Prices of residential property in Italy: constructing a new indicator
AbstractWe present a new indicator of house prices in Italy, with more extensive geographical and time coverage. The new indicator now makes it possible to analyze medium- and long-term trends with satisfactory representation of the Italian housing market. It also allows for timely updating, for prompt assessment of housing input both to the business cycle and to inflationary pressures. We offer a preliminary identification, based solely on graphical inspection, of four different property price cycles since the late 1960s; the latest began at the end of the 1990s and signaled a slowdown since 2006. Finally, we tentatively assess the effect of including transactions in dwellings in the Italian HICP basket according to the net acquisition approach, which apparently results in about a quarter point of additional inflation each year since 2000.
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Bibliographic InfoPaper provided by Bank of Italy, Economic Research and International Relations Area in its series Questioni di Economia e Finanza (Occasional Papers) with number 17.
Date of creation: Aug 2008
Date of revision:
business cycle; housing market; property prices; inflation measures;
Find related papers by JEL classification:
- E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
- R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-02-14 (All new papers)
- NEP-GEO-2009-02-14 (Economic Geography)
- NEP-MAC-2009-02-14 (Macroeconomics)
- NEP-URE-2009-02-14 (Urban & Real Estate Economics)
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- Napolitano, Oreste & Bonasia, Mariangela, 2010. "Determinants of different internal migration trends: the Italian experience," MPRA Paper 21734, University Library of Munich, Germany.
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Questioni di Economia e Finanza (Occasional Papers), Bank of Italy, Economic Research and International Relations Area
62, Bank of Italy, Economic Research and International Relations Area.
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