean years of schooling, expected
years of schooling and gross national income per capita
33 % urban Urban population refers to people living in urban areas as defined
population by national statistical offices. The data are collected and smoothed
by United Nations Population Division
Table A4. (continued)
 Glocal real
No. Indicator Definition
1 2 3 estate market
34 Competitiveness – The global competitiveness index is composed of 12 pillars of
WEF index competitiveness. The pillars are organised as followed: basic
requirements (institutions, infrastructure, macroeconomic
stability, health and primary education); efficiency enhancers
(higher education and training, goods market efficiency, labour 149
market efficiency, financial market sophistication, technological
readiness, market size) and innovation and sophistication factors
(business sophistication, innovation)
35 Cost of starting a The indicator includes all official fees and fees for legal or
business, % of professional services if such services are required by law. The
income per capita company law, the commercial code and specific regulations and
fee schedules are used as sources for calculating costs. The
indicator excludes bribes Table A4.

About the authors

Radoslaw Wisniewski. In 2010, he was awarded the title of Professor in Economic Sciences in the
discipline of Economics. Associate Professor at the University of Economics and Human Sciences in
Warsaw since 2019. His research interests focus on real estate management, application of artificial
intelligence in the real estate market (in particular artificial neural networks), systems of real estate
management, value forecasting and systems theory. Radoslaw Wisniewski is the corresponding
author and can be contacted at: danrad@uwm.edu.pl
Justyna Brzezicka, PhD, lecturer at the Institute of Geospatial Engineering and Real Estate of the
University of Warmia and Mazury in Olsztyn. In 2017, she defended her doctoral dissertation entitled
“Behavioural aspects of speculative bubbles on the real estate market”. Her research interests focus
on the mechanisms governing the real estate market, anomalies on the real estate market,
behavioural and translocal phenomena on the real estate market, qualitative and quantitative
analyses of the real estate market.

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