Residential Property Price Indexes for Japan: An Outline of the Japanese Official RPPI

Walter Diewert, Kiyohiko Nishimura, Chihiro Shimizu and Tsutomu Watanabe

Economics working papers from Vancouver School of Economics

Abstract: Fluctuations in housing prices have substantial economic impacts. Thus, it is essential to develop housing price indexes that can adequately capture housing market trends. However, construction of such indexes is very difficult due to the fact that residential properties are heterogeneous and do not remain at constant quality over time due to renovations and depreciation of the structure. In order to improve the quality of housing price statistics Eurostat published the Residential Property Price Indices Handbook in 2012. The present paper discusses alternative methods for obtaining constant quality housing price statistics and alternative data sources in the Japanese context.

Keywords: House price indexes; hedonic price indexes; repeat sales price indexes; aggregation bias; housing depreciation; land and structure components; flexibl (search for similar items in EconPapers)
JEL-codes: C2 C23 C43 D12 E31 R21 (search for similar items in EconPapers)
Pages: 56 pages
Date: 2014-03-27, Revised 2014-03-27
New Economics Papers: this item is included in nep-ger and nep-mac
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