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Housing Uncertainty Index (HU)

Development of HU - methodology: The Housing Uncertainty Index is developed using the methodology suggested by Baker, Bloom and Davis (2016).  HU is  a search index derived from four large newspapers in Greece, ''To Vima'', ''Ta Nea'', ''Naftermporiki'', ''Kathimerini''. Digital archives of these newspapers are used (obtained from the internet web pages) to obtain a quarterly count of articles that include the following three terms: 1) ''housing'', ''housing market'',  ''house prices'', ''real estate'', ''real estate prices'', 2) ''uncertainty'', ''uncertain'', ''doubt'', ''concern'',  and 3) ''regulation'', ''policy'', ''tax'', ''bubble'', ''bank'', ''mortgages'', ''interest rates'' (also including variants of these terms i.e. uncertainties, regulatory). The article must contain terms in all three categories to meet the search criteria. The resulting search series are scaled by the total number of articles included in each newspaper for each specific quarter. To derive the HU index, the average value across the four newspapers is calculated quarterly and the index is normalized to a mean of 100.
 

The REAL ESTATE PRICE OBSERVATORY will release the results soon.

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