Abstract

References (27)

Beta

Citations (8)

Beta

A Long Run House Price Index: The Herengracht Index, 1628-1973

Piet M. A. Eichholtz
University of Maastricht - Limburg Institute of Financial Economics (LIFE)

Abstract:
In this paper I introduce a biennial historic index of real estate values for the period 1628 through 1973. This index is based on the transactions of the buildings on the Herengracht, one of the canals in Amsterdam. Since its development, the quality of the buildings on this canal has been on a constant, high level, which makes the Herengracht a unique sample to base a long run house price index upon. The index I construct is a hedonic repeated-measures index. It is estimated in real terms, and I also construct an index in nominal terms. The average real price increase after World War Two is about 3.2 percent per annum. Nevertheless, the real value of the index in 1973 is only twice as high as it was in 1628.

JEL Classifications: N24

Working Paper Series

Date posted: March 01, 1996 ; Last revised: January 30, 1998

Suggested Citation

Eichholtz, Piet M. A., A Long Run House Price Index: The Herengracht Index, 1628-1973. Available at SSRN: http://ssrn.com/abstract=598 or doi:10.2139/ssrn.598

Export to: Export Citation What's this?

Contact Information

Piet M. A. Eichholtz (Contact Author)

University of Maastricht - Limburg Institute of Financial Economics (LIFE) ( email )

P.O. Box 616
6200 MD Maastricht Netherlands
+31 43 3883648 (Phone)
+31 43 3258530 (Fax)