Post by Sapphire Capital on Aug 29, 2008 23:36:12 GMT 4
House Prices and Housing Wealth in Italy
Luigi Cannari
Bank of Italy
Ivan Faiella
Bank of Italy
June 16, 2008
Bank of Italy Temi di Discussione (Working Paper) No. A4
Abstract:
In Italy there is no official source of information on house prices. Data on this issue are collected by several sources, each of them with its own advantages and disadvantages. Data for a representative but small sample of households are collected by the Bank of Italy's Survey of Household Income and Wealth (SHIW). In this paper we present a method for estimating the price per square metre of the average Italian house - resorting to different sources - and compare the results with the SHIW estimates. According to our findings, the SHIW estimates for 2002 turn out to be very close to market values. We then compare the SHIW estimates with Census data, showing that the survey overestimates the average surface area of houses while it strongly underestimates the number of secondary dwellings. Overall, in 2002 SHIW-based housing wealth was about 14 per cent lower than macroeconomic estimates.
papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID1162109_code606534.pdf?abstractid=1162109&mirid=1
Luigi Cannari
Bank of Italy
Ivan Faiella
Bank of Italy
June 16, 2008
Bank of Italy Temi di Discussione (Working Paper) No. A4
Abstract:
In Italy there is no official source of information on house prices. Data on this issue are collected by several sources, each of them with its own advantages and disadvantages. Data for a representative but small sample of households are collected by the Bank of Italy's Survey of Household Income and Wealth (SHIW). In this paper we present a method for estimating the price per square metre of the average Italian house - resorting to different sources - and compare the results with the SHIW estimates. According to our findings, the SHIW estimates for 2002 turn out to be very close to market values. We then compare the SHIW estimates with Census data, showing that the survey overestimates the average surface area of houses while it strongly underestimates the number of secondary dwellings. Overall, in 2002 SHIW-based housing wealth was about 14 per cent lower than macroeconomic estimates.
papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID1162109_code606534.pdf?abstractid=1162109&mirid=1