{"id":"https://openalex.org/W7204241400","doi":"https://doi.org/10.2478/remav-2026-0033","title":"Arbitrage as a Main Driver of House Flipping Profitability in Poland: An Exploratory Analysis","display_name":"Arbitrage as a Main Driver of House Flipping Profitability in Poland: An Exploratory Analysis","publication_year":2026,"publication_date":"2026-08-26","ids":{"openalex":"https://openalex.org/W7204241400","doi":"https://doi.org/10.2478/remav-2026-0033"},"language":"en","primary_location":{"id":"doi:10.2478/remav-2026-0033","doi":"https://doi.org/10.2478/remav-2026-0033","is_oa":true,"landing_page_url":"https://doi.org/10.2478/remav-2026-0033","pdf_url":"https://reference-global.com/download/article/10.2478/remav-2026-0033.pdf","source":{"id":"https://openalex.org/S2764824119","display_name":"Real Estate Management and Valuation","issn_l":"1733-2478","issn":["1733-2478","2300-5289"],"is_oa":true,"is_in_doaj":true,"is_core":false,"listed_in":["doaj","norway-1"],"host_organization":"https://openalex.org/P4310320322","host_organization_name":"De Gruyter Open","host_organization_lineage":["https://openalex.org/P4310320322","https://openalex.org/P4310313990"],"host_organization_lineage_names":["De Gruyter Open","De Gruyter"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Real Estate Management and Valuation","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref","doaj"],"open_access":{"is_oa":true,"oa_status":"diamond","oa_url":"https://reference-global.com/download/article/10.2478/remav-2026-0033.pdf","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5148399567","display_name":"Wojciech Chamier Cieminski","orcid":"https://orcid.org/0000-0002-4016-4830","observed_orcids":["https://orcid.org/0000-0002-4016-4830"]},"institutions":[{"id":"https://openalex.org/I18193975","display_name":"SGH Warsaw School of Economics","ror":"https://ror.org/032cph770","country_code":"PL","type":"education","lineage":["https://openalex.org/I18193975"]}],"countries":["PL"],"is_corresponding":true,"raw_author_name":"Wojciech Chamier Cieminski","raw_affiliation_strings":["1 Warsaw School of Economics , al. Niepodleg\u0142o\u015bci 162 , Warsaw , Poland"],"raw_orcid":"https://orcid.org/0000-0002-4016-4830","affiliations":[{"raw_affiliation_string":"1 Warsaw School of Economics , al. Niepodleg\u0142o\u015bci 162 , Warsaw , Poland","institution_ids":["https://openalex.org/I18193975"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5148399567"],"corresponding_institution_ids":["https://openalex.org/I18193975"],"apc_list":null,"apc_paid":null,"fwci":0.0,"has_fulltext":true,"cited_by_count":0,"citation_normalized_percentile":{"value":0.68907922,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10632","display_name":"Housing Market and Economics","score":0.9990000128746033,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10632","display_name":"Housing Market and Economics","score":0.9990000128746033,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T13920","display_name":"Urban Planning and Valuation","score":0.00039999998989515007,"subfield":{"id":"https://openalex.org/subfields/2308","display_name":"Management, Monitoring, Policy and Law"},"field":{"id":"https://openalex.org/fields/23","display_name":"Environmental Science"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}},{"id":"https://openalex.org/T14390","display_name":"Real estate and construction management","score":0.00019999999494757503,"subfield":{"id":"https://openalex.org/subfields/2216","display_name":"Architecture"},"field":{"id":"https://openalex.org/fields/22","display_name":"Engineering"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/arbitrage","display_name":"arbitrage","score":0.8889999985694885},{"id":"https://openalex.org/keywords/real-estate-transactions","display_name":"real estate transactions","score":0.5400000214576721},{"id":"https://openalex.org/keywords/property-improvements","display_name":"property improvements","score":0.7680000066757202},{"id":"https://openalex.org/keywords/renovation","display_name":"renovation","score":0.531000018119812},{"id":"https://openalex.org/keywords/value-creation","display_name":"value creation","score":0.6520000100135803},{"id":"https://openalex.org/keywords/polish-housing-market","display_name":"Polish housing market","score":0.5950000286102295}],"concepts":[{"id":"https://openalex.org/C160623529","wikidata":"https://www.wikidata.org/wiki/Q273088","display_name":"Arbitrage","level":2,"score":0.7462999820709229},{"id":"https://openalex.org/C129361004","wikidata":"https://www.wikidata.org/wiki/Q2470236","display_name":"Profitability index","level":2,"score":0.7430999875068665},{"id":"https://openalex.org/C3018260909","wikidata":"https://www.wikidata.org/wiki/Q1322871","display_name":"Exploratory analysis","level":2,"score":0.6969000101089478},{"id":"https://openalex.org/C75949130","wikidata":"https://www.wikidata.org/wiki/Q848010","display_name":"Database transaction","level":2,"score":0.5983999967575073},{"id":"https://openalex.org/C82279013","wikidata":"https://www.wikidata.org/wiki/Q684740","display_name":"Real estate","level":2,"score":0.5843999981880188},{"id":"https://openalex.org/C127722929","wikidata":"https://www.wikidata.org/wiki/Q7833714","display_name":"Transaction data","level":3,"score":0.5630000233650208},{"id":"https://openalex.org/C2776291640","wikidata":"https://www.wikidata.org/wiki/Q2912517","display_name":"Value (mathematics)","level":2,"score":0.5042999982833862},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.4790000021457672},{"id":"https://openalex.org/C85973986","wikidata":"https://www.wikidata.org/wiki/Q1091731","display_name":"Exploratory research","level":2,"score":0.451200008392334},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.42800000309944153},{"id":"https://openalex.org/C117245426","wikidata":"https://www.wikidata.org/wiki/Q235038","display_name":"Technical analysis","level":2,"score":0.3937999904155731},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.36410000920295715},{"id":"https://openalex.org/C27564746","wikidata":"https://www.wikidata.org/wiki/Q913709","display_name":"Market research","level":2,"score":0.34040001034736633},{"id":"https://openalex.org/C130731218","wikidata":"https://www.wikidata.org/wiki/Q1363554","display_name":"Financial analysis","level":2,"score":0.3133000135421753},{"id":"https://openalex.org/C40700","wikidata":"https://www.wikidata.org/wiki/Q1411783","display_name":"Industrial organization","level":1,"score":0.31049999594688416},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.29980000853538513},{"id":"https://openalex.org/C98965940","wikidata":"https://www.wikidata.org/wiki/Q877496","display_name":"Transaction cost","level":2,"score":0.2937999963760376},{"id":"https://openalex.org/C162853370","wikidata":"https://www.wikidata.org/wiki/Q39809","display_name":"Marketing","level":1,"score":0.2874000072479248},{"id":"https://openalex.org/C54750564","wikidata":"https://www.wikidata.org/wiki/Q26643","display_name":"Commerce","level":1,"score":0.2766000032424927},{"id":"https://openalex.org/C120894424","wikidata":"https://www.wikidata.org/wiki/Q1322871","display_name":"Exploratory data analysis","level":2,"score":0.26350000500679016},{"id":"https://openalex.org/C199185054","wikidata":"https://www.wikidata.org/wiki/Q552299","display_name":"Chain (unit)","level":2,"score":0.2605000138282776},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.257099986076355},{"id":"https://openalex.org/C202552767","wikidata":"https://www.wikidata.org/wiki/Q1901350","display_name":"Market value","level":2,"score":0.25429999828338623},{"id":"https://openalex.org/C2780495726","wikidata":"https://www.wikidata.org/wiki/Q2186896","display_name":"Estate","level":2,"score":0.2542000114917755},{"id":"https://openalex.org/C2780233690","wikidata":"https://www.wikidata.org/wiki/Q535347","display_name":"Transparency (behavior)","level":2,"score":0.2513999938964844},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.25049999356269836}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.2478/remav-2026-0033","doi":"https://doi.org/10.2478/remav-2026-0033","is_oa":true,"landing_page_url":"https://doi.org/10.2478/remav-2026-0033","pdf_url":"https://reference-global.com/download/article/10.2478/remav-2026-0033.pdf","source":{"id":"https://openalex.org/S2764824119","display_name":"Real Estate Management and Valuation","issn_l":"1733-2478","issn":["1733-2478","2300-5289"],"is_oa":true,"is_in_doaj":true,"is_core":false,"listed_in":["doaj","norway-1"],"host_organization":"https://openalex.org/P4310320322","host_organization_name":"De Gruyter Open","host_organization_lineage":["https://openalex.org/P4310320322","https://openalex.org/P4310313990"],"host_organization_lineage_names":["De Gruyter Open","De Gruyter"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Real Estate Management and Valuation","raw_type":"journal-article"}],"best_oa_location":{"id":"doi:10.2478/remav-2026-0033","doi":"https://doi.org/10.2478/remav-2026-0033","is_oa":true,"landing_page_url":"https://doi.org/10.2478/remav-2026-0033","pdf_url":"https://reference-global.com/download/article/10.2478/remav-2026-0033.pdf","source":{"id":"https://openalex.org/S2764824119","display_name":"Real Estate Management and Valuation","issn_l":"1733-2478","issn":["1733-2478","2300-5289"],"is_oa":true,"is_in_doaj":true,"is_core":false,"listed_in":["doaj","norway-1"],"host_organization":"https://openalex.org/P4310320322","host_organization_name":"De Gruyter Open","host_organization_lineage":["https://openalex.org/P4310320322","https://openalex.org/P4310313990"],"host_organization_lineage_names":["De Gruyter Open","De Gruyter"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Real Estate Management and Valuation","raw_type":"journal-article"},"sustainable_development_goals":[],"sustainable_development_goals_aurora":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W7204241400.pdf","grobid_xml":"https://content.openalex.org/works/W7204241400.grobid-xml"},"referenced_works_count":16,"referenced_works":["https://openalex.org/W1970365854","https://openalex.org/W2049743915","https://openalex.org/W2082577868","https://openalex.org/W2112141372","https://openalex.org/W2130463951","https://openalex.org/W2183261929","https://openalex.org/W2263123423","https://openalex.org/W3015243044","https://openalex.org/W3044557122","https://openalex.org/W3097649861","https://openalex.org/W4283322315","https://openalex.org/W4307138469","https://openalex.org/W4307381111","https://openalex.org/W4387499678","https://openalex.org/W4400732513","https://openalex.org/W4410340385"],"related_works":[],"abstract_inverted_index":{"Abstract":[0],"House":[1],"flipping":[2,73,120,146,165,176],"has":[3],"been":[4],"increasingly":[5],"popular":[6],"in":[7,60,68,114],"Poland":[8],"since":[9],"the":[10,21,24,47,92,162,172],"mid-2010s":[11],"yet":[12],"it\u2019s":[13],"economic":[14],"nature":[15],"remains":[16],"unexplored.":[17],"This":[18,154],"study":[19,138],"investigates":[20],"problem":[22],"of":[23,27,29,94,96,119,145,164,175],"primary":[25],"source":[26],"profits":[28,95,104,166],"flippers":[30],"\u2013":[31],"value":[32,87],"creation":[33],"generated":[34],"by":[35],"improvements":[36],"(e.g.":[37],"renovations)":[38],"versus":[39],"arbitrage.":[40],"The":[41,80,99,116,137],"exploratory":[42,83,196],"analysis":[43,85,89],"utilizes":[44],"data":[45,84,192],"from":[46,107,111],"Real":[48],"Estate":[49],"Price":[50],"Registers":[51],"(Rejestr":[52],"Cen":[53],"Nieruchomo\u015bci),":[54],"covering":[55],"over":[56,70],"1.1":[57],"million":[58],"transactions":[59,121,147],"14":[61],"Polish":[62],"cities":[63],"between":[64],"2005":[65],"and":[66,77,86],"2023,":[67],"which":[69],"61":[71],"thousand":[72],"transaction":[74],"were":[75,148],"identified":[76],"further":[78],"analyzed.":[79],"methodology":[81],"employs":[82],"chain":[88],"to":[90,143,160,170,182],"investigate":[91],"sources":[93],"house":[97],"flipping.":[98],"research":[100,180],"suggests":[101],"that":[102,141,186],"flippers\u2019":[103],"stem":[105],"primarily":[106],"arbitrage":[108],"rather":[109],"than":[110],"real":[112],"investments":[113],"improvements.":[115,153],"average":[117],"profitability":[118],"involving":[122],"only":[123],"unimproved":[124],"properties":[125,132],"stood":[126],"at":[127],"28-30%,":[128],"while":[129],"for":[130],"improved":[131],"it":[133],"reached":[134],"around":[135],"40%.":[136],"also":[139],"shows":[140],"up":[142],"50%":[144],"probably":[149],"conducted":[150],"without":[151],"substantial":[152],"paper":[155],"is":[156],"a":[157],"pioneering":[158],"effort":[159],"explore":[161],"components":[163],"as":[167,169],"well":[168],"find":[171],"main":[173],"driver":[174],"profitability.":[177],"Ultimately,":[178],"this":[179],"contributes":[181],"an":[183],"ongoing":[184],"debate":[185],"has,":[187],"until":[188],"now,":[189],"lacked":[190],"transaction-level":[191],"analysis,":[193],"providing":[194],"valuable":[195],"insights.":[197]},"counts_by_year":[],"updated_date":"2026-08-28T12:50:07.497085","created_date":"2026-08-27T00:00:00"}