Posted 10/2/09
CONFERENCE ANNOUNCEMENT
EUROSTAT-IAOS-IFC CONFERENCE ON
RESIDENTIAL PROPERTY PRICE INDICES
Basel, Switzerland
11-12 November 2009
The Statistical Office of the European Communities-
Eurostat; the International Association for Official
Statistics-IAOS; and the Irving Fisher Committee on Central
Bank Statistics-IFC, are organising a conference on
'Residential Property Price Indices' at the Bank for
International Settlements, Basel, Switzerland on November
11-12, 2009.
OVERVIEW:
This international conference will bring together experts
from national statistical institutes, central banks,
academics and private sector. The objective is to discuss
the uses of residential property price indices (RPPI), the
practical and theoretical basis for compiling such data and
how statistical organisatios - both private date providers
and official statistics - should address various
methodological and compilation issues. Drawing on the
networks of Eurostat, the IAOS and IFC, the conference aims
at promoting a global dialogue amongst different
stakeholders. The conference will contribute to a Eurostat-
led project aimed at preparing an International Statistical
Handbook on Residential Property Price Indices under the
auspices of the Inter-Secretariat Working Group on Price
Statistics.
The quality and availability of housing price indices
differs from country to country. In some cases there may be
an abundance of reliable data; in most others, hardly any
indicators are available and those that are, often fail to
meet user requirements. Sometimes the differing
characteristics of available indices are not necessarily
well known, let alone understood, which can seriously
hamper international comparisons. From the perspective of
price index compilers it may not necessarily be clear which
data key users require. Moreover, there are no
international guidelines for producing RPPIs.
By bringing together users, compilers, statisticians and
policy makers, the conference will gather a wide range of
experience in compiling and using residential property
price indices and identify key issues that will merit
attention as statistical standards are developed in this
field.
FURTHER INFORMATION:
For more information please visit the Eurostat website:
http://epp.eurostat.ec.europa.eu/portal/page/portal/conferences/introduction/2009
or the websites of the IAOS:
http://isi.cbs.nl/iaos
or the IFC
http://www.bis/ifc.org
You can also contact:
CONTACT: Eurostat
Email: MAILTO:ESTAT-Price-Statistics@ec.europa.eu
or contact the IFC and IAOS secretariats.
BACKGROUND TO THE CONFERENCE:
The conference aims to bring together different
institutions and experts who use or produce house price
data in order to develop indices that better meet the needs
of different types of users and producers. It would include
academics, policy analysts, central bankers, statisticians
and housing experts who can contribute to this
objective. The conference will, in particular, provide
inputs to a Eurostat-led project that aims at preparing an
International Statistical Handbook on Residential Property
Price Indices.
The need for proper property price indices was recognised
at a conference organized by the IMF and the BIS in 2003.
As a result, a special chapter on residential property
price indices was added to the Compilation Guide of
Financial Soundness Indicators. The idea of a more detailed
Handbook dates back to a workshop organised jointly by
the Organisation for Economic Co-operation and Development
(OECD) and the International Monetary Fund (IMF) on Real
Estate Price Indexes in Paris in November 2006. The
Handbook would complement the existing international
manuals on consumer price indices (CPIs), producer price
indices (PPIs) and importexport price indices that have
been produced under the auspices of the Inter Secretariat
Working Group on Price Statistics.
Eurostat agreed to take this initiative forward and prepare
the handbook, given the strong links to its ongoing work on
owner-occupied housing and the role that house price
indices will have in Eurostat's set of "Principal European
Economic Indicators".
The handbook will provide recommendations on best practices
for compiling house price indices as well as explaining the
different user needs for such indices. It aims at
facilitating the setting-up of house price indices where
these are missing and improving existing house price
indices where this may be necessary. The handbook
should serve as a useful step towards the improved
international comparability of RPPIs. The handbook will be
written, on behalf of Eurostat, by a team of
internationally recognised price statistics experts led by
Statistics Netherlands. These consultants will also attend
and contribute to the conference.
The conference aims to:
- Inform people about the handbook project
- Help establish the scope of the handbook and
- Gather information on user requirements and compilers'
constraints
STRUCTURE OF THE CONFERENCE:
Apart from the opening session, there will be two
discussion Sessions and a panel discussion. The sessions
will be chaired by a representative of Eurostat, the IAOS
and the IFC respectively. Following the opening addresses
by the BIS, Eurostat, IAOS and IFC, a keynote speech will
delivered.
SESSIONS:
The following sessions are scheduled:
Session 1: USER NEEDS
The First Session gathers user needs from market and policy
perspectives; expected contributions articulate what are
index series used for, what are their desired properties
and how well the current statistical system is answering to
these needs Essentially the session seeks answers to the
question: What are the user needs forwhich residential
property price indices are required?
Session 2: STATISTICAL AND MEASUREMENT ISSUES
The Second Session discusses the specific statistical and
measurement issues that are inherent in the compilation of
Residential Property Price Indices; and puts these issues
to a structured framework reflecting both the different
uses and theoretical considerations. In particular the
session seeks possibilities for identifying one or more
pragmatic general-purpose residential real estate price
indices that are able to cover most user requirements. The
session outlines the general conceptual framework,
including geographical coverage, observation of
transaction/valuation prices; stocks and transactions; and
what should ideally be compiled in terms of residential
property prices, such as types of indicators and the
respective statistical methodology. Specific methodological
issues, including the use of hedonics, repeat sales
approach, construction of weights, aggregation will also be
discussed, as well as what the underlying data sources are
and what problems might be encountered in relying on them.
Essentially the session seeks to answer the question: What
are the available tools to respond to users' needs?
Session 3: PANEL DISCUSSION
The third session is a Panel Discussion in which ideas how
to best balance the user needs and supply of Residential
Property Price indices keeping in particular in mind
different methodological and resource restrictions. It
would also establish the priority areas for starting work
on developing or improving real estate property price
indices.
REGISTRATION AND PRACTICAL INFORMATION:
The target audience for the conference is professional
users and current or prospective producers of residential
property price indices:
- Policy makers and senior officials;
- Experts on housing markets and from financial
institutions
- Professional statisticians and economists
Around 150 experts from around the world are expected to
attend the Conference Participation at the conference is by
invitation only. The sponsoring organisations, as well as
other international organisations and groups will
distribute invitations through their respective
constituencies. Other interested parties are requested to
contact one of the officials below.
Please return the registration form by 9th October 2009 at
the latest to the address given on the form. The form is
available at:
http://epp.eurostat.ec.europa.eu/portal/page/portal/conferences/introduction/2009
or from one of the contacts listed below.
FURTHER INFORMATION:
The Conference will be held on 11-12 November 2009, BIS,
Centralbahnplatz 2 Basel, Switzerland (block hotel
reservations have been made, please indicate requirements
on the registration form).
The conference will be entirely in English.
Contacts:
CONTACT: Mr Jarko Pasanen
Price Statistics
Eurostat G-6
Tel: (+352) 4301-36425
Fax: (+352) 4301-33989
Email: MAILTO:ESTAT-Price-Statistics@ec.europa.eu
CONTACT: Teodora Mitrovska
Price Statistics, Eurostat G-6
Tel: (+352) 4301-31868
Fax: (+352) 4301-33989
Email: MAILTO:ESTAT-Price-Statistics@ec.europa.eu
CONTACT: Mr. Kaushik Jayaram
Monetary and Economic Department
BIS
Tel: (+41 61) 280 8741
Fax: (+41 61) 280 9100
Email: MAILTO:kaushik.jayaram@bis.org