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Constructing a new advertised house price index

Author

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  • Erica Maria Brincat
  • Michaela Ghigo

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.

Suggested Citation

  • Erica Maria Brincat & Michaela Ghigo, "undated". "Constructing a new advertised house price index," CBM Policy Papers PP/04/2022, Central Bank of Malta.
    • Handle: RePEc:mlt:ppaper:0422
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    File URL: https://www.centralbankmalta.org/site/Publications/Economic%20Research/2022/Constructing-new-advertised-house-price-index.pdf?revcount=1711
    File Function: First version, 2022
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    More about this item

    JEL classification:

    • C10 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - General
    • O18 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Urban, Rural, Regional, and Transportation Analysis; Housing; Infrastructure
    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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