Description

Since 2014, the Central Bank of Chile calculates the House Price Index (IPV, for its acronym in Spanish). This indicator seeks to measure the evolution of housing market prices in the country. Its calculation is made using unnamed administrative data from the Internal Revenue Service, which are previously cleaned and imputed.
The methodology and main results that gave rise to the publication of the IPV are presented in the document "Índice de Precios de Vivienda en Chile: Metodología y Resultados" (Housing Price Index in Chile: Methodology and Results), published in June 2014. In 2019, the methodology for cleaning the administrative databases used for the calculation of the IPV was updated (“Nota Técnica: Actualización metodológica del Índice de Precios de Vivienda que elabora el Banco Central de Chile”).
During 2021, a review of the IPV calculation process was carried out, which concluded with the implementation of methodological improvements in the index cleaning. The objective of this document is to present the current calculation of the IPV, together with a review of the state of the art of housing indexes at national and international level and some stylized facts of the housing market in Chile.
The content of this publication is part of the Experimental Statistics project of the Central Bank of Chile, through which statistics that are in the process of development or consolidation -which could be reflected in important revisions to the published series- are elaborated and published, and which are characterized by their innovative features, either in the sources of information, statistical methods and/or the scope of study.