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Irish House Price Indices — Methodological Issues

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  • Denis Conniffe

    (The Economic and Social Research Institute, Dublin)

  • David Duffy

    (The Economic and Social Research Institute, Dublin)

Abstract

This paper reviews the international literature on house price indices, looking at the basic methodologies employed, the variables chosen for the indices and the functional forms used. Ideas are sought for future improvements to an Irish index and tentative assessments are made of how Irish results correspond to published research findings. Although the recent vintage of hedonic house price indices in Ireland warrants caution in reaching conclusions, there are interesting correspondences with published results. Some issues are identified that will require resolution to achieve further progress.

Suggested Citation

  • Denis Conniffe & David Duffy, 1999. "Irish House Price Indices — Methodological Issues," The Economic and Social Review, Economic and Social Studies, vol. 30(4), pages 403-423.
    • Handle: RePEc:eso:journl:v:30:y:1999:i:4:p:403-423
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    1. Roche, Maurice J., 2001. "The rise in house prices in Dublin: bubble, fad or just fundamentals," Economic Modelling, Elsevier, vol. 18(2), pages 281-295, April.
    2. Duffy, David & FitzGerald, John & Timoney, Kevin & Byrne, David, 2013. "Quarterly Economic Commentary, Autumn 2013," Forecasting Report, Economic and Social Research Institute (ESRI), number QEC20133, december.
    3. Keane, Claire & Walsh, John R. & Callan, Tim & Savage, Michael, 2012. "Property Tax in Ireland: Key Choices," Papers EC11, Economic and Social Research Institute (ESRI).
    4. D'Agostino, Antonello & McQuinn, Kieran & O' Reilly, Gerard, 2008. "Identifying and Forecasting House Price Dynamics in Ireland," Research Technical Papers 3/RT/08, Central Bank of Ireland.
    5. Julio Escobar & Carlos Huertas & Dora Alicia Mora & José Vicente Romero, 2006. "INDICE DE PRECIOS DE LA VIVIENDA USADA EN COLOMBIA - I P V U - Método de ventas repetidas," Borradores de Economia 368, Banco de la Republica de Colombia.
    6. Karen Mayor & Seán Lyons & David Duffy & Richard S. J. Tol, 2012. "A Hedonic Analysis of the Value of Rail Transport in the Greater Dublin Area," Journal of Transport Economics and Policy, University of Bath, vol. 46(2), pages 239-261, May.
    7. Callan, Tim & Keane, Claire & Walsh, John R., 2009. "Tax Reform: Selected Issues," Papers BP2010/1, Economic and Social Research Institute (ESRI).
    8. Ronan Lyons, 2012. "Search costs, sorting and “property ladder†effects: Evidence from the valuation of amenities," ERSA conference papers ersa12p511, European Regional Science Association.
    9. repec:esr:chaptr:jacb200961 is not listed on IDEAS
    10. Duffy, David & Timoney, Kevin & Walsh, John R., 2013. "The PRTB Rent Index," Research Notes RN2013/2/4, Economic and Social Research Institute (ESRI).
    11. Vega, Amaya & Reynolds-Feighan, Aisling, 2009. "A methodological framework for the study of residential location and travel-to-work mode choice under central and suburban employment destination patterns," Transportation Research Part A: Policy and Practice, Elsevier, vol. 43(4), pages 401-419, May.
    12. Martina Lawless & Kieran McQuinn & John Walsh, 2018. "Identifying Rent Pressures in Your Neighbourhood: A New Model of Irish Regional Rent Indicators," The Economic and Social Review, Economic and Social Studies, vol. 49(1), pages 73-92.
    13. Julio Escobar Potes & José Vicente Romero, 2003. ""Métodos de construcción de índices de precios de vivienda†teoría y experiencia internacional," Ensayos Sobre Economía Regional (ESER) 003211, Banco de la República - Economía Regional.
    14. Addison-Smyth, Diarmaid & McQuinn, Kieran & O'Reilly, Gerard, 2009. "Modelling Credit in the Irish Mortgage Market," The Economic and Social Review, Economic and Social Studies, vol. 40(4), pages 371-392.
    15. McQuinn, Kieran & O'Reilly, Gerard, 2006. "Assessing the Role of Income and Interest Rates in Determining House Prices," Research Technical Papers 15/RT/06, Central Bank of Ireland.
    16. Reuben Ellul & Jude Darmanin & Ian Borg, 2019. "Hedonic house price indices for Malta: A mortgage-based approach," CBM Working Papers WP/02/2019, Central Bank of Malta.
    17. David Duffy, 2001. "The Use of Location Variables in a Mix-Adjusted Index for Dublin House Prices," Papers WP138, Economic and Social Research Institute (ESRI).
    18. James Hansen, 2006. "Australian House Prices: A Comparison of Hedonic and Repeat-sales Measures," RBA Research Discussion Papers rdp2006-03, Reserve Bank of Australia.
    19. David Duffy, 2001. "Does Controlling For Neighbourhood Quality Matter More For Different Types Of House," Economics Department Working Paper Series n1091001, Department of Economics, National University of Ireland - Maynooth.
    20. Raquel Arévalo Tomé & José María Chamorro Rivas, 2003. "A Quality Index for Spanish Housing," Working Papers 0309, Universidade de Vigo, Departamento de Economía Aplicada.
    21. Addison-Smyth, Diarmaid & McQuinn, Kieran & O' Reilly, Gerard, 2008. "Estimating the Structural Demand for Irish Housing," Research Technical Papers 1/RT/08, Central Bank of Ireland.
    22. Ian Borg & Jude Darmanin & Reuben Ellul, 2019. "Hedonic house price indices for Malta: A mortgage-based approach," CBM Working Papers WP/04/2019, Central Bank of Malta.
    23. Sharada Vadali, 2008. "Toll roads and economic development: exploring effects on property values," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 42(3), pages 591-620, September.

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