Using a unique dataset of 4.6 million offers, we investigate the convergence of 28 regional housing markets in Poland from 2000 to 2019. The objective of the paper is twofold. First, we test whether the house prices in Poland are converging over time and identify convergence clubs. Second, we compare the housing market convergence before and after the global financial crisis. The test results suggest that there is little evidence of overall convergence. We identified three major convergence clubs in Poland formed during the study period. However, the results differed when considering subperiods (before and after the 3rd quarter of 2008)—we found three and four clubs in subperiods and some divergent housing markets. The paper fills the gap in knowledge on the convergence of regional housing markets within an emerging economy setting. Little is known about this phenomenon in Eastern European Countries with their unique institutional framework. Additionally, we address differences in house price convergence before, and after the financial crisis, a topic often overlooked in other empirical studies.

使用包含 460 万个报价的独特数据集，我们调查了 2000 年至 2019 年波兰 28 个区域住房市场的融合情况。本文的目标是双重的。首先，我们测试波兰的房价是否会随着时间的推移而趋同，并确定趋同俱乐部。其次，我们比较了全球金融危机前后的房地产市场趋同。测试结果表明几乎没有整体收敛的证据。我们确定了在研究期间在波兰形成的三个主要融合俱乐部。然而，在考虑子时段（2008 年第三季度之前和之后）时，结果有所不同——我们在子时段和一些不同的房地产市场中发现了三个和四个俱乐部。该论文填补了在新兴经济体环境中区域住房市场融合的知识空白。东欧国家以其独特的制度框架对这一现象知之甚少。此外，我们还讨论了金融危机前后房价趋同的差异，这是其他实证研究经常忽略的一个话题。