Prices of Residential Property in Italy: Constructing a New Indicator

Muzzicato, Salvatore; Sabbatini, Roberto; Zollino, Francesco

doi:10.2139/ssrn.1287629

Cited by 43 publications

(25 citation statements)

References 12 publications

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“…The Consulente Immobiliare was chosen as the source of house prices too, again because it is the most accurate of the official sources available for the sample selected. In fact, the journal's data are so accurate that the Banca d'Italia (the Italian National Bank) uses them to construct its residential property price indicator [47]. We constructed the housing price gradient from the ratio between prices in the city centers and those in the suburbs.…”

Section: Methodsmentioning

confidence: 99%

Immigrants and the City: The Relevance of Immigration on Housing Price Gradient

Antoniucci

Marella

2017

Buildings

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Foreign citizens are a more and more significant part of the population of Italian cities and society (8% of the country's total population), and they contribute to changes in the cultural, social, and economic structure of the country. Our aim was to assess the incidence of the immigrant population on urban house price polarization, as measured using an original indicator: the center-periphery housing price gradient. While there is ample literature on the relationship between average prices and immigrant populations, less research has been conducted on immigration and the housing price gradient on a national scale. This price gradient may indicate whether immigration contributes to changing the residential market, also possibly revealing segregation phenomena. We ran multivariate regressions in several steps on an original dataset of housing prices and socio-economic factors concerning 112 Italian provincial capitals to elucidate whether immigration is correlated with the housing market divide. Our main findings confirmed that larger immigrant populations coincide with steeper housing price gradients on a national scale. Our tests also demonstrated that the relevance of this phenomenon varies for different urban forms, confirming related to housing price dynamics between the cities of northern and southern Italy the relevance of urban density in elucidating.

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Section: Methodsmentioning

confidence: 99%

Immigrants and the City: The Relevance of Immigration on Housing Price Gradient

Antoniucci

Marella

2017

Buildings

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“…As for σ r , we measure it by computing the variance of housing price growth in regional price indexes over the period 1980-2002, as reported in Muzzicato et al (2008). Figure 1 reports variances across regions.…”

Section: Methodsmentioning

confidence: 99%

Homeownership and saving preferences: evidence from Italy

Percoco

2014

Lett Spat Resour Sci

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This paper studies the effect of homeownership on saving preferences of individuals by eliciting answers to a direct question on desired precautionary saving, collected on a representative sample of the Italian population. We have found no evidence for a direct impact of homeownership, whereas we have found a strong and positive impact of housing prices volatility on saving preferences of homeowner.

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“…See Sinai (2012) for a set of references to potential explanations of the boom and bust in house prices (e.g., the role of demand fundamentals such as rents, income and employment -, changing interest rates, subprime lending, irrational exuberance on the part of home buyers, a shift to speculative investment in housing, contagion and fads, and international capital flows). A more detailed analysis of Italian housing market dynamic is in Muzzicato et al (2008) and Cannari at al. (2016).…”

Section: Figurementioning

confidence: 99%

“…Italian data were analysed, among others, by Muzzicato, Sabbatini andZollino (2002 and2009), Cannari and Faiella (2008) and Cannari and D'Alessio (2016). Other analyses of price dynamics at intra-Italy level can be found in Panetta et al (2009) and Fabrizi et al (2015).…”

Section: Introductionmentioning

confidence: 99%