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Real estate compared to other goods is distinguished by a high specificity. One of the signs of these specifics is the interdependence or correlation between property and its surroundings. On the one hand, the factor of closest neighborhood can largely shape the value of the property, while on the other hand, the function, use and development of real estate can strongly affect nearby property and the image of their entire neighborhood. The dynamics of the interdependence between the property and its environment reveal themselves most clearly in moments of transformation of real estate and its use. This study has a research character. The focus of this article is one of the aspects of interdependence - the impact of the property, its use and development on its closest surroundings. The aim of this article is to show the manifestations of different types of external effects generated by the property. Case study research was conducted on the housing market in Lodz for the purpose of the article. The study included the analysis of 3,444 transactions made during the period from July 2005 to December 2009 in the area of 27 precincts representing the proximal and distal environment of the Manufaktura complex. The study analyzed the impact of the transformation from a post-industrial area into a multifunctional one, with the dominant function of trade, on the prices and marketability of apartments located in the vicinity of the complex. The performed analyses have not clearly confirmed the impact of the carried out transformations on the price of housing in areas surrounding the Manufaktura complex. However, the analyses did reveal that the proximity of the multifunction complex may be one of the factors influencing the activity of the housing market in the area. [ABSTRACT FROM AUTHOR]