Purpose

The purpose of the article is to improve the understanding of the role of institutional factors in real estate development. The authors take into account zoning (existence and type), type of right of disposal and type of buyer and seller of property in a multivariate econometric estimation. Dependent variable of the analysis is the time between acquisition of empty land and the application for a building permit, a period when many important development decisions have to be made. This indicator is closely related to debated phenomena like land hording and speculation.

Design/methodology/approach

The authors estimate a Cox proportional hazard model with the time between acquisition and application for a building permit as dependent variable and institutional indicators and a number of control variables as explanatory variables. Study area is the GZM Metropolis in the South of Poland. This region shows enough variability in institutional arrangements to allow for this type of analysis.

Findings

The analysis shows that institutional factors significantly influence the real estate development process. In areas that have not issued a zoning plan, the period until the building permit application is significantly longer. When the state is involved in a transaction (as purchaser or seller), it also takes longer until the building permit application is submitted. Although the instrument is usually intended to speed up development, perpetual usufruct implies a longer period until building permit application. Because of the results the authors get for control variables and for robustness checks, the authors are confident of the results of the analysis.

Originality/value

To the authors’ knowledge, this is the first study that deals with the question how institutional factors influence the timing of real estate development. By using data for a region in Poland, the authors also add to knowledge about real estate development in CEE countries.

中文翻译：

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制度因素和土地开发时机：适用于波兰 GZM 大都市的生存分析

目的

本文的目的是提高对制度因素在房地产开发中的作用的理解。作者在多元计量经济学估计中考虑了分区（存在和类型）、处置权类型以及财产买卖双方的类型。分析的因变量是征用空地和申请建筑许可证之间的时间，在此期间必须做出许多重要的开发决策。该指标与土地囤积和投机等有争议的现象密切相关。

设计/方法/途径

作者估计了一个 Cox 比例风险模型，其中获取和申请建筑许可证之间的时间作为因变量，制度指标和一些控制变量作为解释变量。研究区域是波兰南部的 GZM Metropolis。该地区在制度安排方面表现出足够的可变性，可以进行此类分析。

发现

分析表明，制度因素显着影响房地产开发过程。在尚未发布分区计划的地区，申请建筑许可的时间要长得多。当国家参与交易时（作为买方或卖方），提交建筑许可申请也需要更长的时间。尽管该文书通常旨在加速开发，但永久使用权意味着在申请建筑许可之前需要更长的时间。由于作者获得了控制变量和稳健性检查的结果，作者对分析结果充满信心。

原创性/价值

据作者所知，这是第一项研究制度因素如何影响房地产开发时间的问题。通过使用波兰某个地区的数据，作者还增加了有关中东欧国家房地产开发的知识。