Residential Property Price Index (RPPI) Practical Compilation Guide

The Guide sets out practical advice on the compilation of a Residential Property Price Index (RPPI) based on the conceptual approach described in the Handbook on Residential Property Price Indices (Handbook), published in 2013.

The Guide was prepared by the IMF Statistics Department, building on experience gathered during technical assistance and training missions, delivered to RPPI compilers from more than 80 countries over the past six years. Compilers have expressed the need for practical guidance to complement the theoretical content of the Handbook, particularly when transitioning from less to more sophisticated methods.

The Guide is written for data compilers in statistical offices, central banks, housing agencies, or other statistical agencies and demonstrates how to compile and disseminate RPPIs. Using the Guide requires a background in statistics and some knowledge of econometrics.

The Guide includes several practical exercises that utilize a synthetic data set built by the Central Statistics Office Ireland (CSO). Compilers can request access to the synthetic data set by following the process outlined below. While the Guide refers to R scripts that can be used in conjunction with the practical exercises, these scripts are currently being reviewed. Updated scripts will be made available on this webpage when the review has been completed.

The Guide is divided into three sections. The first section illustrates the type of data commonly used to construct RPPIs and how compilers can best evaluate the quality of the source data. It also outlines how to prepare or pre-process data prior to compiling an RPPI. Finally, the section stresses the importance of selecting appropriate weights and the different type of data that can be used to construct the weights.

The second section of this Guide outlines the different methods that can be used to compile RPPIs.

Finally, the third section provides guidance on dissemination practices and suggests some additional indicators compilers may want to construct to complement the RPPI.

How do I access the Synthetic House Price Dataset?

The IMF will provide the Synthetic House Price Dataset, upon request to compilers, researchers and students who agree to the following conditions of use. 

1. The Synthetic House Price Dataset will only be used for training and educational purposes.
2. The CSO Ireland is to be acknowledged as the source of the Synthetic House Price Dataset.
3. In all coursework material, training workshops and related reports the dataset is referred to as the Synthetic House Price Dataset, or simply as a synthetic dataset, not as Ireland’s Residential Property Price Index dataset.
4. Acknowledgement that the CSO Ireland is not liable in any way for the usage of the Synthetic House Price Dataset. All analyses, inferences and interpretations of the data and all consequences thereof are entirely the responsibility of the data user.
5. Neither the Synthetic House Price Dataset, full or partial copies of the dataset, are to be made available to any third party.

Who do you contact to get access to the synthetic dataset?

Please email a request for access to the synthetic dataset to the Division Chief of the Real Sector Division of the Statistics Department (rppi@imf.org) of the IMF. The request should include information on the reason for access (compilation, research, study), organization details (if any) and other relevant information. A register of users who receive the Synthetic House Price Dataset will be maintained by the IMF.”