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Measuring the effect of the real estate bubble: a house price index for Bilbao

In: Papers presented during the Narodowy Bank Polski Workshop: Recent trends in the real estate market and its analysis, 2013

Author

Listed:
  • Maria J. Barcena
  • Patricia Mendez
  • Maria B. Palacios
  • Fernando Tusell

Abstract

Houses are traded at relatively infrequent times and can hardly be standardized: two equally built and furnished houses may command widely different prices in the market on account of their different location or even orientation. Clearly, the computation of an index such as Laspeyres’ cannot be contemplated, both because of lack of standardization and infrequent trading. On the other hand, there is little market visibility; transaction prices are seldom published, further increasing the difficulties inherent to the construction of a house price index. In this paper we use advertised (selling) prices as a proxy of transaction prices, and geographically weighted hedonic models to account for heterogeneity in quality and location. This gives a workable alternative to conventional approaches with the added benefit that it can provide price information in near-real time.

Suggested Citation

  • Maria J. Barcena & Patricia Mendez & Maria B. Palacios & Fernando Tusell, 2013. "Measuring the effect of the real estate bubble: a house price index for Bilbao," Chapters from NBP Conference Publications, in: Hanna Augustyniak & Jacek Łaszek & Krzysztof Olszewski (ed.), Papers presented during the Narodowy Bank Polski Workshop: Recent trends in the real estate market and its analysis, 2013, chapter 15, pages 127-156, Narodowy Bank Polski.
    • Handle: RePEc:nbp:nbpchp:15
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    Cited by:

    1. Widłak, Marta & Waszczuk, Joanna & Olszewski, Krzysztof, 2014. "Spatial and hedonic analysis of house price dynamics in Warsaw," MPRA Paper 60479, University Library of Munich, Germany.

    More about this item

    Keywords

    house prices; spatial econometrics; semi-parametric models;
    All these keywords.

    JEL classification:

    • C14 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Semiparametric and Nonparametric Methods: General
    • C81 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Microeconomic Data; Data Access
    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand

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