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Handbook on Residential Property Prices Indices

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  • Eurostat

Abstract

Residential property is both a source of wealth and, insofar as property owners live in or on their property, an important determining factor in their cost of living. The price of a house is something different from the cost of dwelling services it provides, though the two concepts are obviously interlinked. The need for property price indices that are fit-for-purpose was recognized at a conference organized jointly by the International Monetary Fund (IMF) and the Bank for International Settlements (BIS) in Washington DC, October 2003. As a result, a chapter on residential property price indices was added to the IMF's "compilation guide of financial soundness indicators". The idea of a more detailed handbook dates back to a workshop organized by the Organization for Economic Co-operation and Development (OECD) and the IMF on real estate price indices in Paris, November 2006. The aim of this handbook is to facilitate the setting-up of residential property price indices in countries where these are still missing and the improvement of existing price indices where this is deemed necessary. It is designed to give practical guidance on the compilation of house price indices, both in developed and less developed countries, and to increase international comparability of residential property price indices. It explains the different user needs, gives details on data and methods that can be used to compile residential property price indices, and provides recommendations. The production of the handbook was funded and supported by Eurostat.

Suggested Citation

  • Eurostat, 2013. "Handbook on Residential Property Prices Indices," World Bank Publications, The World Bank, number 17280, December.
  • Handle: RePEc:wbk:wbpubs:17280
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    References listed on IDEAS

    as
    1. Wang, Ferdinand T. & Zorn, Peter M., 1997. "Estimating House Price Growth with Repeat Sales Data: What's the Aim of the Game?," Journal of Housing Economics, Elsevier, vol. 6(2), pages 93-118, June.
    2. Robert Wood, 2005. "A comparison of UK residential house price indices," BIS Papers chapters, in: Bank for International Settlements (ed.), Real estate indicators and financial stability, volume 21, pages 212-227, Bank for International Settlements.
    3. Marvin L. Wolverton & Jimmy Senteza, 2000. "Hedonic Estimates of Regional Constant Quality House Prices," Journal of Real Estate Research, American Real Estate Society, vol. 19(3), pages 235-253.
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