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Construction and application of property price indices

por Owusu-Ansah, Anthony
Series: Routledge studies in international real estate Publicado por : Routledge (Abingdon, Oxon | New York) Detalles físicos: 209 páginas ISBN:9781138104709. Año : 2018
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Property valuation and appraisal indices -- A global tour of transaction property price indices -- The theory of hedonic pricing modelling -- Property price index construction methods -- The study area and the data -- Empirical demonstration of property price index construction -- Applications of property price indices -- The last word.

"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"--

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