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Prices of residential property in Italy: constructing a new indicator

Salvatore Muzzicato (), Roberto Sabbatini () and Francesco Zollino ()
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Salvatore Muzzicato: Banca d'Italia
Francesco Zollino: Banca d'Italia

No 17, Questioni di Economia e Finanza (Occasional Papers) from Bank of Italy, Economic Research and International Relations Area

Abstract: We present a new indicator of house prices in Italy, with more extensive geographical and time coverage. The new indicator now makes it possible to analyze medium- and long-term trends with satisfactory representation of the Italian housing market. It also allows for timely updating, for prompt assessment of housing input both to the business cycle and to inflationary pressures. We offer a preliminary identification, based solely on graphical inspection, of four different property price cycles since the late 1960s; the latest began at the end of the 1990s and signaled a slowdown since 2006. Finally, we tentatively assess the effect of including transactions in dwellings in the Italian HICP basket according to the net acquisition approach, which apparently results in about a quarter point of additional inflation each year since 2000.

Keywords: business cycle; housing market; property prices; inflation measures (search for similar items in EconPapers)
JEL-codes: E31 E32 R21 R31 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-geo, nep-mac and nep-ure
Date: 2008-08
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Citations: View citations in EconPapers (10) Track citations by RSS feed

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