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Prices of residential property in Italy: constructing a new indicator

Author

Listed:
  • 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.

Suggested Citation

  • Salvatore Muzzicato & Roberto Sabbatini & Francesco Zollino, 2008. "Prices of residential property in Italy: constructing a new indicator," Questioni di Economia e Finanza (Occasional Papers) 17, Bank of Italy, Economic Research and International Relations Area.
  • Handle: RePEc:bdi:opques:qef_17_08
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    File URL: http://www.bancaditalia.it/pubblicazioni/qef/2008-0017/QEF_17.pdf
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    Citations

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    Cited by:

    1. Ryan Niladri Banerjee & Kristian S Blickle, 2016. "Housing collateral and small firm activity in Europe," BIS Working Papers 575, Bank for International Settlements.
    2. 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.
    3. Napolitano, Oreste & Bonasia, Mariangela, 2010. "Determinants of different internal migration trends: the Italian experience," MPRA Paper 21734, University Library of Munich, Germany.
    4. Robert Inklaar & J. Christina Wang, 2013. "Real Output of Bank Services: What Counts is What Banks Do, Not What They Own," Economica, London School of Economics and Political Science, vol. 80(317), pages 96-117, January.
    5. Angi RĂ–SCH & Harald SCHMIDBAUER, "undated". "Effects of Weekly Inventory Data Releases on Crude Oil Spot Prices," EcoMod2010 259600144, EcoMod.
    6. Ugo Fratesi & Marco Percoco, 2014. "Selective Migration, Regional Growth and Convergence: Evidence from Italy," Regional Studies, Taylor & Francis Journals, vol. 48(10), pages 1650-1668, October.
    7. B. Biagi & MG. Brandano & D. Lambiri, 2012. "Does tourism affect house prices? Some evidence from Italy," Working Paper CRENoS 201227, Centre for North South Economic Research, University of Cagliari and Sassari, Sardinia.
    8. Rondinelli, Concetta & Veronese, Giovanni, 2011. "Housing rent dynamics in Italy," Economic Modelling, Elsevier, vol. 28(1-2), pages 540-548, January.

    More about this item

    Keywords

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

    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

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