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Macroeconomic Statistics

Residential Property Price Indices (RPPI)

Deadline passed

Session No.: JV 23.14

Location: Vienna, Austria

Date: May 22-26, 2023 (1 week)

Delivery Method: In-person Training

Primary Language: English

Interpretation Language: Russian

    Target Audience

    Mid-level to senior officials and compilers responsible for, or planning to introduce or develop residential property price indexes (RPPI).

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    Qualifications

    Participants are expected to have a degree in economics or statistics; or equivalent experience.

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    Course Description

    "Disclosure: Due to COVID 19, courses will be delivered in person, hybrid, or virtual, according to safety guidelines. As of today, this course is scheduled to be delivered in person in Vienna, but its delivery method may change. By submitting your application, you confirm your availability to participate in the course either in person or virtually. Up-to-date Covid-19 vaccination is likely to be required and related information may be requested from participants for in-person courses."

    This course, presented by the Statistics Department, identifies the key uses of RPPIs; reviews data sources and methods for compiling RPPIs; and outlines strategic issues for country-specific application. Emphasis is given to the importance of evaluating alternative data sources for compiling RPPIs in terms of coverage, timeliness, richness in terms of supporting a quality-mix methodology, suitability of a price measure, and weighting. Trade-offs involved in selecting data sources are considered, as are strategies for longer-run development of data sources. The methodological component of the course emphasizes the quality-mix problem: a change in the mix of properties transacted each period can bias measures of change in average prices. Mix-adjustment by stratification and hedonic regression are the main methods used to deal with this issue and interactive workshops deal with these topics. The course also highlights how data source and methodological issues are intertwined and follows the principles of the 2013 Handbook on RPPIs published by Eurostat, International Labor Organization (ILO), IMF, Organization for Economic Co-operation and Development (OECD), United Nations Economic Commission for Europe (UNECE), and the World Bank. Practical advice on RPPI compilation will draw on the 2020 RPPI Practical Compilation Guide published by the IMF.

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    Course Objectives

    Upon completion of this course, participants should be able to: 

    • Explain the nature and uses of RPPIs.
    • Identify the strengths and weaknesses of possible data sources for RPPIs.
    • Select the most appropriate method for RPPI compilation based on the availability of data.
    • Apply different methods for compiling RPPIs.
    • Make recommendations, where necessary, for the further development of data sources.
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