Hedonic house price indices for Malta: A mortgage-based approach

Reuben Ellul Dimech, Jude Darmanin and Ian Borg
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Ian Borg: Central Bank of Malta

No WP/02/2019, CBM Working Papers from Central Bank of Malta

Abstract: This paper makes use of a novel dataset derived from mortgage contracts granted by the major lending institutions in Malta. This contains information about house prices and a number of important property characteristics. Together with geographic and sociodemographic variables, this information allows the computation of a range of hedonic house price indices for Malta for the period 2010-2017. In general we find that growth in house prices remained relatively muted over the period 2011-2014, ranging between 1.0% and 2.0%. House prices picked-up markedly after 2015, averaging between 4.5% and 7.5%. In particular, house price growth peaked in 2017, at between 10.1% and 11.0%. Although the general evolution of the hedonic house price indices calculated in this study are broadly similar to the indices computed by the contract-based index produced by the National Statistics Office and the advertised-based index produced by the Central Bank of Malta, there are some divergences. These differences can be attributed to changes in property characteristics.

JEL-codes: C4 E3 R3 R31 (search for similar items in EconPapers)
Pages: 47 pgs
Date: 2019
New Economics Papers: this item is included in nep-ure
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Citations: View citations in EconPapers (7)

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Persistent link: https://EconPapers.repec.org/RePEc:mlt:wpaper:0219

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