Republic of Armenia: Technical Assistance Report-Residential Property Price Index Statistics Mission
IMF Staff Country Reports, September 29, 2023
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- Republic of Armenia: Technical Assistance Report-Residential Property Price Index Statistics Mission
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Bibliographic details
- Published: September 29, 2023
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400256097.002
Main findings
- Authorities are strongly committed to developing a publicly available RPPI for Armenia.
- Reliable property price indices and other indicators of real estate markets are essential for:
- assessment of developments and risks in property markets,
- understanding the linkages between property markets and financial soundness,
- IMF surveillance.
- Experimental indices for apartments were developed comprising six regional sub-indices, one index for Yerevan and one national index.
- The hedonic indices contained less volatility than a stratified median approach, but exhibited a similar trend.
Methodology recommended
- The mission recommended using the time dummy hedonic method with a four-quarter window length to compile quality-adjusted indices.
- Experimental comparison:
- Time dummy hedonic method (quality-adjusted indices).
- Stratified median approach.
Stability and robustness checks
- Stability checks on the estimated shadow prices were performed for each rolling window and each stratum.
- Overall, the estimated coefficients have plausible signs and are reasonably stable over time.
Institutional and operational notes
- The institutional arrangements for the compilation and publication of the RPPI should be clarified.
Keywords and subject coverage (as listed)
- Subject: Export fluctuations, Housing, International organization, International trade, Land prices, National accounts, Price indexes, Prices
- Keywords: CCRA dataset, data collection, Economic and financial statistics, Export fluctuations, hedonic regression., Housing, Land prices, price index, Price indexes, property price index Statistics mission, property price statistics, property transaction, report on Residential Property Price Index, residential property, stratification, transactions data
Source: Republic of Armenia: Technical Assistance Report-Residential Property Price Index Statistics Mission (IMF Staff Country Reports), September 29, 2023.
Content in this bundle
- Section I. Detailed Technical Assessment and Recommendations