The Performance of the Italian Housing Market and its Effects on the Financial System

Panetta, Fabio; Bianchi, Michele Leonardo; Bofondi, Marcello; Borselli, Fabrizio; Bulligan, Guido; Buoncompagni, Alessandro; Cappabianca, Mario; Carpinelli, Luisa; Chiabrera, Agostino; Columba, Francesco; Blasio, Guido de; D’Ignazio, Alessio; Fabrizi, Cristina; Gola, Carlo; Sabbatini, Roberto; Signoretti, Federico Maria; Zollino, Francesco

doi:10.2139/ssrn.1698036

“…In recent years house prices have more than doubled in the largest Italian cities (Panetta et al 2009), and similar developments have been recorded in other European countries, with the exception of Germany. Developments in residential property prices are an important factor in monetary policy decisions aimed at maintaining price stability in the euro area over the medium term.…”

Section: Introductionsupporting

confidence: 59%

“…Developments in residential property prices are an important factor in monetary policy decisions aimed at maintaining price stability in the euro area over the medium term. The recent global crisis had its main origin in the financial and real estate sector, so that developments in housing markets should be kept under control because of their potential disruptive impact on financial stability and the real economy (Campbell et al 2009;Panetta et al 2009;Muzzicato et al 2008;Leamer 2007).…”

Section: Introductionmentioning

confidence: 99%

Youth and the Crisis

Coppola¹,

O’Higgins²

2015

3

0

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“…In the euro area availability of statistics on house prices and on rents varies significantly across countries. The Bank of Italy has recently started a survey of the housing market (Panetta et al, 2009) while Eurostat is considering the inclusion of house prices into the Harmonized Index of Consumer Prices (HICP) to cover the owner occupied component.…”

Section: Introductionmentioning

confidence: 99%

Housing rent dynamics in Italy

Rondinelli

¹

,

Veronese

²

2011

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In this paper we focus on tenant rents in Italy and compare results from several methods for the rent dynamic estimation. We first document the sources of data available and then introduce quality-adjusted techniques, which enable us to separate the price variation due to qualitative changes in housing attributes from pure price changes. Finally, we compare these measures with unconditional and matched-type price indices derived from microdata. Over the period 1998-2006, we estimate a cumulative rent increase ranging between 40 and 80%. The upper bound refers to the average dynamic for a subset of flats entering the market in a given period. The hedonic approach suggests a substantially lower overall growth in tenant rent, around 40% for the same period.

show abstract

Housing Rent Dynamics in Italy

Rondinelli

¹

,

Veronese

²

2010

View full text Add to dashboard Cite

In this paper we focus on tenant rents in Italy and compare results from several methods for the rent dynamic estimation. We first document the sources of data available and then introduce quality-adjusted techniques, which enable us to separate the price variation due to qualitative changes in housing attributes from pure price changes. Finally, we compare these measures with unconditional and matched-type price indices derived from microdata. Over the period 1998-2006, we estimate a cumulative rent increase ranging between 40 and 80%. The upper bound refers to the average dynamic for a subset of flats entering the market in a given period. The hedonic approach suggests a substantially lower overall growth in tenant rent, around 40% for the same period.

show abstract

The Performance of the Italian Housing Market and its Effects on the Financial System

Cited by 4 publications

References 26 publications

Youth and the Crisis

Youth and the Crisis

Housing rent dynamics in Italy

Housing Rent Dynamics in Italy

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