The aim of this paper is to assess the impact of different categories of geopolitical risk (GPR) on housing prices and identify its transmission channels in a border country of the European Union. The analysis focuses on Poland, which constitutes the EU’s eastern border, has the largest and most dynamic housing market in the region, and is directly adjacent to war-torn Ukraine. The study utilises a vector autoregression (VAR) model for diagnostic purposes and a multiple linear regression (MLR) model for identifying the types of geopolitical risk responsible for observed price responses. The VAR results confirmed the existence of an indirect channel (the immigration channel). In the MLR, the aggregate GPR is statistically insignificant, while selected risk categories have a varied impact on the short-term dynamics of housing prices.
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