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Residential property price index in Croatia: from experimental to official statistics

Author

Listed:
  • Galinec Davor

    (Croatian National Bank, Zagreb, Croatia)

  • Vuglar Jadranka

    (Croatian National Bank, Zagreb, Croatia)

  • Cvrtila Dario

    (Dag Hammarskjöld University College of International Relations and Diplomacy, Zagreb, Croatia)

Abstract

The official statistics framework is based on internationally agreed standards, taking into account the core principles of impartiality, objectivity, professional independence, cost effectiveness, statistical confidentiality, minimisation of the reporting burden and high output quality. Since the latest 2007 global economic crisis, a growing demand for more, better and timelier data under limited resources for compilers and reporting agents has been observed. The concept of experimental statistics becomes more relevant, despite the lower quality in terms of coverage, data sources and harmonised definitions. The main aim of this paper is to present the methodological development of the residential property price index in Croatia from experimental to official statistics, as well as to show corresponding changes in time, which occurred due to the changes in methodological framework, institutional responsibility for compilation, coverage and data sources. A general conclusion of the paper is that publication of non-harmonized experimental statistics results, together with explanatory metadata, is better from the point of view of users than having nothing produced by official statistics.

Suggested Citation

  • Galinec Davor & Vuglar Jadranka & Cvrtila Dario, 2019. "Residential property price index in Croatia: from experimental to official statistics," Croatian Review of Economic, Business and Social Statistics, Sciendo, vol. 5(1), pages 33-42, May.
    • Handle: RePEc:vrs:crebss:v:5:y:2019:i:1:p:33-42:n:4
    DOI: 10.2478/crebss-2019-0004
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    References listed on IDEAS

    as
    1. Eurostat, 2013. "Handbook on Residential Property Prices Indices," World Bank Publications - Books, The World Bank Group, number 17280.
    2. Davor Kunovac & Enes Đozović & Gorana Lukinić & Andreja Pufnik, 2008. "Use of the Hedonic Method to Calculate an Index of Real Estate Prices in Croatia," Working Papers 19, The Croatian National Bank, Croatia.
    3. Mick Silver, 2016. "How to Better Measure Hedonic Residential Property Price Indexes," IMF Working Papers 2016/213, International Monetary Fund.
    4. Robert J. Hill, 2013. "Hedonic Price Indexes For Residential Housing: A Survey, Evaluation And Taxonomy," Journal of Economic Surveys, Wiley Blackwell, vol. 27(5), pages 879-914, December.
    5. Tamara Boras & Josip Tica, 2013. "Prostorna elastičnost traženih cijena stanova na stambenom tržištu Grada Zagreba," EFZG Working Papers Series 1304, Faculty of Economics and Business, University of Zagreb.
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    More about this item

    Keywords

    experimental statistics; hedonic regressions; residential property price index; residential real estate;
    All these keywords.

    JEL classification:

    • C43 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Index Numbers and Aggregation
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets

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