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Residential Property Prices in Central, Eastern and Southeastern European Countries: Stocktaking of Data and a View on New Developments in Data Availability

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  • Katharina Steiner

    (Oesterreichische Nationalbank, Foreign Research Division)

Abstract

Residential property prices play an important role in many areas of economics and finance. They are used, for example, to determine the value of a major component of real wealth, as an indicator of financial stability risks stemming from residential property price gyrations, or to monitor inflation developments. However, the specific characteristics of residential property make primary data collection and index calculation difficult tasks. Against this background, the aim of this paper is to compare different residential property price indices in terms of price developments and methodologies for the ten Central, Eastern and Southeastern EU Member States (CESEE-10). In doing so, we focus on new developments in data availability for the CESEE-10, in particular the recent release of the Eurostat house price index (HPI). This index is a major step forward, providing improved EU-wide cross-country comparability of housing transaction prices. The comparison of the different data series with the new Eurostat index indicates some differences in the timing of local price peaks and the degree of price dynamics. Moreover, price movements diverged in some CESEE countries in the past two years. The comparison of the new Eurostat index to a price index that is purely based on asking prices exhibits a slightly lower correlation. Panel data research is set to benefit from Eurostat’s compilation of national house price indices, while time series analysis will continue to rely on the longer series of national statistics for the time being.

Suggested Citation

  • Katharina Steiner, 2013. "Residential Property Prices in Central, Eastern and Southeastern European Countries: Stocktaking of Data and a View on New Developments in Data Availability," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 3, pages 85-97.
    • Handle: RePEc:onb:oenbfi:y:2013:i:3:b:5
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    References listed on IDEAS

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    1. Antje Hildebrandt & Duy T. Huynh-Olesen & Katharina Steiner & Karin Wagner, 2013. "Residential Property Prices in Central, Eastern and Southeastern European Countries," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 2, pages 52-76.
    2. Maeso-Fernandez, Francisco & Osbat, Chiara & Schnatz, Bernd, 2004. "Towards the estimation of equilibrium exchange rates for CEE acceding countries: methodological issues and a panel cointegration perspective," Working Paper Series 353, European Central Bank.
    3. Mr. Paul Louis Ceriel Hilbers & Angana Banerji & Haiyan Shi & Mr. Willy A Hoffmaister, 2008. "House Price Developments in Europe: A Comparison," IMF Working Papers 2008/211, International Monetary Fund.
    4. Antje Hildebrandt & Reiner Martin & Katharina Steiner & Karin Wagner, 2012. "Residential Property Markets in CESEE EU Member States," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 1, pages 8-30.
    5. Eurostat, 2013. "Handbook on Residential Property Prices Indices," World Bank Publications - Books, The World Bank Group, number 17280.
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    Citations

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    Cited by:

    1. Dittmann Iwona, 2017. "Similarity of Changes in Average Prices of Residential Properties in Europe in 2010-2016," Real Estate Management and Valuation, Sciendo, vol. 25(4), pages 63-74, December.
    2. Dominik Bernhofer & Octavio Fernández-Amador & Martin Gächter & Friedrich Sindermann, 2014. "Finance, Potential Output and the Business Cycle: Empirical Evidence from Selected Advanced and CESEE Economies," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 2, pages 52-75.
    3. Dominik Bernhofer & Octavio Fernández-Amador & Martin Gächter & Friedrich Sindermann, 2014. "Finance, potential output and the business cycle," Chapters, in: Ewald Nowotny & Doris Ritzberger-Grünwald & Peter Backé (ed.), Financial Cycles and the Real Economy, chapter 14, pages 235-264, Edward Elgar Publishing.
    4. Hegedüs, József & Somogyi, Eszter & Augustyniak, Hanna & Csizmady, Adrienne & Laszek, Jacek & Olszewski, Krzysztof, 2019. "Posztszocialista lakásrendszerek Magyarországon és Lengyelországban [Post-socialist housing systems in Hungary and Poland]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(9), pages 980-1004.

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    More about this item

    Keywords

    Residential property prices; housing markets; Central; Eastern and Southeastern Europe;
    All these keywords.

    JEL classification:

    • C8 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs
    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
    • P22 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Prices

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