Improving Real Estate Price Statistics

ended

The envisioned project targets three activities outlined in the call for proposals to improve and extend real estate price statistics. Two work packages target improvements and research concerning the Owner Occupied Housing Price Index (OOH PI). Work package 1 targets the improvement of weights to achieve full compliance with the new implementing regulation planned for 01.01.2024. This requires the decomposition of the gross fixed capital formation to target owner-occupiers specifically and a revision of other index weights. The resulting reworked OOH PI will be provide back to 2010. Work package 2 aims to utilise the collected land price data to derive price indices and to compare them to the relevant sub-aggregates of the OOH PI. Furthermore, it is planned to select a sample of new project homes, and investigate the relationship between the initial land purchase price and the final sales price of the finished project. This research may contribute to literature describing the removal of the land component from “net-acquisition” OOH PIs. The third work package is in the field of commercial real estate price statistics. Statistics Austria and the Austrian Central Bank – Oesterreichische Nationalbank (OeNB) plan to work towards a production system for CREI in Austria. The collaboration will include joint development work to facilitate the sharing of required information, work on methodology, as well as an assessment of results, and work on documentation.