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The main purpose of the study is to verify the hypothesis on the occurrence of a long-term relationship between the average prices of 1m 2 UFA (i.e. Usable Floor Area) and the construction costs of residential real estate per 1m 2 for selected 5 cities of Eastern Poland (Białystok, Kielce, Lublin, Olsztyn & Rzeszów). The panel model for cointegrated variables and panel cointegration tests are the tools of the analysis. On the basis of the econometric model constructed, the long-term elasticitydoi:10.22630/mibe.2018.19.1.9 fatcat:lasei4omdvgkphwtiwnt3f57l4