Construction and Application of Property Price Indices

Measuring house prices is essential to all economies, but researchers continue to disagree on the best approach to constructing real estate indices. This book argues the need for more accurate house price indices, outlines the 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 the applications of property price indices and empirically demonstrates how the index numbers can be used to estimate the price elasticity of housing supply. Essential reading for economists, real estate professionals and researchers and policy makers.