Republic of Armenia: Technical Assistance Report-Residential Property Price Index Statistics Mission

International Monetary Fund

No 2023/341, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper discusses the findings, summary and recommendations of residential property price index (RPPI) statistics technical assistance mission in the Republic of Armenia. The authorities are strongly committed to developing a publicly available RPPI for Armenia. Reliable property price indices and other indicators of real estate markets are essential for the assessment of developments and risks in property markets and understanding the linkages between property markets and financial soundness, as well as to IMF surveillance. The institutional arrangements for the compilation and publication of the RPPI should be clarified. The mission recommended using the time dummy hedonic method with a four-quarter window length to compile quality-adjusted indices. The experimental indices for apartments developed during the mission—comprising six regional sub-indices, one index for Yerevan and one national index—were compared with a stratified median approach. The resulting hedonic indices contained less volatility; however, they exhibited a similar trend. Stability checks on the estimated shadow prices for each rolling window and each stratum were performed. Overall, the estimated coefficients have plausible signs and are reasonably stable over time.

Keywords: Economic and financial statistics; property price statistics; residential property; price index; data collection; stratification; hedonic regression.; CCRA dataset; property price index Statistics mission; report on Residential Property Price Index; transactions data; property transaction; Housing; Land prices; Export fluctuations; Price indexes (search for similar items in EconPapers)
Pages: 18
Date: 2023-09-29
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.imf.org/external/pubs/cat/longres.aspx?sk=539810 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:imf:imfscr:2023/341

Ordering information: This working paper can be ordered from
http://www.imf.org/external/pubs/pubs/ord_info.htm

Access Statistics for this paper

More papers in IMF Staff Country Reports from International Monetary Fund International Monetary Fund, Washington, DC USA. Contact information at EDIRC.
Bibliographic data for series maintained by Akshay Modi ().