References

• Baffoe-Bonnie , J. 1998 The dynamic impact of macroeconomic aggregates on housing prices and stock of houses: a national and regional analysis , Journal of Real Estate Finance and Economics , 17 2 , pp. 179 – 197 . doi: 10.1023/A:1007753421236
   Web of Science ®Google Scholar
• Bailey , M. J. , Muth R. F. and Nourse , H. O. 1963 A regression method for real estate price index construction , Journal of the American Statistical Association , 58 304 , pp. 933 – 942 . doi: 10.2307/2283324
   Web of Science ®Google Scholar
• Bourassa , S. C. Hoesli , M. and Sun , J. 2006 A simple alternative house price index method , Journal of Housing Economics , 15 1 , pp. 80 – 97 . doi: 10.1016/j.jhe.2006.03.001
   Web of Science ®Google Scholar
• Brooks , C. and Tsolacos , S. 2010 . Real estate modeling and forecasting , 1st Edition , New York , NY : Cambridge University Press .
   Google Scholar
• Case , K. E. 2000 . Real estate and the macroeconomy , Brookings Papers on Economic Activity, Wellesley College .
   Google Scholar
• Clapp , J. M. and Giaccotto , C. 1994 The influence of economic variables on local housing price dynamics , Journal of Urban Economics , 36 2 , pp. 161 – 183 . doi: 10.1006/juec.1994.1031
   Web of Science ®Google Scholar
• Crone , T. M. and Voith , R. P. 1992 Estimating house price appreciation: a comparison of methods , Journal of Housing Economics , 2 4 , pp. 339 – 357 . doi: 10.1016/1051-1377(92)90007-D
   Google Scholar
• de Vries , P. de Haan , J. van der Wal , E. and Marien , G. 2009 A house price index based on the SPAR method , Journal of Housing Economics , 18 3 , pp. 214 – 223 . doi: 10.1016/j.jhe.2009.07.002
   Web of Science ®Google Scholar
• Diewert , E. 2006 . Conclusion and future directions , Paris : OECD-IMF workshop on Real estate price indexes .
   Google Scholar
• Dubai Department of Economic Development . Available at: http://www.dubaided.gov.ae. Available at: http://www.dsc.gov.ae
   Google Scholar
• Dubai Statistics Center 2010 Gross Domestic Product at Basic Current Prices-Emirate of Dubai . [Online] Dubai Statistics Center. Available at: http://www.dsc.gov.ae/Reports/GDP_CurrentPrices_08_Ar.pdf [accessed 1 July 2010]
   Google Scholar
• Fenwick , D. 2009 A statistical system for residential property price indices , Paper presented at the BIS-Eurostat-IAOS -IFC conference on Residential property price indices, Conference paper, Basel.
   Google Scholar
• Fraser , P. , Hoesli , M. and McAlevey , L. 2008 House prices and bubbles in New Zealand , Journal of Real Estate Finance and Economics , 37 1 , pp. 71 – 91 . doi: 10.1007/s11146-007-9060-8
   Web of Science ®Google Scholar
• Gatzlaff , D. H. and Ling , D. C. 1994 Measuring changes in local house prices: an empirical investigation of alternative methodologies , Journal of Urban Economics , 35 2 , pp. 221 – 224 . doi: 10.1006/juec.1994.1014
   Web of Science ®Google Scholar
• Gujurati , D. N. 2004 . Basic econometrics , Fourth Edition , New York , NY : The McGraw-Hill .
   Google Scholar
• Hofmann , B. 2004 Bank lending and property prices: some international evidence , Hong Kong Institute for Monetary Research Working Paper, No. 222003.
   Google Scholar
• Hoffmann , J. and Lorenz , A. 2006 . Real estate price indices for Germany: past, present and future , Paris : OECD-IMF workshop on Real estate price indexes .
   Google Scholar
• International Monetary Fund 2006 Financial soundness indicators compilation guide , Washington , Monetary and Financial Systems and Statistics Departments
   Google Scholar
• Kasparova , D. and White , M. 2001 The responsiveness of house prices to macroeconomic forces: a cross-country comparison , European Journal of Housing Policy , 1 3 , pp. 385 – 416 . doi: 10.1080/14616710110091561
   Google Scholar
• Mark , J. H. and Goldberg , M. A. 1984 . Alternative housing price indices: an evaluation . AREUEA Journal , 12 ( 1 ) : 30 – 49 .
   Google Scholar
• McDonald , C. and Smith , M. 2009 Developing stratified housing price measures for New Zealand , Reserve Bank of New Zealand Discussion Paper Series, No.DP2009/07 , Wellington .
   Google Scholar
• McGibany , J. M. and Nourzad , F. 2004 Do lower mortgage rates mean higher housing prices? , Applied Economics , 36 4 , pp. 305 – 313 . doi: 10.1080/00036840410001674231
   Google Scholar
• Nellis , J. and Longbottom , J. 1981 An empirical analysis of the determination of house prices in the United Kingdom , Urban Studies , 18 1 , pp. 9 – 21 . doi: 10.1080/00420988120080021
   Web of Science ®Google Scholar
• Newey , W. K. and West , K. D. 1987 A Simple, positive semi-definite, heteroskedasticity and autocorrelation consistent covariance matrix , Econometrica , 55 3 , pp. 703 – 708 . doi: 10.2307/1913610
   Web of Science ®Google Scholar
• Nhleko , Z. and Tlatsana , G. 2009 A South African perspective on the use of house price indices for monetary policy purposes , Paper presented at the BIS-Eurostat-IAOS -IFC conference on Residential property price indices, Conference paper, Basel.
   Google Scholar
• Olczyk , A. and Neideck , G. 2007 Measuring house price movements: methods, issues and some recent experience in the Australian context , 10th Meeting of the UN International working group on price indices , Ottawa .
   Google Scholar
• Potepan , M. J. 1996 Explaining intermetropolitan variation in housing price, rent and land price , Real Estate Economic , 24 2 , pp. 219 – 245 . doi: 10.1111/1540-6229.00688
   Web of Science ®Google Scholar
• Prasad , N. and Richards , A. J. 2008 . Improving median housing price indexes through stratification . Journal of Real Estate Research , 30 ( 1 ) : 45 – 71 .
   Web of Science ®Google Scholar
• Prasad , N. and Richards , A. J. 2006 Measuring housing price growth-using stratification to improved median based measures , Reserve Bank of Australia Research Discussion Paper, No. 2006-04.
   Google Scholar
• Rappaport , J. 2007 . A guide to aggregate house price measures . Federal Reserve Bank of Kansas City Economic Review , 92 ( 2 ) : 41 – 71 .
   Google Scholar
• Reichert , A. K. 1990 The impact of interest rate, income and employment upon regional housing prices , Journal of Real Estate Finance and Economics , 3 4 , pp. 373 – 391 . doi: 10.1007/BF00178859
   Google Scholar
• REIDIN.com . Real Estate Investment & Development Information Network . Available at: http://www.REIDIN.com
   Google Scholar
• Shen , Y. and Liu , H. Y. 2004 . Housing prices and economic fundamentals: a cross city analysis of China for 1995-2002 . Economic Research Journal , 39 ( 6 ) : 78 – 86 .
   Google Scholar
• The Government of Dubai Land Department . Available at: http://www.dubailand.gov.ae
   Google Scholar
• Tsatsaronis , K. and Zhu , H. 2004 What drives housing price dynamics: cross-country evidence , BIS Quarterly Review , March , pp. 65 – 78 .
   Google Scholar
• Tukey , J. W. 1977 . Explanatory data analysis , 39 – 43 . Reading , MA : Addison-Wesley, Chapter 2 .
   Google Scholar
• Wang , F. T. and Zorn , P. M. 1997 Estimating house price growth with repeat sales data: what's the aim of the game? , Journal of Housing Economics , 6 2 , pp. 93 – 118 . doi: 10.1006/jhec.1997.0209
   Web of Science ®Google Scholar
• White , H. 1980 A heteroscedasticity-consistent covariance matrix estimator and a direct test for heteroscedasticity , Econometrica , 48 4 , pp. 817 – 838 . doi: 10.2307/1912934
   Web of Science ®Google Scholar
• Yang , C. and Lu , Y. J. 2003 . Research on price bubbles in Beijing housing market . China Civil Engineering Journal , 36 ( 9 ) : 76 – 82 .
   Google Scholar
• Zhu , H. 2006 The structure of housing finance markets and house prices in Asia , BIS Quarterly Review , pp. 55 – 69 .
   Google Scholar