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Eurostat-OECD Compilation guide on land estimations

image of Eurostat-OECD Compilation guide on land estimations

The repercussions of the 2007–2008 financial crisis have acted as an impetus to improve the quality and availability of statistical information. One such initiative addresses the importance of compiling a complete accounting of a nation’s wealth, and especially the wealth of households. This is of particular importance in view of the housing market’s role in the financial crisis in several countries.

The most valuable item on the households’ balance sheet is usually housing wealth which is composed of the value of the dwelling and its underlying land. Many countries experience difficulties in valuing land and in particular separating the value of the land from the value of the structure. To assist countries, the Eurostat-OECD compilation guide on land estimation represents the first comprehensive overview of conceptual and practical issues related to the compilation of the balance sheet item land in the national accounts, in total and by institutional sector.

The Eurostat-OECD compilation guide on land estimation was prepared by the Task Force on Land and other non-financial assets under the joint leadership of Eurostat and the OECD. Representatives from various European Union (EU) and non-EU OECD countries were represented as well as the European Central Bank.

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Concepts and definitions

The concepts and definitions that are of importance for the item land are scattered over many chapters and paragraphs in the SNA 2008 and ESA 2010. They are combined in this chapter and presented in a systematic way. Where necessary, this chapter describes how the SNA 2008 and ESA 2010 concepts should be applied to and interpreted for land. However, the chapter will not discuss the practical application, measurement and way of compilation and estimation. This is done in the following chapters.

English

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