The importance of house prices to households, real estate developers, banks and policy-makers cannot be overemphasised. House price changes affect consumer spending and business investment patterns, which in turn affect the wider macro economy and the entire business cycle. Measuring and understanding house prices is therefore essential to a functioning economy, but researchers continue to disagree on the best methodological approach for constructing real estate indices.
This book argues the need for more accurate house price indices, outlines the various methods used to construct indices and discusses the existing house price indices around the globe. It shows how the raw data of property transactions can be prepared for the purpose of constructing indices, discusses various applications of property price indices and empirically demonstrates how the index numbers can be used to model the supply of new houses and to estimate the price elasticity of supply.
Essential reading for economists, real estate professionals and researchers, and policy-makers.
2. A Global Tour of Property Price Indices
3. The Theory of Hedonic Pricing Modeling
4. House Price Index Construction Methods
5. Data Types and Preparation
6. Empirical Demonstration of Property Price Index Construction
The Routledge Studies in International Real Estate Series presents a forum for the presentation of cutting edge research into international real estate issues published to Routledge’s exacting academic standards. Books in the series will be broad in their conceptual scope and reflect an inter-disciplinary approach to Real Estate as an academic discipline.