A house price index based on the SPAR method
P de Vries (TU Delft - OLD Housing Systems)
J den Haan (External organisation)
Gust Marien (TU Delft - OLD Support RES)
E. van der Wal (External organisation)
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Abstract
SPAR (Sale Price Appraisal Ratio) is a model for constructing House Price Indexes on
the basis of the ratios of transaction prices and previous Appraisal Values. It has been
applied in New Zealand, Sweden and Denmark. This paper assesses the reliability of
Appraisal Value and compares the SPAR Index with the Repeat Sales Index and the
Hedonic Index based on the same transaction data. It presents preliminary empirical results for the Netherlands over a ten-year period. As SPAR appears to have more to offer than the more traditional methods, government agencies elsewhere would be well advised to consider it when developing indexes for price movements in the housing stock.
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