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The developments in Barbados' real estate values and its impact on consumers and the macro economy have received a significant amount of attention is social, economic and political debates. Despite the importance of this issue, no private or public agency has developed any mechanism to monitor or track a house price index for the nation. In this regard, the authors make the first step in outlining the construction of a house price index by estimating a hedonic price index model and a median sales price index.