Why and How to Construct a Genuine Belgian Price Index of House Sales
AbstractAssessing the price evolution of houses on the basis of average sales prices, as is current practice in Belgium, might be misleading due to changing characteristics of the houses sold in the periods observed. A hedonic index which takes into account changes in characteristics is more appropriate. We use the budget surveys of the Belgian Statistical Institute to illustrate how this applies for Belgium. The estimated hedonic price index for house sales on the secondary market is practically everywhere below the index based on average sales values. This demonstrates the need to collect more extensive data on the characteristics of the dwellings sold in Belgium.
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Bibliographic InfoArticle provided by Katholieke Universiteit Leuven, Faculteit Economie en Bedrijfswetenschappen in its journal Review of Business and Economics.
Volume (Year): LI (2006)
Issue (Month): 2 ()
hedonic house price index; hedonic regression; house price inflation;
Other versions of this item:
- André Decoster & Kris De Swerdt, 2005. "Why and How to Construct a Genuine Belgian Price Index of House Sales," Center for Economic Studies - Discussion papers ces0515, Katholieke Universiteit Leuven, Centrum voor Economische Studiën.
- R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
- C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
- E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
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