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Constructing a new advertised house price index

Erica Maria Brincat and Michaela Ghigo ()

No PP/04/2022, CBM Policy Papers from Central Bank of Malta

Abstract: The advertised house price index published by the Central Bank of Malta has a long time series – annual data starts from 1980 and quarterly data from 2000 – and is derived from listings of properties in Malta and Gozo as advertised on print media. Over time, however, the number of listings collected from the print media monitored by the Bank have declined considerably, reflecting the increasing use of social media and other online platforms. As a result, the Bank launched a project to collect advertised listings from online sources, with data collection commencing from the first quarter of 2019. This study compares the characteristics of the properties in the new dataset with those advertised on print media. Statistical techniques are used to detect outliers, which are removed using the interquartile range (IQR). Both indices exhibit similar dynamics, though there are some divergences in certain quarters, particularly towards the second half of 2021. The paper concludes with some methodological changes for the new index based on online sources to minimize the revisions with the previous series based on print media, which will be discontinued.

JEL-codes: C10 O18 R3 (search for similar items in EconPapers)
Pages: 18 pgs
New Economics Papers: this item is included in nep-env and nep-pay
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