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Prices of residential property in Italy: constructing a new indicator

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Author Info

  • Salvatore Muzzicato

    ()
    (Banca d'Italia)

  • Roberto Sabbatini

    ()
    (Banca d'Italia)

  • Francesco Zollino

    ()
    (Banca d'Italia)

Abstract

We 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 Info

Paper provided by Bank of Italy, Economic Research and International Relations Area in its series Questioni di Economia e Finanza (Occasional Papers) with number 17.

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Date of creation: Aug 2008
Date of revision:
Handle: RePEc:bdi:opques:qef_17_08

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Web page: http://www.bancaditalia.it
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Related research

Keywords: business cycle; housing market; property prices; inflation measures;

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Cited by:
  1. Rondinelli, Concetta & Veronese, Giovanni, 2011. "Housing rent dynamics in Italy," Economic Modelling, Elsevier, vol. 28(1-2), pages 540-548, January.
  2. Napolitano, Oreste & Bonasia, Mariangela, 2010. "Determinants of different internal migration trends: the Italian experience," MPRA Paper 21734, University Library of Munich, Germany.
  3. Giarda, Elena, 2013. "Persistency of financial distress amongst Italian households: Evidence from dynamic models for binary panel data," Journal of Banking & Finance, Elsevier, vol. 37(9), pages 3425-3434.

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