Definition: Quality change

Category: Housing price statistics

A change in the (quality determining) characteristics of a good or service. In the case of a residential property this includes both depreciation of the structure and renovations, such as the modernisation of kitchens and bathrooms, the introduction of improved insulation and central heating or air conditioning systems. http://ec.europa.eu/eurostat/product?code=KS-RA-12-022&mode=view
Source:
Eurostat, International Labour Organization (ILO), International Monetary Fund (IMF), Organisation for Economic Co-operation and Development (OECD), United Nations Economic Commission for Europe (UNECE), The World Bank, "Handbook on Residential Property Prices Indices (RPPIs)", Publications Office of the European Union, Luxembourg, 2013
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