A re-assessment of house price indices: evidence from the Spanish market

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Title: A re-assessment of house price indices: evidence from the Spanish market
Authors: Taltavull de La Paz, Paloma | McGreal, Stanley
Research Group/s: Economía de la Vivienda y Sector Inmobiliario (ECOVISI)
Center, Department or Service: Universidad de Alicante. Departamento de Análisis Económico Aplicado | Universidad de Alicante. Instituto Interuniversitario de Economía Internacional
Keywords: Price index | Housing market | Hedonic models | Spain
Knowledge Area: Economía Aplicada
Issue Date: 2019
Publisher: VGTU Press
Citation: International Journal of Strategic Property Management. 2019, 23(1): 23-35. doi:10.3846/ijspm.2019.6366
Abstract: This paper using evidence from the Spanish housing market contributes significantly to the debate concerning the different results obtained from house price indices depending on the method used to build the index. Utilising a large database over the period 1994 to 2012, the paper constructs a time dummy hedonic index (HD) and an imputed hedonic index using a Laspeyres approach (HI), and compares the different effect on the price index evolution. The paper discusses control by quality changes and identifies those attributes experiencing structural changes over the analysis period, identified by the HI index but not by the HD index. Results indicate that changes in quality stem from socio-demographic conditions rather than changes to housing quality (other than size). The paper also shows that improvements in neighbourhood quality rather than change in a ‘typical house’ affects house price and argues that these considerations are important in both the method selected to calculate house price indices and the application of the methodology to estimate price changes.
URI: http://hdl.handle.net/10045/84368
ISSN: 1648-715X (Print) | 1648-9179 (Online)
DOI: 10.3846/ijspm.2019.6366
Language: eng
Type: info:eu-repo/semantics/article
Rights: © 2018 The Author(s). Published by VGTU Press. This is an Open Access article distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.
Peer Review: si
Publisher version: https://doi.org/10.3846/ijspm.2019.6366
Appears in Collections:INV - ECOVISI - Artículos de Revistas

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