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Giuseppe Cinquegrana Researcher National Accounts directorate Istat

Estimating buildings, other structures and land in the perspective of compiling balance sheets by institutional sector. Giuseppe Cinquegrana Researcher National Accounts directorate Istat. OECD Working Party - Paris, 15 October 2008. Assets (ESA1995) Buildings: Dwellings (AN1111)

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Giuseppe Cinquegrana Researcher National Accounts directorate Istat

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  1. Estimating buildings, other structures and land in the perspective of compiling balance sheets by institutional sector Giuseppe Cinquegrana Researcher National Accounts directorate Istat OECD Working Party - Paris, 15 October 2008

  2. Assets (ESA1995) • Buildings: • Dwellings (AN1111) • Non-residential buildings (AN11121) • Other structures(AN11122) • Machinery and equipment (AN1113) • Land(AN211): • Underlying buildings and structures (AN2111) • Underlying under cultivation (AN2112) • Consumer durables

  3. Dwellings • Dwellings (AN1111) (DW) • Gross Fixed Capital Formation series in DW (GFCF DW) • net of the value of the underlying land • Perpetual Inventory Method (P.I.M.) • Gross Fixed Capital Stock in DW (GFCS DW)

  4. New methodology to estimate the stock of Dwellings Main sources: ISTAT 14th Population and Dwellings Census, 2001 OMI Observatory of the Real Estate Market CRESME Centre for Social and Economic Research on Construction and Territory

  5. New methodology to estimate • the Stock of Dwellings • Years 2005-2006 • Stock of Dwellings : • DW x AS x PRICE (per m2) • DW: number of Dwellings • AS: Average Surface (m2) • market price : • it includes the value of the • land underlying dwellings

  6. Number of dwellings [ DW ] • DW t = DW t-1+ NC t • DW t-1 : number of dwellings for year t-1 • NC t : number of new dwellings for year t (CRESME). • Starting point : • DW 2001 • source: 14th Population and Dwellings Census ISTAT, 2001

  7. AVERAGE SURFACE (m2) • total gross surfaces (or commercial surfaces ) (m2) of dwellings by region • (source: OMI, year 2005-2006) • It includes: • The inside surface of the rooms, • the homogenised surface of the accessory areas

  8. PRICE per m2 : • the purchase price of a building per m2 in the relevant period by region • (source: OMI, year 2005-2006) • It includes the cost of construction,the profit margin and the value of land underlying dwellings.

  9. Stock value of dwellings and accessory areas, Italy. Years 2005-2006

  10. Value of land underlying the dwellings

  11. Value of Dwellings by institutional sector • OMI statistics provide : • The shares of the total surface of dwellings owned by PP (individuals) and NPP (others). • PP are assigned to S14

  12. Value of Dwellings by institutional sector • The stock of dwellings for S12 has been estimated from balance sheets data and has been detracted from NPP • The remaining stock of NPP has been assigned to S11. No dwellings have been assigned to the market producers in S14 ( very small enterprises) • Data do not include dwellings owned by General Government, which are estimated independently, by P.I.M., within the framework of GG accounts

  13. Value of Dwellings by institutional sector

  14. Value of Non-residential buildings • by institutional sector

  15. Other structures by institutional sector • starting from GFCF series • (valued net of the value of underlying land) • Stock in Other Structures (OS) estimated by P.I.M for • General Government (S13) • Non-financial Corporations (S11).

  16. Value of Other structures by institutional sector

  17. Land under cultivation (AN2112) • Main sources: • ISTAT • Census of agricultural holdings, year 2000” (CAH 2000). • “Structure and productions of the agricultural enterprises” (SPA), years 2005-2003, • INEA • National Institute of Agricultural Economics • “Survey on the land market” 2006

  18. Land under cultivation (AN2112) • Years 2003-2006 • Methodology: • Value of the land under cultivation= • UAAin ha X market price per ha • UAA : utilized agricultural area • market prices by region (Source: INEA)

  19. Land under cultivation (AN2112) • utilized agricultural area (UAA) • arable land; • permanent meadow and pasture; • land under permanent crops. • total agricultural area (TAA) • it is given by the UAA plus : • wooded area; • other land.

  20. Value of Land under cultivation (AN2112) • UAA PRICES VALUE AN2112 • [a] [b] [a] X [b] • (HECTARES) (EUROS PER HECTARE) (MILLIONS EUROS)

  21. Utilized Agricultural Area by legal form of the owner.

  22. Value of Land under cultivation (AN2112) by institutional sector • Millions euros.

  23. Consumer durables • Application of P.I.M. to estimate consumer durables stock • (accumulating past purchase of assets over their service life) • Necessary elements to apply P.I.M.: • retirement model (truncated bell-shaped model) • depreciation function (straight-line depreciation) • average service life

  24. Results: • 1990-2007 time series of gross and net stock, retirements and consumption of the stock at currentreplacement cost and as chain-linked values (reference year: 2000) • Gross stock of consumer durables (current replacement costs). Millions euros

  25. Gross stock of consumer durables (chained-linked values). Millions euros

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