The Social Structure of the Real Estate Market in Old Warsaw in the Years 1427–1527

ABSTRACT The article examines the operations of the property market in late medieval Old Warsaw during a period of economic expansion. Two major professional groups (merchants and craftsmen) are distinguished to indicate fundamental differences in their interest in the property market. While craftsmen accumulated goods, merchants sought profit in a quick resale. In addition, the consideration of separate groups such as nobility, clergy, peasants, and Jews, and the analysis of the size of the urban market revealed that the property market in Old Warsaw was dominated by burgesses. The comparison of the number of transactions with the number of newcomers granted citizenship revealed a fact overlooked in the literature, i.e. that the vast majority of migrants had a low economic status and could not afford to purchase their own property just after arriving in the town. This suggests that the rental market played an important role in providing accommodation for newcomers. The analysis also shows the steady and dynamic development of the property market in the fifteenth and early sixteenth centuries. This evidence conflicts with suggestions of an economic crisis affecting late medieval Polish towns, at least for Old Warsaw.